Citadel Premium Income Fund's IPO and Funds Merger

On July 20, 2006, Citadel Premium Income Fund completed its initial public offering and acquisition of the portfolios of each of Citadel Multi-Sector Income Fund, Citadel Income & Growth Fund and MYDAS Fund based on the relative net asset values of each such fund immediately prior to the merger, thereby creating one of Canada's largest closed-end income funds with assets of approximately $732 million.
Citadel Premium Income Fund was represented by Stikeman Elliott LLP, with a team consisting of Keith Chatwin (corporate/securities) and David Weekes (tax).