Mulvihill Top 10 Split Trust announces an Equity Buyback for 144,659 capital units 144,659 Preferred Securities, representing 10% of its public float.
October 16, 2014
Share
Mulvihill Top 10 Split Trust announces a share repurchase program. Under the bid, the company will repurchase up to 144,659 capital units 144,659 Preferred Securities representing, 10% of its public float. The units will be repurchased at a price per unit not exceeding the last net asset value per units. The repurchases will be made through the facilities of the TSX or other eligible alternative market and may only be purchased. The units will be repurchased for cancellation. The fund may repurchase up to 28,931 units in any 30-day period, representing 2% of its issued and outstanding units. The Directors believe that such repurchases are in the best interest of the fund and are a desirable use of its available funds. The bid will commence from October 22, 2014 and will end on October 21, 2015. As of September 30, 2014, the fund has 1,446,599 units in the public float and that as issued and outstanding units.
On October 20, 2014, the company received approval from the Toronto Stock Exchange to commence the normal course issuer bid.
Top 10 Split Trust is a Canada-based closed-end investment trust. The Fund's investment objectives for Capital Units are to provide holders of Capital Units, upon redemption, with the benefit of any capital appreciation in the market price of the securities in the financial portfolio, and to pay quarterly distributions in an amount targeted to be over 7.5% per annum of the net asset value (NAV) of the Capital Units. The Fund's investment objectives for Preferred Securities are to pay holders of Preferred Securities fixed quarterly cash interest payments equal to over 6.25% per annum on approximately $12.50 principle amount of a Preferred Security, and to repay the principle amount of over $12.50 per Preferred Security on the Termination Date of the Fund. The Fund is designed to provide unitholders with exposure to over six Canadian banks and approximately four Canadian life insurance companies. The investment manager of the Fund is Strathbridge Asset Management Inc.
TOP 10 SPLIT TR UN 
