Canadian REIT Income Fund Announces Normal Course Issuer Bid for Units
TORONTO, ONTARIO--(Marketwire - Oct. 24, 2012) - Canadian REIT Income Fund (the "Fund") (TSX:RIU.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 445,361 Units of the Fund, representing approximately 10% of the public float, being 4,453,617 Units as of October 18, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 89,222 Units, being 2% of the issued and outstanding Units, being 4,461,117 Units as of October 18, 2012. Purchases of Units under the NCIB may commence on October 26, 2012. 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 October 25, 2013.
On October 24, 2011, the Fund announced that it was making a Normal Course Issuer Bid, which commenced October 26, 2011, to purchase up to 475,000 Units through the facilities of the TSX. Under the bid, which expires on October 25, 2012, an aggregate of 225,200 Units were repurchased at a weighted average price of $9.85 per Unit excluding commissions.
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