Press release from Marketwire
Canadian Advantaged Convertible Fund Announces Normal Course Issuer Bid for Units
Thursday, January 23, 2014
Canadian Advantaged Convertible Fund Announces Normal Course Issuer Bid for Units12:00 EST Thursday, January 23, 2014
TORONTO, ONTARIO--(Marketwired - Jan. 23, 2014) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Canadian Advantaged Convertible Fund (the "Fund") (TSX:ADC.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 673,452 Units of the Fund, representing approximately 10% of the public float, which is the same number of the Fund's issued and outstanding Units, being 6,734,526 Units as of the close of business of January 16, 2014. The Fund will not purchase in any given 30-day period, in the aggregate, more than 134,690 Units, representing approximately 2% of the issued and outstanding Units. Purchases of Units under the NCIB may commence on January 27, 2014. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on January 26, 2015.
On January 23, 2013, the Fund announced that it was making a Normal Course Issuer Bid, which commenced January 25, 2013, to purchase up to 809,678 Units through the facilities of the TSX. The Fund repurchased 99,900 Units at a weighted average price of $8.35 per unit under the bid, which expires on January 24, 2014.
For further information, please visit www.firstasset.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
416-642-1289 or 1-877-642-1289