TORONTO, Feb. 12 /CNW/ - CMP Gold Trust (TSX: CMP.UN), managed by Goodman & Company, Investment Counsel Ltd. ("Goodman & Company") and sub-advised by Ravensden Asset Management Inc.("Ravensden"), will undertake a normal course issuer bid. The bid of up to 333,564 trust units of the Trust (the "Trust Units") represents approximately 10% of the public float and will be exercised through the facilities of the Toronto Stock Exchange ("TSX"). As of February 2, 2010, the public float of the Trust was 3,335,640 trust units and the issued and outstanding number of trust units of the Trust totaled 4,197,977.
The Trust Units may be purchased for cancellation commencing February 17, 2010 through to February 16, 2011 through the facilities of the TSX and may be purchased at prices not exceeding the most recently calculated net asset value ("NAV") per Trust Unit and on such terms and conditions as the manager of CMP Gold Trust may determine. Pursuant to TSX policies, the Trust will not purchase during any 30 day period more than 2% of the 4,197,977 trust units of the Trust outstanding as at February 2, 2010. A Notice of Intention to Make a Normal Course Issuer Bid has been accepted by the TSX, effective as of February 12, 2010.
The purpose of the normal course issuer bid is to provide value to the Trust through purchases made at a discount to the NAV per Trust Unit. As of February 2, 2010, the NAV of the Trust was $14.43 per trust unit and the closing trading price was $9.71 per trust unit (representing a discount of 32.71% when measured against the NAV per trust unit).
Goodman & Company is a leading Canadian asset management company tracing its roots back more than 50 years. Goodman & Company offers a wide range of wealth management solutions through financial advisors. These include the mutual funds, hedge funds and closed-end investment trusts of Dynamic Funds(TM), the portfolio solutions of the Marquis Investment Program, the flow-through limited partnerships of CMP(TM) and Canada Dominion Resources and the high-net worth investment counsel of Goodman Private Wealth Management. Goodman & Company is a wholly owned subsidiary of DundeeWealth Inc. (TSX: DW).
Ravensden Asset Management is a wholly owned subsidiary of Dundee Corporation and is led by Ned Goodman, CFA, utilizing a team of resource specialists at Dundee Resources Limited, another wholly owned subsidiary of Dundee Corporation. Ravensden also acts as the sub-advisor to Goodman & Company for the CMP family of flow through funds. In addition, Ravensden provides investment advice to Goodman Private Wealth Management, a provider of investment programs for high net worth clients.
SOURCE GOODMAN & COMPANY, INVESTMENT COUNSEL LTD.
For further information: For further information: Customer Relations Centre, Goodman & Company, Investment Counsel Ltd., 1-800-268-8186 or www.cmpfunds.ca; Myra Reisler, Media Relations, (416) 365-5370