Canadian High Income Equity Fund announces an Equity Buyback
March 07, 2012
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Canadian High Income Equity Fund filed a notice of intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on March 8, 2012. Under the program, the company will repurchase up to 815,800 shares, representing 10% of the public float and 10% of its issued and outstanding units. The Fund may purchase up to 163,163 Units in any 30 day period which is 2% of is 2% of the issued and outstanding units. The units may be repurchased for cancellation from March 12, 2012 to March 11, 2013 through the facilities of the TSX or other eligible alternative market and may only be purchased at a price per unit not exceeding the last published net asset value per unit. The Manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds. As of March 8, 2012, Canadian High has 8,158,154 units as issued and outstanding units as well as in public float outstanding.
Canadian High Income Equity Fund (the Fund) is a mutual fund trust. The Fundâs investment objective is to provide unitholders with a high monthly distribution and the opportunity for capital appreciation through investment in an actively managed portfolio of publicly listed or traded Canadian securities. The Fund's investments sectors include communication services, consumer staples and discretionary, financial, industrial, materials, oil and gas, pipes, power, utilities and infrastructure, real estate and short-term investments. Brompton Funds Limited is the manager and Bloom Investment Counsel, Inc. is the investment manager of the Fund.