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WINNIPEG, Oct. 4 /CNW/ - The Boyd Group Income Fund (TSX: BYD.UN) (the
"Fund") today announced that the Toronto Stock Exchange ("TSX") has approved
its Notice of Intention to carry out a Normal Course Issuer Bid (the "Bid") to
purchase for cancellation, from time to time, as the Fund considers advisable,
its issued and outstanding trust units (the "Units"). There are currently
9,638,204 Units issued and outstanding. Of this amount, 9,359,149 Units
constitute the "public float" calculated in accordance with the rules of the
TSX. In accordance with TSX requirements, the maximum number of Units to be
purchased on a daily basis will be 2,047. The Fund intends to purchase for
cancellation up to a maximum of 515,844 Units, or approximately 5.5% of the
Fund's current "public float". Purchases will be made on the open market
through the TSX. The price the Fund will pay for any Units purchased through
the Bid will be the prevailing market price of the Units on the TSX at the
time of such purchase. The actual number of Units that may be purchased for
cancellation and the timing of such purchases will be determined by the Fund.
The Bid will commence on October 15, 2007 and will terminate on
October 14, 2008 or such earlier time as the Bid is completed or terminated at
the option of the Fund.
The Trustees of the Fund believe that, from time to time, the market
price of the Units may not fully reflect the underlying value of the Units and
that at such times the purchase of Units would be in the best interest of the
Fund. Such purchases will increase the proportionate ownership interest of all
remaining unitholders. In addition, the purchases by the Fund may enhance
liquidity for Fund unitholders.
The Fund has not made any purchases of Units during the previous 12
About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres
in Canada and among the largest in North America. The company operates
locations in the four western Canadian provinces principally under the trade
names Boyd Autobody & Glass and Service Collision Repair, as well as in six
U.S. states principally under the trade name Gerber Collision & Glass. The
company also operates Gerber National Glass Services, an auto glass repair and
replacement referral business with affiliated service providers throughout the
United States. For more information on The Boyd Group Inc. or Boyd Group
Income Fund, please visit our Web site at www.boydgroup.com.
About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund
trust created for the purposes of acquiring and holding certain investments,
including a majority interest in The Boyd Group Inc. and its subsidiaries.
This press release contains forward-looking statements, other than
historical facts, which reflect the view of the Fund's management with respect
to future events. Such forward-looking statements reflect the current views of
the Fund's management and are made on the basis of information currently
available. Although management believes that its expectations are reasonable,
it can give no assurance that such expectations will prove to be correct. The
forward-looking statements contained herein are subject to these factors and
other risks, uncertainties and assumptions relating to the operations, results
of operations and financial position of the Fund. The Fund assumes no
obligation to update the forward-looking statements or to update the reasons
why actual results could differ from those contemplated by the forward-looking
For further information:
For further information: Terry Smith, CEO, Tel: (204) 895-1244 (ext.
222), firstname.lastname@example.org; Bruce Wigle, Investor Relations, Tel: (416)
815-0700, or toll free 1-800-385-5451 (ext.228), email@example.com