Floating Rate Income Fund announces normal course issuer bid
MONTREAL, Aug. 15, 2013 /CNW Telbec/ - O'Leary Funds Management LP, the manager (the "Manager") of Floating Rate Income Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX: OFR.un) on the Toronto Stock Exchange ("TSX"). The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 382,926, 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 August 18, 2013 and ending on the earlier of August 17, 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. Trust units purchased will be cancelled. The Fund had 3,847,262 trust units issued and outstanding as at August 6, 2013. The Fund will not purchase in any given 30 day period, in the aggregate, more than 76,945 trust units, being 2% of the issued and outstanding trust units as at August 6, 2013. Pursuant to the Fund's previous normal course issuer bid which expires on August 17, 2013, 21,600 trust units were purchased at an average weighted price of 10.6982 per trust unit.
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