ERF.G trading around $19.50 = 3.25 pre cons..Scott
Shiningbank to make quarterly distribution
Shiningbank Energy Income Fund SHN.UN
Shares issued 11,791,833 Jun 13 close $12.70
Wed 14 Jun 2000 News Release
Mr. Arne Nielsen reports
Shiningbank Energy Management, manager of the Shiningbank Energy Income
Fund, today announced the quarterly distribution to unit holders for the
second quarter, 2000. The ex-distribution date for this distribution is
June 28, 2000, and the record date for the distribution is June 30, 2000.
The distribution will be made on July 15, 2000. The amount of the
distribution will be $8,259,344.42, or 58 cents per unit, based on total
units outstanding of 14,240,249. Strong oil prices and continued strength
in natural gas pricing have supported this record quarterly distribution.
This distribution for second quarter 2000 brings total distributions for
the last 12 months to $1.95 per unit, resulting in a cash-on-cash yield of
15.6 per cent based on recent unit prices. The distribution marks the fifth
consecutive increase in distributions since first quarter 1999.
Shiningbank's continued leverage to natural gas has the fund well
positioned to take advantage of strong natural gas markets.
Shiningbank recently closed the acquisition of Raider Resources Ltd., a
junior oil and gas exploration and production company levered to natural
gas. On June 2, 2000, the offer expired with over 94 per cent of the Raider
shares tendered. The remaining shares will be acquired pursuant to the
compulsory acquisition rules before the end of June, 2000. This acquisition
has been recorded effective June 1, 2000, and is accretive to Shiningbank's
unitholder distributions, net asset value and gas weighting. |
