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TORONTO, Dec. 22, 2015 /CNW/ - Utility Split Trust (the "Trust") (TSX: "UST.PR.B and UST.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Trust to acquire its Class B Preferred Securities and Capital Units (collectively, the "Securities").
Pursuant to the NCIB, the Trust proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 74,343 Class B Preferred Securities and up to 74,343 Capital Units of the Trust, representing approximately 10% of the public float, being 743,435 Class B Preferred Securities and 743,435 Capital Units as of the close of business of December 14, 2015. The Trust will not purchase in any given 30-day period, in the aggregate, more than 16,322 Class B Preferred Securities and 16,322 Capital Units, representing approximately 2% of the issued and outstanding Class B Preferred Securities and Capital Units, being 816,100 Class B Preferred Securities and 816,100 Capital Units as of the close of business of December 14, 2015. Purchases of Units under the NCIB may commence on December 24, 2015. First Asset Investment Management Inc., the manager of the Trust, believes that such purchases are in the best interests of the Trust and are a desirable use of the Trust's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Securities purchased by the Trust pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on December 23, 2016.
On December 22, 2014, the Trust announced that it was making a Normal Course Issuer Bid, which commenced December 24, 2014, to purchase up to 81,610 Class B Preferred Securities and up to 81,610 Capital Units through the facilities of the TSX. No Securities were repurchased under the bid, which will expire on December 23, 2015.
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SOURCE First Asset Close-End Funds
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