TORONTO, Sept. 18 /CNW/ - Priszm Income Fund (the "Fund") (TSX: QSR.UN) announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for its units ("Units") as appropriate opportunities arise from time to time. The Fund's normal course issuer bid will be made in accordance with the policies of the TSX. The Fund may purchase its Units during the period from September 22, 2009 to September 21, 2010.
Pursuant to the notice, the Fund intends to acquire up to a maximum, per trading day, of 13,604 Units, being approximately 25 per cent of the average daily trading volume, (except where such purchases are made in accordance with the block purchase exemption available under TSX policy), and up to a maximum, in a 12-month period, of 1,478,452 Units, being approximately 10 per cent of the public float. There are 15,333,826 Units outstanding as of September 18, 2009. Purchases will be made at market prices through the facilities of the TSX. Any tendered Units taken up and paid for by the Fund will be cancelled. The Fund believes that the ongoing purchase of its outstanding Units is an appropriate use of its resources at this time and will afford liquidity to anyone who desires to sell their Units. The Fund acquired 562,500 Units at an average price of $1.96 under its previous normal course issuer bid which expired on August 17, 2009.
About Priszm Income Fund
Priszm Income Fund (TSX: QSR.UN) holds approximately a 60 per cent interest in Priszm LP, which owns and operates more than 400 quick service restaurants in seven provinces across Canada. The KFC, Taco Bell and Pizza Hut restaurants under Priszm serve more than 1 million customers a week and employ approximately 7,400 people. Currently, more than 100 locations are multi-branded, combining two or more of the Fund's restaurant concepts. To find out more about Priszm Income Fund, visit our website at http://www.priszm.com.
Certain information in this document may constitute forward-looking statements within the meaning of securities laws that involve known and unknown risks, uncertainties, future expectations and other factors with respect to industry sector performance, business plans, activities, trends and events anticipated by the Fund and which may cause the Fund's future performance and results to be materially different from those implied by the forward-looking information. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology concerning matters that are not historical facts. Forward-looking information is based on certain factors and assumptions regarding, among other things, the number of restaurants, the renewal of the franchise agreement, the industry sector performance, business plans, activities, trends and events anticipated by the Fund. Although the Fund believes that the assumptions underlying such statements are reasonable, any of the assumptions may prove to be inaccurate and, as a result, the forward-looking information may prove to be incorrect. The forward-looking information, assumptions and statements reflect the views of the Fund's management with respect to future events and outcomes as of the date of this document and there should be no expectation that such information will be updated, revised and/or supplemented whether as a result of new information, changing circumstances, future events or other cause. Actual events or outcomes may be materially different and cause the performance of the Fund to differ materially from any forward-looking statement.
SOURCE PRISZM INCOME FUND
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