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News Release
April 18, 2005
ROLLOVER OF MRF 2003 LIMITED
PARTNERSHIP
Middlefield Mutual Funds Limited
("MMF") is pleased to announce that it has completed the distribution of
its Growth Class shares that resulted from the transfer of all of the assets of
MRF 2003 Limited Partnership (the "Partnership") to MMF on March 7, 2005. The
Partnership was dissolved on April 15, 2005. For the purposes of the
exchange, the net asset value of the Partnership was $28.08 per unit. This
translates into an after-tax total return on money at risk of approximately 65%
for an Ontario investor subject to the highest marginal tax rate.
The transfer is a tax free exchange which
means that no disposition occurs and therefore no capital gains tax is payable
as a result of the rollover. The capital gains tax liability that would
arise upon disposition can be deferred by retaining the shares of the mutual
fund rather than redeeming them. In the event of redemption, the capital
gains will be included in the shareholder's tax return for that year when the
shares are redeemed. Investors have the opportunity to switch into other
classes of mutual funds and still be able to defer capital gains taxes until
they actually redeem their mutual fund shares for cash. To provide investors
with optimal flexibility in maintaining a diversified portfolio, in addition to
the Growth Class, other funds currently offered are Income Plus Class, Equity
Index Class, Index Income Class, Canadian Balanced Class, U.S. Equity Class,
Resource Class, Short-Term Income Class and Income and Growth Class. All the
funds that are offered under this multi-class structure are fully eligible as
Canadian content in RRSPs and other registered plans.
New MMF - Growth Class shareholders can
determine their holdings by multiplying the number of units they held in the
Partnership by 2.785566. Shares of MMF - Growth Class have been credited to the
beneficial holders. There are no fees charged on the transfer of units into
MMF, nor on any redemption of the transferred assets. The adjusted cost base of
shares in MMF - Growth Class is 3.265807 per share. To provide investors
with time to determine which fund classes best suit their investment profile,
MMF will waive the $30 switch fee for all switch requests received prior to May
31, 2005.
For further information please contact the
undersigned:
Nancy Tham
(416) 847-5349
Press Release
March 1, 2005
ROLLOVER OF PARTNERSHIP ASSETS
Middlefield Mutual Funds Limited in
conjunction with MRF 2003 Limited Partnership (the "Partnership"),
announced today that, in connection with the planned dissolution of the
Partnership, they are proposing to transfer all of the assets of the
Partnership to the Growth Class of Middlefield Mutual Funds Limited in exchange
for mutual fund shares having the same aggregate net asset value as the
aggregate net asset value of the Partnership. Appropriate elections under
applicable income tax legislation will be made to effect the transfers on a
tax-deferred basis.
It is currently intended that, subject to
all regulatory requirements being satisfied, the transfer of assets to the
Growth Class of Middlefield Mutual Funds Limited will occur on or about March
7, 2005 and the subsequent dissolution of the Partnership shall occur on or
about April 15, 2005.
The proposed transfer benefits both the
partners of the Partnership and the shareholders of the Growth Class by
enabling them to participate in a larger, more diversified and liquid mutual
fund.
A further benefit is that shares of the
Growth Class of Middlefield Mutual Funds Limited are exchangeable on a tax-free
basis into other Middlefield mutual funds. Investors may switch into other
types of funds and continue to defer capital gains taxes until they actually
redeem their mutual fund shares. Other funds currently offered are Income Plus
Class, Equity Index Class, U.S. Equity Class, Canadian Balanced Class, Index
Income Class, Resource Class, Short-Term Income Class, and Income and Growth
Class.
For further information please contact the
undersigned:
Nancy Tham
(416) 847-5349
News Release
July 9, 2003
MRF 2003 RAISES $33.6 MILLION
Toronto, July 9, 2003 - Middlefield
Group announced today the closing of its 29th resource fund, MRF 2003 Limited
Partnership, bringing to over $900 million the amount of capital that the firm
has raised to invest in the Canadian resource sector since its inception in
1979.
This new Partnership will invest in common
shares, primarily of public Canadian oil and gas and mining companies, issued
on a flow-through basis. The Partnership intends to be fully invested by
year-end, providing investors with tax deductions equal to their investment in
a portfolio of attractive resource companies with significant growth potential.
Investors will be able to deduct 100% of their investment in the calendar
year 2003.
When the Partnership is dissolved in two
years, investors will receive immediate liquidity on a tax-free basis in the
form of redeemable mutual fund shares. If they wish to diversify into other
investments on a tax effective basis, they have their choice of several
Middlefield mutual funds including high income, balanced and several equity
asset classes. To help investors track performance, Middlefield publishes daily
Net Asset Values for all its resource funds in the Globe and Mail, National
Post and on our website.
The positive outlook for energy and gold
prices and ongoing industry consolidation provide a wide range of attractive
investment opportunities in the resource sector. While participating
selectively in these opportunities, Middlefield's approach will continue to
reflect a bias towards larger cap, more liquid issuers with proven reserves and
cash flow. In the firm's experience, this provides the best downside risk
protection and the most consistent returns, while delivering investors
significant tax benefits.
Co-led by CIBC World Markets Inc. and
RBC Capital Markets, the Partnership's issue was placed by a dealer syndicate
that also included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia
Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Raymond James
Ltd., Canaccord Capital Corporation, Dundee Securities Corporation, First
Associates Investments Inc., Middlefield Capital Corporation, Wellington West
Capital Inc., Desjardins Securities Inc., and Griffiths McBurney &
Partners.
For further information, please contact
James S. Parsons or Dennis da Silva at 1-888-890-1868.
Press Release
April 30, 2003
MRF 2003 Limited Partnership
Initial Public
Offering
Middlefield Group, on behalf of MRF
2003 Limited Partnership, is pleased to announce that it has filed a final
prospectus relating to the initial public offering of MRF 2003 Limited
Partnership Units on April 29, 2003. The offering will be made in each of the
provinces of Canada and the Yukon Territory. The initial closing will be on May
7, 2003.
The Partnership has been formed to invest
in flow-through common shares of companies involved primarily in Canadian oil
and gas, mining or renewable energy exploration and development. Investors will
be entitled to significant tax benefits.
The investment dealer syndicate is
being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes
BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD
Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord
Capital Corporation, Dundee Securities Corporation, First Associates
Investments Inc., Middlefield Capital Corporation, Wellington West Capital
Inc., Desjardins Securities Inc. and Griffiths McBurney & Partners.
Middlefield is a leading provider of
flow-through share funds in Canada. Since 1983, Middlefield has sponsored 28
public and private funds and has acted as agent or manager for over $800
million of resource industry investments. Middlefield Resource Funds focus on
TSX listed oil and gas companies with strong growth strategies led by
experienced management teams.
For further information contact James S.
Parsons or Dennis da Silva at 1-888-890-1868. |
