TSX SYMBOL: MMF.UN
TORONTO, Nov. 5, 2012 /CNW/ - Marret Multi-Strategy Income Fund (the "Fund") announced today that the TSX has accepted the Fund's Notice of Intention to make a normal course issuer bid. The Fund will have the right to purchase under the bid up to a maximum of 1,500,021 Class A trust units (the "Units") (representing 10% of the Fund's public float), commencing November 7, 2012. As at October 25, 2012, the public float of the Fund was 15,000,212 Units and the issued and outstanding number of Units was 15,054,212.
The purpose of the issuer bid is to enable the Fund to acquire Units at prices which are less than the net asset value per Unit at the time of purchase. Marret Asset Management Inc. (the "Manager"), the manager of the Fund, believes that the Units may become available during the proposed purchase period at prices which are less than the net asset value per Unit at the time of purchase. As a result, in such circumstances, the purchase of Units pursuant to the Issuer Bid would be in the best interests of the Fund and its remaining unitholders. The Fund will not purchase any Units hereunder if the price of such Units would equal or exceed the net asset value per Unit at such time. The Fund may not purchase more than 301,084 units in any 30 day period, which is 2% of the outstanding securities as at the time of filing the notice with the TSX.
Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the TSX, Alpha and/or alternative trading systems. The normal course issuer bid will remain in effect from November 7, 2012 until the earlier of November 6, 2013, the termination of the bid by the Fund or the Fund purchasing the maximum number of Units permitted under the bid. The Units purchased by the Fund pursuant to the issuer bid will be cancelled.
As of October 25, 2012, the net asset value of the Fund was $10.08 per Unit and the closing trading price was $9.84 per Unit (representing a discount when measured against the net asset value per Unit).
To date, the Fund has purchased an aggregate of 18,000 Units at a weighted average price of $9.96 through the facilities of the TSX under the previous normal course issuer bid which came into effect on November 7, 2011 and expires on November 6, 2012.
SOURCE: Marret Multi-Strategy Income Fund
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