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EDMONTON, Aug. 5, 2010 /CNW/ - The Brick Group Income Fund (TSX: BRK.UN) (the "Fund") announced today that the Toronto Stock Exchange ("TSX") has accepted the Fund's notice of intention to make a normal course issuer bid ("NCIB").
Pursuant to the NCIB, the notice provides that the Fund may, during the 12-month period commencing August 10, 2010 and ending August 9, 2011, purchase on the TSX up to 2,763,066 of its Class A Trust Units (the "Units") representing 5% of the 55,261,333 outstanding Units as at August 3, 2010 and up to 5,945,490 of its outstanding warrants (the "Warrants") representing 5% of the 118,909,800 outstanding Warrants as at August 3, 2010 through the facilities of the TSX. The Warrants are exercisable for Units of the Fund on a one-for-one basis until May 27, 2014. The Board of Trustees of the Fund believes that such purchases are in the best interests of the Fund and are a desirable use of corporate funds. The Units and Warrants are being purchased for cancellation.
The average daily trading volume of the Units was 90,204 Units and pursuant to the NCIB, the daily limit means the Fund will only be able to purchase 25%, or 22,551 Units per day. As at August 3, 2010, the average daily trading volume of the Warrants, was 103,419 Warrants and pursuant to the NCIB, the daily limit means the Fund will only be able to purchase 25%, or 25,854 Warrants per day.
About the Brick Group
The Brick Group, together with its subsidiaries, is one of Canada's largest volume retailers of household furniture, mattresses, appliances and home electronics, operating under five banners: The Brick, United Furniture Warehouse, The Brick Superstore, The Brick Mattress Store, and Urban Brick. The Brick Group's retail operations are located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick and Yukon. Additionally, the Brick Group services the subdivision, condominium, and high-rise builder market through its corporate sales division.
This news release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information is subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what the Fund currently expects and there can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements.
Further information can be found in the disclosure documents filed by The Brick Group Income Fund with the securities regulatory authorities, available at www.sedar.com and on the Fund's website www.thebrick.com.
SOURCE The Brick Ltd.
For further information: For further information: David Merkley, CFO, The Brick Group, (780) 930-6300, firstname.lastname@example.org