EnerVest Diversified Income Trust
TSX : EIT.UN

EnerVest Diversified Income Trust

July 06, 2007 09:30 ET

EnerVest Diversified Income Trust Announces Results of Special Meeting of Unitholders

CALGARY, ALBERTA--(Marketwire - July 6, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.

EnerVest Diversified Management Inc., the Manager of EnerVest Diversified Income Trust ("EnerVest")(TSX:EIT.UN), announces that the amendments to EnerVest's Declaration of Trust were overwhelmingly approved by EnerVest Unitholders at the Special Meeting held on July 5, 2007.

The approved amendments included the following:

1. the clarification and broadening of the investment objective to allow for a greater percentage of investments in debt and equity, including shares of corporations. The Manager believes that this amendment will provide EnerVest and its unitholders the ability to address the proposed legislative changes, announced by the Minister of Finance on October 31, 2006, on the taxation of income trusts;

2. incorporate new national securities legislation (National Instrument 81-107) which requires all investment funds to establish an Independent Review Committee by May 1, 2007. The primary role of the Independent Review Committee will be to review and make recommendations in the event that there are any conflicts of interest matters that involve EnerVest or its Manager;

3. update the Declaration of Trust so that the existing provisions relating to unitholder communications and deliveries conform with the guidelines for such items set out in National Instrument 54-101 - "Communications with Beneficial Owners of Securities of a Reporting Issuer;" and

4. changing the quorum requirements for a meeting of Unitholders to be consistent with that of most Canadian companies, to two or more Unitholders present in person or by proxy and representing not less than 5% of the outstanding Units. This was a change from the previous quorum requirement of having Unitholders representing not less than 10%.

EnerVest and the Manager continue to look for ways of operating more efficiently and competitively. We believe these amendments to the Declaration of Trust will assist us in achieving EnerVest's investment objectives of maximizing monthly distributions relative to risk, maximizing net asset value and maintaining a diversified portfolio.

EnerVest is an actively managed, closed-end trust which invests in a diversified portfolio of income, royalty and real estate investment trusts, and limited partnerships. EnerVest currently has 269,056,870 units outstanding, a net asset value of approximately $2 billion and a daily average trading volume of 496,081 units for the first six months of 2007.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • EnerVest Diversified Management Inc.
    Kevin W. Wolfe
    President & Chief Executive Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    J. Ward Mallabone
    Chief Operating Officer
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Kristie Allen
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Linda Koroluk
    Investor Relations
    (403) 571-5550 or Toll Free: 1-800-459-3384
    or
    EnerVest Diversified Management Inc.
    Suite 2800, 700-9th Avenue S.W.
    Calgary, Alberta, T2P 3V4
    (403) 571-5550 or Toll Free: 1-800-459-3384
    (403) 571-5554 (FAX)
    Email: info@enervest.com
    Website: www.enervest.com