CALGARY, Jan. 2, 2015 /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") for its units through the facilities of the TSX. This NCIB will commence on January 7, 2015 and will terminate on January 6, 2016. 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 4,783,590 units issued and outstanding as at December 24, 2014. The Fund may, during the 12 month period commencing January 7, 2015 purchase on the TSX up to 478,079 units, being 10% of the public float and may not, in any 30 day period, purchase more than 95,671 units, being 2% of the units issued and outstanding. The Fund will hold in treasury for resale all units purchased pursuant to the bid. As at December 24, 2014 the Fund had purchased 466,700 units at an average price of $9.29 per unit under its previously approved normal course issuer bid. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.
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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