OAKVILLE, ON, Dec. 19 /CNW/ - (TSX: VIC.UN): Vicwest Income Fund
("Vicwest" or the "Fund") announced today that it intends to file a notice
with the Toronto Stock Exchange of its intention to make a normal course
issuer bid for a portion of its units as appropriate opportunities arise from
time to time. Vicwest's normal course issuer bid will be made in accordance
with the by-laws, rules and policies of the Toronto Stock Exchange. Subject to
the approval of the Toronto Stock Exchange, Vicwest may begin to purchase
units on or about December 24, 2007.
Pursuant to the notice, Vicwest intends to acquire up to 900,000 units
for cancellation over the next 12 months, which represents approximately 4.8%
of Vicwest's outstanding units. Purchases will be made at market prices
through the facilities of the exchanges. Vicwest intends to fund the purchases
out of its available cash and credit facility. Vicwest believes that the
purchase of its units represents an investment opportunity for the Fund and a
worthwhile use of its resources.
On December 20, 2006 Vicwest, received TSX approval for a normal course
issuer bid for the acquisition of up to 900,000 units at market prices. During
the period from December 21, 2006 to September 20, 2007, Vicwest completed the
purchase of all 900,000 units at a weighted average price of $10.71 per unit.
Of the units purchased, 835,000 were cancelled and 65,000 were transferred to
the Fund's Interim CEO pursuant to an employment agreement.
About the Fund
The Fund, headquartered in Oakville, Ontario, is one of Canada's leading
manufacturers and distributors of construction building products including
metal roofing, siding and other metal building products. The Fund fabricates
and markets these products under the Vicwest, Mercury Metals and Valley Truss
& Metal trade names. Under the Westeel trade name, the Fund is Canada's
foremost manufacturer of steel containment products for agricultural storage
of grain and fertilizer. The Fund's petroleum storage tanks and accessories
are manufactured and distributed under the trade names Westeel, Northern Steel
Industries and NSI. The Fund has 15 manufacturing facilities strategically
located throughout Canada with approximately 1,000 dedicated employees
committed to providing quality products and excellent service to customers in
domestic and international markets.
This press 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
Further information can be found in the disclosure documents filed by
Vicwest Income Fund with the securities regulatory authorities, available at
www.sedar.com and on the Fund's website www.vicwestfund.com.
For further information:
For further information: Mr. John Slattery, Executive Vice President and
CFO, (905) 469-5706; Mr. Colin Osborne, President and CEO, (905) 469-5700