TORONTO, June 14, 2011 /CNW/ - The Board of Directors of Diversified
Private Equity Corp. (the "Company") announced today that the Toronto
Stock Exchange (the "TSX") has accepted the Company's notice of
intention to proceed with a normal course issuer bid through the
facilities of the TSX. There were 851,675 Class A shares of the Company
issued and outstanding (each a "Share") on June 10, 2011 and 849,675
Shares in the public float. The Company intends to purchase for
cancellation up to 84,960 Shares through the facilities of the TSX,
representing approximately 10% of the public float of the Shares as at
June 10, 2011. The board of directors of the Company has determined
that the purchase of the Shares represents an effective use of the
Company's available capital and is in the best interests of the
Company. The TSX previously approved a normal course issuer bid with
respect to the Shares for the period from June 16, 2010 to June 15,
2011; 7,300 Shares were purchased by the Company at an average price of
$4.28 per Share during such time pursuant to such bid.
Pursuant to TSX policies, the Company will not purchase more than 2% of
the 851,675 Shares outstanding during any 30 day period. The purchases
may commence on June 16, 2011 and will terminate on February 15, 2012
as the Company will be wound up on March 15, 2012, or on such earlier
date as the Company may complete its purchases pursuant to the Notice,
or provide notice of termination. Any such purchases will be made by
the Company at the prevailing market price at the time of acquisition.
The Company was created to provide holders of the Company's Shares with
tax efficient exposure to the total return of an initially
equally-weighted portfolio of securities consisting of nine firms
specializing in private equity investments that are publicly traded in
North America and ten firms specializing in private equity investments
that are publicly traded in Europe.
Shares are listed for trading on the TSX under the symbol PEQ.
SOURCE Diversified Private Equity Corp.
For further information:
Diversified Private Equity Corp.
Web site: www.scotiamanagedcompanies.com