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Goodman & Company, Investment Counsel Ltd.

Goodman & Company, Investment Counsel Ltd.

April 27, 2007 14:09 ET

diversiTrust™ Energy Income Fund Announces Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - April 27, 2007) - Goodman & Company, Investment Counsel Ltd. ("Goodman & Company"), the manager of diversiTrust™ Energy Income Fund (TSX:DTN.UN) (the "Fund"), announces a normal course issuer bid. In accordance with the terms of its initial public offering, the Fund intends to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), up to 447,083 trust units of the Fund (the "Trust Units") representing approximately 10% of the public float. The public float of the Fund as of April 17, 2007 was 4,470,839 Trust Units.

The Trust Units may be purchased for cancellation commencing on May 1, 2007 through to April 30, 2008 through the facilities of the TSX and may be purchased when the net asset value per Trust Unit exceeds its trading price. A Notice of Intention to Make a Normal Course Issuer Bid has been accepted by the TSX effective as of April 17, 2007.

The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per Trust Unit and the market price of the Trust Units. The Fund had 4,645,993 Trust Units issued and outstanding as of April 17, 2007. For the period May 1, 2006 to April 17, 2007, 235,556 Trust Units were purchased by the Fund under its normal course issuer bid at an average market price of $10.67658 per Trust Unit (excluding commission charges).

The Fund is a TSX-listed closed-end investment trust, which seeks to provide a stable monthly distribution through investment in a portfolio consisting primarily of income trusts in the energy trust sector and, to a lesser extent, energy shares. As of April 17, 2007 the net asset value was $7.34 per Trust Unit and the closing trading price was $7.07 per Trust Unit (representing a discount of 3.68% when measured against the net asset value per Trust Unit).

Goodman & Company, manager of the Fund, is a leader in a broad range of core and specialized funds, including several industry-leading equity income mutual funds. Goodman & Company also manages diversiGlobal Dividend Value Fund™ (TSX:DGD.UN), diversiTrust(TSX:TM) Income Fund (TSX:DTF.UN), diversiTrust™ Income+ Fund (TSX:DTP.UN), diversiTrust™ Stable Income Fund (TSX:DTS.UN), and diversiYield™ Income Fund (TSX:DYI.UN), other TSX-listed closed-end investment trusts.

Goodman & Company is a leading Canadian investment firm tracing its portfolio management roots back 50 years, with more than $24 billion in assets under management. Goodman & Company, including Dynamic Funds™ and its affiliates, offers a wide range of wealth management solutions through registered financial advisors. These include mutual funds, portfolio solutions like the Marquis Investment Program, limited partnerships (CMP and Canada Dominion), hedge funds and high net-worth investment counsel (Goodman Private Wealth Management). Goodman & Company is a subsidiary of Dundee Wealth Management Inc. (TSX:DW).

Contact Information

  • Goodman & Company, Investment Counsel Ltd.
    Customer Relations Centre
    Goodman & Company, Investment Counsel Ltd.
    Myra Reisler
    (416) 342-1829
    Goodman & Company, Investment Counsel Ltd.
    Trevor Hampden
    Corporate Communications
    (416) 365-5002
    Website: www.diversifunds.com