MONTREAL, Dec. 23 /CNW Telbec/ - Canadian Helicopters Income Fund (TSX: CHL.UN) (the "Fund") announces today that the Toronto Stock Exchange (the "TSX") has accepted the Fund's notice of intention to make a normal course issuer bid (the "Notice") to purchase some of its outstanding ordinary units through the facilities of the TSX for a period of twelve months ending on December 28, 2010. Up to 798,117 units of the Fund, representing approximately 10% of the public float of the Fund's units on December 15, 2009, may be purchased under the bid. As of December 15, 2009, 10,317,011 units are issued and outstanding, of which 7,981,177 are comprised in the public float. Daily repurchases will be limited to 3,501 units, other than block purchase exception. The purchases may commence on December 29, 2009 and may extend to December 28, 2010 or on such earlier date as the Fund may complete its purchases pursuant to the Notice or otherwise terminate the bid. The number of units that the Fund intends to repurchase and the time of such repurchases will be determined by the Fund, at its discretion.
In the opinion of management of the Fund, this normal course issuer bid is justified by the fact that the units might be undervalued on the market from time to time with regard to the Fund's financial position and future prospects and that the purchase thereof by the Fund is an appropriate use of its funds.
All the units acquired under the bid will be purchased through the facilities of the TSX in accordance with its requirements. All units acquired will automatically be cancelled. The units will be purchased at their market price at the time of acquisition.
In the past 12 months, the Fund purchased 30,000 units at a weighted average price of $8.3926 per unit. These purchases were made in open market transactions by the Fund's dealer on its behalf pursuant to the terms of the Fund's normal course issuer bid in place from December 29, 2008 until December 28, 2009.
ABOUT CANADIAN HELICOPTERS INCOME FUND
Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is the largest helicopter transportation services company operating in Canada and one of the largest in the world based on the size of its fleet. From over 40 base locations across Canada, Canadian Helicopters provides helicopter services to a broad range of sectors, including emergency medical services, infrastructure maintenance, military support, utilities, oil and gas, forestry, mining and construction. In addition to helicopter transportation services, Canadian Helicopters operates three flight schools and provides third party repair and maintenance services. With over 60 years of experience, Canadian Helicopters is an industry leader in establishing safety standards and operating procedures.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements relating to the securities of Canadian Helicopters, including the purpose, volume and manner of purchases of units by Canadian Helicopters under its normal course issuer bid. Such forward-looking statements are subject to certain risks and uncertainties, and actual results or events may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. The forward-looking statements relate to the date on which they were made. Canadian Helicopters disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE HNZ Group Inc.
For further information: For further information: Don Wall, President and Chief Executive Officer, Canadian Helicopters Income Fund, (780) 429-6919, (450) 452-3007