Tax Optimized Return Oriented Securities Trust (TOROS) Renews Normal Course
Issuer Bid
TSX Symbol: |
TO.A TO.UN |
TORONTO, Oct. 14 /CNW/ - Navina Asset Management Inc., the manager and trustee of Tax Optimized Return Oriented Securities Trust ("TOROS") today announced that TOROS has renewed a normal course issuer bid to purchase a portion of the outstanding Income Securities (TSX: TO.A) and ROC Securities (TSX: TO.UN) on the TSX. Under the normal course issuer bid, TOROS intends to purchase up to 210,945 Income Securities, representing approximately 10% of the public float, and up to 73,806 ROC Securities, representing approximately 10% of the public float. These purchases will be made in accordance with applicable regulations over a maximum period of 12 months commencing on October 18, 2010 and ending on the earlier of October 17, 2011 or on such date as the Trust completes its purchase under the normal course issuer bid or on such date as the Trust may otherwise determine. Income Securities and ROC Securities purchased will be cancelled. Within the preceding 12 month period, the Trust purchased 172,600 Income Securities and 23,300 ROC Securities for cancellation. The Trust had 2,109,450 Income Securities and 738,069 ROC Securities issued and outstanding as at October 13, 2010. The Trust will not purchase in any given 30 day period, in the aggregate more than 42,189 Income Securities, being 2% of the issued and outstanding Income Securities as at October 13, 2010 and in the aggregate more than 14,761 ROC Securities, being 2% of the issued and outstanding ROC Securities as at October 13, 2010.
TOROS invests in an actively managed diversified portfolio consisting primarily of income funds, including commodity-based trusts, operating business trusts, REITs and power and pipeline trusts. TOROS securities are eligible as Canadian content. TOROS is managed by Navina Asset Management Inc., a wholly owned subsidiary of Aston-Hill Financial Inc.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those indicated are competitive pressures, business conditions in the marketplace, general economic conditions and risk factors detailed in the Trust's regulatory filings.
%SEDAR: 00019441E
For further information:
Catherine Stretch
416-362-6283
[email protected]
www.navinaasset.com
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