TSX SYMBOL: PFD.PR.A
TORONTO, Jan. 25 /CNW/ - Charterhouse Preferred Share Index Corporation
(the "Corporation") announced today that the Toronto Stock Exchange has
accepted the Corporation's Notice of Intention to make a normal course issuer
bid. The Corporation will have the right to purchase under the bid up to a
maximum of 137,182 Preferred Shares (representing 10% of the Corporation's
public float) commencing January 29, 2008. As at January 24, 2008, there were
1,380,276 Preferred Shares of the Corporation issued and outstanding and the
Corporation's public float was 1,371,826 Preferred Shares. In any 30 day
period, no more than 27,605 Preferred Shares (representing 2% of the
Corporation's issued and outstanding Preferred Shares) may be purchased under
this normal course issuer bid.
The purpose of the issuer bid is to enable the Corporation to acquire
Preferred Shares at prices which are less than the net asset value per
Preferred Share at the time of purchase. The Board of Directors believes that
such purchases of Preferred Shares pursuant to the bid would be in the best
interests of the Corporation. The Corporation will not purchase any Preferred
Shares under the bid if the price of such shares would equal or exceed the net
asset value per Preferred Share at such time.
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 January
28, 2009, the termination of the bid by the Corporation or the Corporation
purchasing the maximum number of Preferred Shares permitted under the bid.
Preferred Shares purchased by the Corporation pursuant to the issuer bid will
The Corporation had an existing normal course issuer bid in place which
expired on January 17, 2008. A total of 24,200 Preferred Shares were purchased
by the Corporation under the existing bid during the period from January 18,
2007 to January 17, 2008.
To the knowledge of the Corporation, no director, senior officer or other
insider of the Corporation intends to sell any Preferred Shares under this
bid. However, sales by such persons through the facilities of the Toronto
Stock Exchange may occur if the circumstances or decisions of any such person
change. The benefits to any such person whose Preferred Shares are purchased
would be the same as the benefits available to all other holders whose
Preferred Shares are purchased.
For further information:
For further information: Kevin S. Beatson, President and Chief Executive
Officer, Charterhouse Preferred Share Index Corporation, 26 Wellington Street
East, Suite 920, Toronto, Ontario, M5E 1S2, Direct: (416) 777-5165, General: