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TORONTO, March 24, 2015 /CNW/ - Can-Financials Income Corp. (the "Corporation") (TSX: "FIC") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 359,701 Shares of the Corporation, representing approximately 10% of the public float, being 3,597,017 Shares as of the close of business of March 19, 2015. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 71,940 Shares, representing approximately 2% of the issued and outstanding Shares, being 3,597,017 Shares as of the close of business of March 19, 2015. Purchases of Shares under the NCIB may commence on March 26, 2015. First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Shares purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on March 25, 2016.
On March 24, 2014, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced March 26, 2014, to purchase up to 524,928 Shares through the facilities of the TSX. The Corporation repurchased 8,500 Shares at a weighted average price of $8.828 per share under the bid, which will expire on March 25, 2015.
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SOURCE First Asset
For further information: please contact Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.