TORONTO, Sept. 19 /CNW/ - Chemtrade Logistics Income Fund (TSX: CHE.UN)
intends to purchase up to 3,330,094 of its units by way of a normal course
issuer bid through the facilities of the Toronto Stock Exchange, representing
10% of the public float on the date hereof. The number of units purchased on a
daily basis may not exceed 33,246. The purchases may commence on or about
September 23, 2008 and will terminate on September 22, 2009 or on such earlier
date as Chemtrade may complete its purchases. The purchases will be made in
accordance with the policies and rules of the TSX and will be purchased for
cancellation. The prices that Chemtrade will pay for any units will be the
market price of such units at the time of acquisition. Chemtrade intends to
enter into an automatic securities purchase plan with its designated broker to
allow for the repurchase of units at times when Chemtrade ordinarily would not
be active in the market due to its own internal trading blackout periods,
insider trading rules or otherwise.
Chemtrade believes that from time to time its units trade in a price
range that does not adequately reflect the value of such units in relation to
the business of Chemtrade and its future business prospects. Since its 2001
IPO, the Fund has used its cash flows to create value for unitholders by
paying cash distributions and reinvesting in the business. Expanding the use
of its cash flow to purchase units is a continuation of this approach. While a
portion of the Fund's cash flows will be used to repurchase units and continue
paying cash distributions, the balance will be employed to generate continued
growth and operational improvements.
Chemtrade operates a diversified business providing industrial chemicals
and services to customers in North America and around the world. Chemtrade is
one of the world's largest suppliers of sulphuric acid, liquid sulphur dioxide
and sodium hydrosulphite, and a leading processor of spent acid. Chemtrade is
also a leading regional supplier of sulphur, sodium chlorate, phosphorous
pentasulphide, and zinc oxide.
This news release contains certain statements which may constitute
"forward-looking" statements within the meaning of certain securities laws,
including the "safe harbour" provisions of the Securities Act (Ontario). The
use of any of the words "anticipate", "continue", estimate", "expect", "may",
"will", "project", "should", "believe" and similar expressions are intended to
identify forward-looking statements.
- This news release contains forward-looking statements about the
objectives, strategies, financial condition, results of operations and
businesses of the Fund. These statements are "forward-looking" as they
are based on current expectations about our business and the markets
we operate in, and on various estimates and assumptions.
- Forward-looking statements in this news release describe our
expectations as of the date of this news release.
- Our actual results could be materially different from our expectations
if known or unknown risks affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, we cannot
guarantee that any forward-looking statement will materialize.
- Forward-looking statements do not take into account the effect that
transactions or non-recurring items announced or occurring after the
statements are made may have on our business.
- We disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason.
- Risks that could cause our actual results to differ materially from
our current expectations are discussed in the RISKS AND UNCERTAINTIES
section of our MD&A.
- Further information can be found in the disclosure documents filed by
Chemtrade Logistics Income Fund with the securities regulatory
authorities, available at www.sedar.com.
For further information:
For further information: Mark Davis, President and CEO, Tel: (416)
496-4176; Rohit Bhardwaj, Vice-President, Finance and CFO, Tel: (416)