TORONTO, May 14, 2012 /CNW/ - MINT 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 will commence on May 16, 2012 and will terminate on May 15, 2013. In accordance with the Trust Agreement by which MINT is governed, market purchases pursuant to its normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.
The Fund had 12,273,814 units issued and outstanding as at May 7, 2012. MINT may, during the 12 month period commencing May 16, 2012 purchase on the TSX up to 1,222,363 units, being 10% of the public float of 12,223,638 units and may not, in any 30 day period, purchase more than 245,476 units, being 2% of the units issued and outstanding. MINT will hold in treasury for resale all units purchased pursuant to the bid.
MINT has traded at prices which are less than the net asset value per unit. As a result, depending on future stock price movements and other factors, MINT believes that its units may represent an attractive investment for the Fund and a desirable use of its available funds. Any normal course purchases made by MINT will also afford an increased degree of liquidity to those unitholders of MINT who wish to dispose of their units.
MINT trades on the Toronto Stock Exchange under the symbol "MID.UN".
For further information:
For further information visit our website at www.middlefield.com or contact the undersigned:
Senior Vice President