TORONTO, June 7, 2012 /CNW/ - COMPASS Income Fund announced today its intention to make a normal course issuer bid for its units through the facilities of the Toronto Stock Exchange (the "TSX"). This normal course issuer bid is intended to commence on June 11, 2012 and will terminate on June 10, 2013. In accordance with the Declaration of Trust by which COMPASS is governed, market purchases pursuant to its normal course issuer bid may be effected by the Fund.
The Fund had 6,911,130 units issued and outstanding as at May 30, 2012. COMPASS may, during the 12 month period commencing June 11, 2012 purchase on the TSX up to 689,922 units, being 10% of the public float of 6,899,221 units and may not, in any 30 day period, purchase more than 138,222 units, being 2% of the units issued and outstanding. COMPASS will hold in treasury for resale all units purchased pursuant to the bid. As at May 30, 2012 COMPASS had purchased 160,100 units at an average price of $11.93 per unit under its previously approved normal course issuer bid. COMPASS believes that its units represent good value for the Fund and purchases under the normal course issuer bid may serve to enhance returns to unitholders.
COMPASS trades on the Toronto Stock Exchange under the symbol "CMZ.UN".
For further information:
visit our website at www.middlefield.com or contact the undersigned:
Managing Director, Sales and Marketing