Press Release

 

MINT ANNOUNCES NORMAL COURSE ISSUER BID

MIDDLEFIELD High Income Trust ("MINT") announced today its intention to make a normal course issuer bid for its units through the facilities of The Toronto Stock Exchange (the "TSE"). This normal course issuer bid is subject to regulatory approval. In accordance with the Trust Agreement by which MINT is governed, market purchases pursuant to its normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.

At December 11, 2000 there were 6,074,362 units issued and outstanding including 5,945,647 units in the public float. If regulatory approval is obtained, MINT may, during the 12 month period subsequent to such approval, purchase on the TSE up to 594,565 units, being 10% of the public float of the units. MINT will cancel all units purchased pursuant to the bid. From December 23, 1999 to December 11, 2000, MINT has purchased and cancelled 235,300 units at an average price of $5.39 per unit under its previously approved normal course issuer bid.

MINT has been trading at prices which are less than the net asset value per unit. As a result, depending on future stock price movements and other factors, MINT believes that its units may represent an attractive investment and a desirable use of available funds. Any normal course purchases made by MINT will also afford an increased degree of liquidity to those unitholders of MINT who wish to dispose of their units.

MINT trades on The Toronto Stock Exchange under the symbol "MID.UN".

For further information visit our website at www.middlefield.com or contact the undersigned:

 

J. Dennis Dunlop
Senior Vice President
(416) 362-0714, Ext. 403

 

December 21, 2000

 

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