TORONTO, June 8 /CNW/ - Top 10 Canadian Financial Trust (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 469,702 units (representing approximately 10% of the Fund's public float of 4,697,018 as of May 31, 2010), commencing June 10, 2010. The Fund may not purchase more than 94,020 of its units (representing approximately 2% of the Fund's 4,701,018 issued and outstanding units as of May 31, 2010) 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 June 9, 2011, the termination of the bid by the Fund or the Fund purchasing the maximum number of units permitted under the bid. Units purchased by the Fund pursuant to the issuer bid will be cancelled. The Fund has not purchased any units during the previous year pursuant to any issuer bid.
Management and the directors of the manager of the Fund, Mulvihill Fund Services Inc., 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 units and the warrants of the Fund are listed on the Toronto Stock Exchange under the symbols TCT.UN and TCT.WT, respectively.
SOURCE TOP 10 CANADIAN FINANCIAL TRUST
For further information: For further information: (416) 681-3966, toll free at 1-800-725-7172 or visit www.mulvihill.com