Toronto Stock Exchange: VIC.UN
OAKVILLE, ON, Dec. 18, 2009 /CNW/ - (TSX: VIC.UN): Vicwest Income Fund ("Vicwest" or the "Fund") announced today that it intends to file a notice with the Toronto Stock Exchange ("TSX") of its intention to make a fourth normal course issuer bid for a portion of its units as appropriate opportunities arise from time to time. Vicwest's normal course issuer bid ("NCIB") will be made in accordance with the by-laws, rules and policies of the TSX. Subject to TSX approval, Vicwest may begin to purchase units on or about December 29, 2009, following the expiration of Vicwest's existing NCIB on December 28, 2009.
Pursuant to the notice, Vicwest intends to acquire up to 850,000 units for cancellation over the next 12 months, which represents approximately 4.9% of Vicwest's outstanding units. Purchases will be made at market prices through the facilities of the exchange. Vicwest intends to fund the purchases out of its available cash and credit facility. Vicwest believes that the purchase of its units represents an investment opportunity for the Fund and a worthwhile use of its resources.
About Vicwest Income Fund
The Fund is one of Canada's leading manufacturers and distributors of construction building products, including metal roofing, siding and other metal building products. Headquartered in Oakville, Ontario, it fabricates and markets these products under the Vicwest, Mercury Metals, Valley Truss & Metal and RCA Metal trade names. Under the Westeel trade name, the Fund is one of Canada's foremost manufacturers of steel containment products for agricultural storage of grain and fertilizer. Its liquid storage tanks and accessories are manufactured and distributed under the trade names Westeel, Northern Steel Industries and NSI. The Fund has 16 manufacturing facilities strategically located across Canada with more than 1,000 dedicated employees committed to providing superior quality products and delivering excellent service to customers in domestic and international markets.
This press release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information is subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what the Fund currently expects and there can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.
Further information can be found in the disclosure documents filed by Vicwest Income Fund with the securities regulatory authorities, available at www.sedar.com and on the Fund's website www.vicwestfund.com.
SOURCE Vicwest Inc.
For further information: For further information: Colin Osborne, President & Chief Executive Officer, Vicwest Income Fund, Tel: (905) 469-5700, Fax: (905) 825-1090; John Slattery, Executive VP & Chief Financial Officer, Vicwest Income Fund, Tel: (905) 469-5706, Fax: (905) 825-1090