MONTREAL, Jan. 26, 2012 /CNW Telbec/ - O'Leary Funds Management LP, the manager (the "Manager") of O'Leary Canadian Income Opportunities Fund 2 (the "Fund") today announced that the Fund has commenced a normal course issuer bid to purchase a portion of the outstanding trust units (TSX: OCH.un) on the Toronto Stock Exchange ("TSX"). The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the trust units. Under the normal course issuer bid, the Fund intends to purchase up to 1,169,450 trust units, representing 10% of the public float of the securities issued and outstanding. These purchases will be made in accordance with applicable regulations, and will be effected through the facilities of TSX over a maximum period of 12 months commencing on January 30, 2012 and ending on the earlier of January 29, 2013 or on such date as the Fund completes its purchase under the normal course issuer bid or on such date as the Fund may otherwise determine. Trust units purchased will be cancelled. The Fund had 11,703,500 trust units issued and outstanding as at January 24, 2012. The Fund will not purchase in any given 30 day period, in the aggregate more than 234,070 trust units, being 2% of the issued and outstanding trust units as at January 24, 2012. Pursuant to the Fund's previous normal course issuer bid which expires on January 25, 2012, 126,500 trust units were purchased at an average weighted price of $9.44 per trust unit.
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