TORONTO, April 10, 2015 /CNW/ - Lysander Funds Limited (the "Manager") is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the notice of intention of each of Canso Credit Income Fund and Canso Select Opportunities Fund (each a "Fund" and, collectively, the "Funds") to make a normal course issuer bid (each, an "NCIB") for its outstanding Class A units (the "Units").
Purchases of Units pursuant to the NCIBs will be executed through the facilities of the TSX and/or alternative Canadian trading platforms at market prices under the NCIB rules of the TSX. The actual number of Units which may be purchased, and the timing of any such purchases, will be determined by the Manager. All Units purchased under the NCIBs will be cancelled. The NCIB for each Fund shall terminate on the earlier of April 14, 2016 and the date on which such Fund has acquired the Units sought under the NCIB.
Canso Credit Income Fund
Pursuant to its NCIB notice, Canso Credit Income Fund (TSX: PBY.UN) is entitled to purchase up to 1,963,569 Units, representing 10% of its public float, during the twelve month period commencing April 15, 2015 and ending on April 14, 2016. As of April 9, 2015, there are 19,645,699 Units of Canso Credit Income Fund issued and outstanding and the public float is 19,635,699 Units. The Fund is permitted to purchase, under the NCIB, up to 392,913 of its Units in a given 30-day period. Canso Credit Income Fund will be purchasing Units pursuant to the NCIB to support the market price of its Units and to reduce opportunities for arbitrage.
Canso Select Opportunities Fund
Pursuant to its NCIB notice, Canso Select Opportunities Fund (TSX: SCW.UN) is entitled to purchase up to 846,875 Units, representing 10% of its public float, during the twelve month period commencing April 15, 2015 and ending on April 14, 2016. As of April 9, 2015, there are currently 8,468,758 Units of Canso Select Opportunities Fund issued and outstanding and the public float is 8,468,758 Units. The Fund is permitted to purchase, under the NCIB, up to 169,375 of its Units in a given 30-day period. Canso Select Opportunities Fund will be purchasing Units pursuant to the NCIB to support the market price of its Units and to reduce opportunities for arbitrage.
This press release contains forward-looking statements. The statements that are concerning each of the Fund's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of each of the Funds are forward-looking statements. The words "believe", "expect", "anticipate", "estimate", "intend", "may", "will", "would" and similar expressions and the negative of such expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward looking statements are subject to important risks and uncertainties that could cause actual results to differ materially from current expectations. While the Manager considers these risks and uncertainties to be reasonable based on information currently available, they may prove to be incorrect.
SOURCE Canso Credit Income Fund
For further information: Lysander Funds Limited, Raj Vijh, Chief Operating Officer and Chief Financial Officer, (416) 640-4275