I also believe that some of these trusts should be cheaper, but some have some very good properties and hedges, take for example, AVN.UN, which had a financing last week @ 7.90 and is trading now at around 8.55.I believe it's the qualities of their properties and management that makes a difference.
Another trust I like as many others do is AY, just announced another financing,and their properties and management are very good. If prices will move up this stock should fly.
APF Energy Trust Announces $25,350,000 Offering of Trust Units
15:10 EST Thursday, January 24, 2002
APF Energy Trust ("APF") announces that it has entered into an agreement to sell, on a bought deal basis, 2,600,000 trust units at $9.75 per trust unit, to a syndicate of underwriters led by Scotia Capital and including CIBC World Markets Inc., National Bank Financial Inc., Research Capital Corporation, TD Securities Inc., and Dundee Securities Corporation. In addition, APF has granted the underwriters an option to acquire up to an additional 650,000 trust units on the same terms and conditions until 48 hours prior to Closing.
The first cash distribution in which the Trust Units offered hereunder will be entitled to participate will be for the month of February 2002 and will be payable on or about March 15, 2002.
The net proceeds of the issue will be used to repay outstanding indebtedness, to fund future acquisitions and capital expenditures and for general corporate purposes.
The issue will be offered in all provinces of Canada and to Qualified Institutional Buyers in the United States pursuant to the registration exemptions provided by Rule 144A of the Securities Act of 1933 and internationally as permitted. The offering is subject to normal regulatory approval and is expected to close on or about February 13, 2002.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The trust units offered will not and have not been 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 an applicable exemption from the registration requirement.
APF is a conventional oil and gas royalty trust that acquires, develops, produces and sells crude oil, natural gas and natural gas liquids for the generation of cash distributions to unitholders. Trust units of APF trade on the Toronto Stock Exchange under the symbol "AY.UN". APF is managed by APF Energy Management Inc., a Calgary-based company.
For further information, please contact:
STEVEN CLOUTIER Telephone: (403) 294-1000
APF Energy Group Toll Free: (800) 838-9206
2100 - 144 4th Avenue S.W. Fax: (403) 294-1074
Calgary, Alberta T2P 3N4 E-Mail: invest@apfenergy.com
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