TORONTO, Oct. 21 /CNW/ - Goodman & Company, Investment Counsel Ltd. ("Goodman & Company"), manager of diversiYield Income Fund (TSX: DYI.UN) (the "Trust"), announces a normal course issuer bid. In accordance with the terms of its initial public offering, the Trust intends to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), up to 439,389 trust units of the Trust (the "Trust Units"), representing approximately 10% of the public float. As of October 14, 2009, the public float of the Trust was 4,393,886 trust units and the issued and outstanding number of trust units of the Trust totaled 4,704,113.
The Trust Units may be purchased for cancellation commencing October 23, 2009 through to October 22, 2010 through the facilities of the TSX and may be purchased at any time in the market if the market price is less than 100% of the most recently calculated net asset value ("NAV") per Trust Unit and on such terms and conditions as Goodman & Company may determine. The price paid for the units at the time of acquisition will be the market price. Pursuant to TSX policies, the Trust will not purchase during any 30 day period more than 2% of the 4,704,113 trust units of the Trust outstanding as at October 14, 2009, being 94,082 trust units. A Notice of Intention to Make a Normal Course Issuer Bid has been accepted by the TSX, effective as of October 21, 2009.
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 October 23, 2008 to October 14, 2009, 180,800 Trust Units were purchased by the Fund under its normal course issuer bid at an average market price of $6.344 per Trust Unit (excluding commission charges).
The Fund is a TSX-listed closed-end investment trust, which seeks to provide long-term capital appreciation and a stable monthly distribution through investment in a diversified global portfolio consisting primarily of dividend-paying equity securities. As of October 14, 2009 the NAV was $7.93 per Trust Unit and the closing trading price was $7.84 per Trust Unit (representing a discount of 2.05 % when measured against the NAV per Trust Unit).
About Goodman & Company
Goodman & Company is a 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 and the high-net worth investment counsel of Goodman Private Wealth Management. Goodman & Company is a wholly owned subsidiary of DundeeWealth Inc. (TSX: DW).
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.diversifunds.com; Myra Reisler, Media Relations, (416) 365-5370