MONTREAL, March 17, 2014 /CNW Telbec/ - O'Leary Funds Management LP, the manager (the "Manager") of Convertible Debentures Income Fund (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX: OCV.un) on the Toronto Stock Exchange ("TSX"). The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 720,773 trust units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of the TSX over a maximum period of 12 months commencing on March 22, 2014 and ending on the earlier of March 21, 2015 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 7,235,325 trust units issued and outstanding as at March 7, 2014. The Fund will not purchase in any given 30 day period, in the aggregate more than 144,707 trust units, being 2% of the issued and outstanding trust units as at March 7, 2014. No trust units were purchased pursuant to the Fund's previous normal course issuer bid which expires on March 21, 2014.
SOURCE: O'Leary Funds Management LP
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