TORONTO, Nov. 11 /CNW/ - Richards Packaging Income Fund (TSX: RPI.UN) (the "Fund") announces that it intends to commence a normal course issuer bid to acquire up to 202,000 of its outstanding trust units representing approximately 2% of its issued and outstanding units. As at November 4, 2009, the Fund had 10,114,722 units issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange and all units purchased will be cancelled. Except where reliance is had on the Exchange's block purchase exemption, the maximum number of units purchasable under the bid on any trading day will be limited to 2,748 units. The normal course issuer bid will commence on November 16, 2009 and end no later than November 15, 2010. Management of the Fund believes that such purchases to be an appropriate and desirable use of available funds.
About Richards Packaging Income Fund
The Fund owns 85% of Richards Packaging Inc. the leading packaging distributor in Canada, and third largest in North America. Richards Packaging is a full-service packaging distributor targeting small- and medium-sized North American businesses. Richards Packaging has operated for over 95 years and currently serves over 9,000 regional food, wine and spirits, cosmetic, specialty chemical, pharmaceutical and other companies from 19 locations throughout North America.
SOURCE Richards Packaging Income Fund
For further information: For further information: Gerry Glynn, Chief Executive Officer, Richards Packaging Inc., (905) 670-7760, firstname.lastname@example.org; Enzio Di Gennaro, Chief Financial Officer, Richards Packaging Inc., (905) 670-7760, email@example.com