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TORONTO, June 29, 2015 /CNW/ - North American Advantaged Convertibles Fund (the "Fund") (TSX: "NCD.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 511,268 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fund's issued and outstanding Units, being 5,112,685 as of the close of business of June 22, 2015. The Fund will not purchase in any given 30-day period, in the aggregate, more than 102,253 Units, representing approximately 2% of the issued and outstanding Units as of the close of business of June 22, 2015. Purchases of Units under the NCIB may commence on July 2, 2015. The Fund believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on July 1, 2016.
On June 27, 2014, the Fund announced that it was making a Normal Course Issuer Bid, which commenced July 2, 2014, to purchase up to 697,217 Units through the facilities of the TSX. The Fund has not repurchased any Units under the bid, which will expire on July 1, 2015.
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