Toronto Stock Exchange: VIC.UN
OAKVILLE, ON, Dec. 23, 2009 /CNW/ - (TSX: VIC.UN): Vicwest Income Fund ("Vicwest" or the "Fund") announced today that the Toronto Stock Exchange ("TSX") has accepted the Fund's notice of intention to make a normal course issuer bid ("NCIB").
The notice provides that the Fund may, during the 12-month period commencing December 29, 2009 and ending December 28, 2010, purchase on the TSX up to 850,000 units in total, being approximately 4.9% of the Fund's outstanding units. As of the date hereof, 17,413,201 of the Fund's units are outstanding. The aggregate number of units that the Fund may purchase during any trading day will not exceed 8,992 units, being 25% of the average daily volume of the units based on the trading volume on the TSX for the most recently completed six calendar months preceding the date of the Fund's notice of intention, subject to the Fund's ability to make block purchases through the facilities of the TSX in accordance with the TSX rules. Any units purchased pursuant to this NCIB will be cancelled by the Fund.
Purchases will be made at market prices through the facilities of the TSX as appropriate opportunities arise from time to time. 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.
The Fund also entered into a pre-defined plan (the "Automatic Purchase Plan") with its designated broker to allow for the repurchase of units at times throughout its NCIB when the Fund ordinarily would not be permitted to repurchase units in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Subject to certain parameters and restrictions, the Fund's broker may purchase units under the Automatic Purchase Plan, during such times referred to above, provided that the Broker is not, at such times, in possession of undisclosed material information about the Fund.
About the 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: John Slattery, Executive VP & Chief Financial Officer, Vicwest Income Fund, Tel: (905) 469-5706, Fax: (905) 825-1090; Colin Osborne, President & Chief Executive Officer, Vicwest Income Fund, Tel: (905) 469-5700, Fax: (905) 825-1090; www.vicwestfund.com