TORONTO, Feb. 23 /CNW/ - North American Financials Capital Securities
Trust (the "Fund") is pleased to announce that today, the Toronto Stock
Exchange accepted its Notice of Intention to make a normal course
issuer bid. The Fund will have the right to purchase under the bid up
to a maximum of 215,654 of its Class A Units ("Units") (representing
approximately 10% of the Fund's public float of 2,156,540 Units as of
February 14, 2011), commencing February 25, 2011. The Fund may not
purchase more than 43,179 Units (representing approximately 2% of the
Fund's 2,158,940 issued and outstanding Units as of February 14, 2011)
in any 30-day period under the bid. Purchases made pursuant to the
normal course issuer bid will be made in the open market through the
facilities of the Toronto Stock Exchange. The normal course issuer bid
will remain in effect until the earlier of February 24, 2012, the
termination of the bid by the Fund or the Fund purchasing the maximum
number of Units permitted under the bid. Units purchased by the Fund
pursuant to the bid will be cancelled. The Fund has not purchased any
Units during the previous year pursuant to any issuer bid.
Management and the directors of the manager of the Fund, Connor, Clark &
Lunn Capital Markets Inc., believe that Units of the Fund may become
available during the proposed purchase period at prices that would make
such purchases in the best interests of the Fund.
The Fund's investment portfolio is managed by its investment manager,
Connor, Clark & Lunn Investment Management Ltd. The Units are listed on
the Toronto Stock Exchange under the symbol NAF.UN.
SOURCE North American Financials Capital Securities Trust
For further information:
please visit www.cclcapitalmarkets.com or contact:
W. Neil Murdoch
President & Chief Executive Officer
Connor, Clark & Lunn Capital Markets Inc.