Somerset Entertainment Income Fund

Somerset Entertainment Income Fund

March 14, 2005 13:03 ET

Somerset Entertainment Income Fund Files Final Prospectus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SOMERSET ENTERTAINMENT INCOME FUND

MARCH 14, 2005 - 13:03 ET

Somerset Entertainment Income Fund Files Final
Prospectus

TORONTO, ONTARIO--(CCNMatthews - March 14, 2005) - NOT FOR DISTRIBUTION
TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Somerset Entertainment Income Fund (the "Fund") and Somerset
Entertainment Holdings Inc. ("Somerset") are pleased to announce that
the Fund has filed a final prospectus with the securities regulatory
authorities in each of the provinces and territories of Canada in
connection with an initial public offering of trust units of the Fund.
The Fund has priced 9,600,000 trust units at $10 per unit for gross
proceeds of $96,000,000. The units are expected to produce an initial
cash-on-cash yield of 9.5% annually paid through monthly distributions.
The Fund will indirectly acquire and hold an initial 75% interest (and
up to an 80% interest if the underwriters exercise their over-allotment
option) in Somerset, with the balance to be retained by certain current
shareholders of Somerset.

The underwriting syndicate for the offering is co-led by BMO Nesbitt
Burns Inc. and RBC Dominion Securities Inc., and includes CIBC World
Markets Inc., TD Securities Inc., First Associates Investments Inc. and
Raymond James Ltd.

The closing of the offering is subject to customary conditions and is
expected to occur on March 18, 2005. The units are to be listed for
trading on the Toronto Stock Exchange under the symbol SOM.UN.

Somerset is the leading North American producer and distributor of
specialty music sold through non-traditional retailers using interactive
displays.

The securities offered have not been, and will not be, registered under
the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or any
applicable exemption from the registration requirement of such Act. This
press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.

Certain statements made in this news release are forward-looking and
subject to various risks and uncertainties. Such forward-looking
statements are based on management's beliefs and assumptions regarding
the information currently available. Actual results could differ
materially from those expressed in the forward-looking statements.
Factors that could cause results to vary include, among other things,
those expressed in the prospectus filed with Canadian securities
regulatory authorities. All data presented in this news release should
be read in conjunction with the prospectus.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Somerset Entertainment
    Andy Burgess
    President
    (416) 510-2800