Mulvihill Premium Canadian Bank Fund Announces Normal Course Issuer Bid



    
    PIC.A
    PIC.PR.A
    

    TORONTO, Aug. 18 /CNW/ - Premium Income Corporation, which operates as
Mulvihill Premium Canadian Bank Fund (the "Fund"), is pleased to announce that
today, the Toronto Stock Exchange has accepted its Notice of Intention to make
a normal course issuer bid. The Fund will have the right to purchase under the
bid up to a maximum of 1,515,673 Class A Shares and 1,515,673 Preferred Shares
(respectively representing approximately 10% of the Fund's public float of
15,156,729 Class A Shares and 15,156,729 Preferred Shares, both as of August
13, 2009), together in units (each consisting of one Class A Share and one
Preferred Share), commencing August 20, 2009. The Fund may not purchase more
than 304,631 of its units (representing approximately 2% of the Fund's
15,231,529 issued and outstanding Class A Shares and approximately 2% of the
Fund's 15,231,529 issued and outstanding Preferred Shares, both as of August
13, 2009) in any 30-day period under the bid. 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 August 19, 2010, the termination of the
bid by the Fund or the Fund purchasing the maximum number of units permitted
under the bid. Class A Shares and Preferred Shares purchased by the Fund
pursuant to the issuer bid will be cancelled. The Fund has not purchased any
Class A Shares or Preferred Shares during the previous year pursuant to any
issuer bid.
    Directors of the Fund believe that units of the Fund may become available
during the proposed purchase period at prices that would make such purchases
in the best interests of the Fund.
    The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Fund's Class A Shares and Preferred
Shares are listed on the Toronto Stock Exchange under the symbols PIC.A and
PIC.PR.A respectively.







For further information:

For further information: John Mulvihill, President & CEO, Mulvihill
Structured Products, John Germain, Senior Vice President; Mulvihill Premium
Canadian Bank Fund, 121 King Street West, Suite 2600, Toronto, Ontario, M5H
3T9, (416) 681-3966, (800) 725-7172, www.mulvihill.com, hybrid@mulvihill.com

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PREMIUM INCOME CORPORATION

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