O'Leary Canadian Income Opportunities Fund announces normal course issuer bid June 21, 2011
MONTREAL, June 21, 2011 /CNW/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary Canadian Income Opportunities 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: OCY.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 trust 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 2,126,529 trust units, 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 TSX over a maximum period of 12 months commencing on June 26, 2011 and ending on the earlier of June 25, 2012 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 21,311,888 trust units issued and outstanding as at June 15, 2011. The Fund will not purchase in any given 30 day period, in the aggregate more than 426,238 trust units, being 2% of the issued and outstanding trust units as at June 15, 2011. Pursuant to the Fund's previous normal course issuer bid which expires on June 25, 2011, 17,700 trust units were purchased at an average weighted price of $12.01 per trust unit.For further information:
For media inquires or additional information: please contact Investor Relations at firstname.lastname@example.org or at 877-849-2004 x226.