TORONTO, ONTARIO--(Marketwired - April 10, 2013) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. WIRE SERVICES
Front Street U.S. MLP Income Fund Ltd. ("FS U.S. MLP") (TSX:MLP) and Front Street Strategic Yield Fund Ltd. ("FSS") (TSX:FSS) each held a special meeting of shareholders on April 9, 2013, to consider the proposed merger of FS U.S. MLP and FSS (together, the "Funds").
The requisite quorum of shareholders was not present at the FS U.S. MLP meeting and the meeting was adjourned to reconvene at 2:00 p.m. (Eastern time) on April 19, 2013.
The requisite quorum of shareholders was not present at the FSS meeting and the meeting was adjourned to reconvene at 2:30 p.m. (Eastern time) on April 19, 2013.
Additional details regarding the proposed merger were outlined in the joint management proxy circular dated March 8, 2013 and sent to shareholders of record on March 8, 2013. The joint management proxy circular is also available at www.sedar.com. Shareholders of FS U.S. MLP and FSS are encouraged to complete voting instruction forms in order that their equity shares can be voted at the adjourned meetings. If the proposed merger is approved by shareholders of FS U.S. MLP and FSS at the adjourned meetings, the merger is expected to occur on or about May 10, 2013, subject to receipt of satisfactory assurances that the merger, and the resultant increase in the size of the forward agreements previously entered into by FS U.S. MLP, will not have adverse tax consequences for the shareholders of FS U.S. MLP in light of the changes in tax law announced in the recent Federal budget.
Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the merger and expected completion thereof; and the Funds that are proposed to be merged. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each Fund. There are no assurances the Funds can fulfill such forward-looking statements and the Funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the Funds, some of which are beyond the control of the Funds.