TSX Symbol: HYB.UN
TORONTO, Dec. 4, 2014 /CNW/ - DDJ High Yield Fund (the "Fund") intends to purchase for cancellation up to 297,633 of its Trust Units by way of a normal course issuer bid through the facilities of The Toronto Stock Exchange. The 297,633 Trust Units represent 10% of the public float of the Fund being 2,976,329 Trust Units as at November 30, 2014. The number of issued and outstanding Trust Units as at November 30, 2014 was 2,976,329. The Fund will not purchase in any given 30 day period, in the aggregate more than 59,527 Trust Units, being 2% of the issued and outstanding Trust Units as at November 30, 2014.
The purchases may commence on December 9, 2014 and will terminate on December 8, 2015, or on such earlier date as the Fund may complete its purchases pursuant to a notice of intention filed with The Toronto Stock Exchange or provide notice of termination. Any such purchases will be made by the Fund at the prevailing market price at the time of such purchases in accordance with the requirements of The Toronto Stock Exchange.
Pursuant to the Amended and Restated Trust Agreement governing the Fund, the Fund may only repurchase Trust Units at a price which is less than 90% of the most recently determined Net Asset Value per Trust Unit. If the Trust Units are trading at more than a 10% discount to the Net Asset Value per Trust Unit, the Manager of the Fund believes that it would be in the best interests of the Fund and the holders of the Trust Units to purchase Trust Units in the market.
In the last 12 months under its previous normal course issuer bid, the Fund purchased 55,700 of its Trust Units at an average weighted price of $10.82 per Trust Unit.
SOURCE: CI Investments Inc.
For further information: David C. Pauli, Executive Vice-President and Chief Operating Officer, CI Investments Inc., Tel.: 416-364-1145, Toll Free: 1-800-268-9374