TORONTO, Feb. 3 /CNW/ - Goodman & Company, Investment Counsel Ltd.
("Goodman & Company"), manager of diversiTrust(TM) Stable Income Fund (TSX:
DTS.UN) (the "Fund"), announces a normal course issuer bid. In accordance with
the terms of its initial public offering, the Fund intends to purchase,
through the facilities of the TSX, up to 417,061 trust units of the Fund (the
"Trust Units"), representing approximately 10% of the public float. The public
float of the Fund as of January 28, 2009 was 4,170,613 Trust Units.
The Trust Units may be purchased for cancellation commencing February 6,
2009 through to February 5, 2010, through the facilities of the TSX and may be
purchased when the net asset value (NAV) per Trust Unit exceeds its trading
price. Pursuant to TSX policies, the Fund will not purchase during any 30 day
period more than 96,857 Trust Units, representing 2% of the 4,842,889 Trust
Units outstanding as at January 28, 2009. A Notice of Intention to Make a
Normal Course Issuer Bid has been accepted by the TSX effective as of February
The purpose of the normal course issuer bid is to provide the Fund with a
mechanism to decrease the potential spread between the NAV per Trust Unit and
the market price of the Trust Units. For the period February 5, 2008 to
January 28, 2009, 86,100 Trust Units were purchased by the Fund under its
normal course issuer bid at an average market price of $8.57 per Trust Unit
(excluding commission charges).
The Fund is a TSX-listed closed-end investment trust, which seeks to
provide a stable monthly distribution through investment in a diversified
portfolio consisting primarily of high income securities including business
trusts, resources trusts, utility trusts and REITs, as well as other high
yielding securities. As of January 28, 2009, the NAV was $8.04 per Trust Unit
and the closing trading price was $7.57 per Trust Unit (representing a
discount of 5.85% when measured against the net asset value per Trust Unit).
Goodman & Company, Investment Counsel Ltd., 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 an affiliate of DundeeWealth
Inc. (TSX: DW).
For further information:
For further information: Customer Relations Centre, Goodman & Company,
Investment Counsel Ltd., 1-800-268-8186 or www.diversifunds.com; Myra Reisler,
Media Relations, (416) 365-5370