DirectCash Income Fund announces commencement of Normal Course Issuer Bid
TSX: DCI.UN
All purchases of shares are to be made through the facilities of the
The rules of the TSX provide that purchases pursuant to a Normal Course Issuer Bid shall not be made from sales from a control person and that the price paid should be set by the last independent trade (i.e. prices set by trades by insiders should not be used as a bid price for a NCIB). Therefore, the Fund will temporarily discontinue purchases pursuant to the NCIB if the Fund is informed by a director, officer, other insider or their affiliates ("Insiders") that an Insider is selling shares through the facilities of the TSX.
The Fund's manager believes that, on occasion, PTUs become available at prices that do not give full effect to the PTUs' underlying value, based solely on the manager's opinion of the Fund's future prospects. Accordingly, the Fund's manager believes that the proposed NCIB purchases are in the best interests of the Fund and are a desirable use of available cash flow. The NCIB program approved for the Fund does not require the Fund to repurchase any minimum number of PTUs, and the NCIB may be modified, suspended or terminated at any time without prior notice.
The Fund is a mutual fund trust whose PTUs are listed for trading on the
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT:
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this news release and future plans and objectives of the Fund, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Fund's expectations are detailed herein and from time to time in other filings made by the Fund with securities regulators.
For further information: Hendrik Lombard, C.F.O., DIRECTCASH INCOME FUND, Bay No. 6, 1420 - 28th Street N.E., Calgary, Alberta, T2A 7W6, Telephone: (403) 387-2103, Fax: (403) 451-3003, Email: [email protected]
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