CALGARY, Jan. 3, 2014 /CNW/ - American Core Sectors Dividend Fund announced that it has filed a notice with the Toronto Stock Exchange (the "TSX") and received its approval to make a normal course issuer bid ("NCIB"). Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX, Alpha and/or alternative trading systems. This NCIB will commence on January 7, 2014 and will terminate on January 6, 2015. In accordance with the Declaration of Trust by which the Fund is governed, market purchases pursuant to its NCIB may be effected by the Fund.
The Fund had 5,000,000 units issued and outstanding as at December 27, 2013. The Fund may, during the 12 month period commencing January 7, 2014 purchase on the TSX up to 467,500 units, being 10% of the public float and may not, in any 30 day period, purchase more than 100,000 units, being 2% of the units issued and outstanding. The Fund will cancel all units purchased pursuant to the bid. Subject to receiving all necessary regulatory approvals, the Fund may, in lieu of canceling units acquired, hold the units in treasury for resale. American Core Sectors Dividend Fund is implementing the NCIB to allow it to purchase units if and when it makes sense to do so.
American Core Sectors Dividend Fund trades on the Toronto Stock Exchange under the symbol "ACZ.UN".
SOURCE: American Core Sectors Dividend Fund
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