General Donlee Income Fund Announces Results of Substantial Issuer Bid for its Units



    TORONTO, Aug. 1 /CNW/ - General Donlee Income Fund (the "Fund",
TSX-GDI.UN, TSX-GDI.DB) announced today the final results of its previously
announced offer (the "Offer") to purchase for cancellation up to 1,237,101 of
its outstanding units ("Units"), which expired at 5:00 p.m. (Eastern Time)
today, Friday, August 1, 2008.
    The Fund previously announced that it had taken-up a total of 824,867
Units tendered to the Offer as of 5:00 p.m. (Eastern Time) on July 7, 2008.
Based on the final report of the depositary for the Offer, an additional
121,817 Units were deposited as at the expiration of the Offer. The Fund will
purchase for cancellation all of the additional 121,817 Units (subject to
adjustments to avoid the purchase of fractional Units) at a price of $8.75 per
Unit. The aggregate number of Units deposited under the Offer was 946,684.
    Payment for Units tendered and accepted for purchase will be made as soon
as practicable in accordance with the Offer. Return of Units not purchased due
to invalid deposits will be made as promptly as possible.
    The repurchase of the additional 121,817 Units represents approximately
2.1% of the Units outstanding as of July 31, 2008. After giving effect to the
repurchase of the aggregate 121,817 Units, approximately 5,690,417 Units will
remain outstanding.

    The Fund is a trust established to hold the securities of the Company,
which is a leading diversified manufacturer of precision-machined products for
the military, commercial and general aerospace industries and also is a
specialist in the manufacture of precision-machined products for the
industrial products and power generation industries.

    Certain forward-looking statements contained in this news release are
based on information, currently available to management, but are subject to a
number of uncertainties and risks that could cause actual results to differ
materially from the results discussed in the forward-looking statements. These
uncertainties and risks include, but are not limited to: dependence on
commercial aircraft sales and defence procurement, power generation sales and
sales to the industrial sector, production rates, timing of deliveries,
dependence on key customers, dependence on third party suppliers and
manufacturers, competition, product liability and warranty claims,
environmental and other government regulation, quality certification
requirements, hedging effects, interest and foreign exchange rates, leverage
and restrictive debt covenants, continued availability of credit facilities,
insurance availability and coverage, regulatory requirements, reliance on key
personnel and our skilled workforce, changes in accounting policies, the
ability to obtain orders and domestic and international economic conditions.
    Further information can be found in the disclosure documents filed by the
Fund with the securities regulatory authorities, available at www.sedar.com or
through the Fund's website at www.generaldonlee.com.

    %SEDAR: 00017571E




For further information:

For further information: Gerald Thain, Chief Financial Officer, General
Donlee Income Fund, Telephone: (416) 743-4417, Fax: (416) 746-8998,
gthain@donleeprecision.com

Organization Profile

GENERAL DONLEE INCOME FUND

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890