The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

O'Leary U.S. Strategic Yield Advantaged Fund announces normal course issuer bids with respect to the class A and class U Units

Friday, June 21, 2013

O'Leary U.S. Strategic Yield Advantaged Fund announces normal course issuer bids with respect to the class A and class U Units

11:24 EDT Friday, June 21, 2013

MONTREAL, June 21, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary U.S. Strategic Yield Advantaged Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding class A units (TSX: OUY.un) on the Toronto Stock Exchange ("TSX") and a normal course issuer bid to purchase a portion of the outstanding class U units (TSX: OUY.u) on the TSX. The purpose of the normal course issuer bids is to provide the Fund with (i) a mechanism to decrease the potential spread between the net asset value per class A unit and the market price of the class A units and to provide enhanced liquidity for the class A units; and to provide the Fund with (ii) a mechanism to decrease the potential spread between the net asset value per class U unit and the market price of the class U units and to provide enhanced liquidity for the class U units.

Under the normal course issuer bid with respect to the class A units, the Fund intends to purchase up to 273,348 class A units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of the TSX over a maximum period of 12 months commencing on June 26, 2013 and ending on the earlier of June 25, 2014 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Class A units purchased will be cancelled. The Fund had 2,733,478 class A units issued and outstanding as at June 18, 2013. The Fund will not purchase in any given 30 day period, in the aggregate more than 54,670 class A units, being 2% of the issued and outstanding trust units as at June 18, 2013. Pursuant to the Fund's previous normal course issuer bid which expires on June 25, 2013, 7,700 class A units were purchased at an average weighted price of 9.1417 per trust unit.

Under the normal course issuer bid with respect to the class U units, the Fund intends to purchase up to 355,384 class U units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of the TSX over a maximum period of 12 months commencing on June 26, 2013 and ending on the earlier of June 25, 2014 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Class U units purchased will be cancelled. The Fund had 3,571,836 class U units issued and outstanding as at June 18, 2013. The Fund will not purchase in any given 30 day period, in the aggregate more than 71,437 class U units, being 2% of the issued and outstanding trust units as at June 18, 2013. Pursuant to the Fund's previous normal course issuer bid which expires on June 25, 2013, 90,100 class U units were purchased at an average weighted price of 8.9640 per trust unit.

SOURCE: O'LEARY U.S. STRATEGIC YIELD ADVANTAGED FUND

For further information:

For media inquiries or additional information: please contact Louise Anne Poirier, Investor Relations at info@olearyfunds.com or at 877-849-2004 x225.

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections