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Unitholders approve plan to merge MINT Income Fund and STARS Income Fund

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^{Published in Business and Finance on Wednesday, August 12th 2009 at 11:42 GMT, Last Modified on 2009-08-12 11:42:53 by Market Wire}  

 TORONTO, Aug. 12 /CNW/ - (TSX: STZ.UN) - A special meeting of unitholders of STARS Income Fund ("STARS") was held today at which over 90% of the unitholders of STARS present in person or represented by proxy voted in favour of a special resolution authorizing the merger of MINT Income Fund ("MINT") and STARS, with MINT being the continuing Fund. The merger is expected to take place on September 25, 2009. Completion of the merger is subject to all regulatory requirements and customary closing conditions being satisfied. The merger is intended to provide unitholders of both Funds the opportunity to hold units of a continuing merged Fund with a larger market capitalization, potential increased trading liquidity and a lower expense ratio. The merger will be effected by a tax-deferred "rollover" using an exchange ratio based on the relative net asset values of MINT and STARS at the time of the merger. MINT trades under the symbol MID.UN on the Toronto Stock Exchange and currently pays out a monthly distribution at an annualized rate of $0.84 per unit. It is expected that the continuing merged Fund will also pay distributions at this level. In addition to the approval of the merger, unitholders of STARS approved a special resolution authorizing the board of directors of the manager of STARS, prior to the merger, to broaden STARS' investment mandate to invest in high income producing securities other than income trusts in order to facilitate the achievement of the Fund's investment objectives. Unitholders also approved certain updating amendments to the declaration of trust at the meeting. Details regarding the amendments to the declaration of trust are set out in detail in the Joint Information Circular dated July 13th, 2009 which was delivered to unitholders in July 2009. Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events 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 the expected benefits of the merger. In addition, some of the forward-looking information contained in this press release is based on historical information concerning the distributions and dividends paid on the securities of issuers historically included in the portfolio of MINT Income Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the annualized distribution rate. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund's portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. 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 the Fund. Such forward-looking statements are only predictions; actual events or results may differ materially and the Fund does not undertake any obligation to update such statements. 

For further information: on each of the Funds, please visit our website at [ www.middlefield.com ] or contact your financial advisor or the undersigned: Nancy Tham, Senior Vice President, (416) 847-5349