Mulvihill Premium Split Share has announced:
that today, the Toronto Stock Exchange has accepted its Notice of Intention to make a normal course issuer bid. The Fund will have the right to purchase under the bid up to a maximum of 196,678 Class A Shares and 196,678 Priority Equity Shares (respectively representing approximately 10% of the Fund’s public float of 1,966,779 Class A Shares and 1,966,779 Priority Equity Shares, both as of October 30, 2008), together in units (each consisting of one Class A Share and one Priority Equity Share), commencing November 13, 2008. The Fund may not purchase more than 39,986 of its units (representing approximately 2% of the Fund’s 1,999,279 issued and outstanding Class A Shares and approximately 2% of the Fund’s 1,999,279 issued and outstanding Priority Equity Shares, both as of October 30, 2008) in any 30-day period under the bid. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of November 12, 2009, the termination of the bid by the Fund or the Fund purchasing the maximum number of units permitted under the bid. Class A Shares and Priority Equity Shares purchased by the Fund pursuant to the issuer bid will be cancelled. The Fund has not purchased any Class A Shares or Priority Equity Shares during the previous year pursuant to any issuer bid.
Directors of the Fund believe that units of the Fund may become available during the proposed purchase period at prices that would make such purchases in the best interests of the Fund.
Assiduous Readers are reminded that approved issuer bids do not necessarily get executed. They have authorization to do it, that’s all.
MUH.PR.A is tracked by HIMIPref™. Its term extension in December 2007 was reported on PrefBlog. The issue is included in the “Scraps” sub-index, on both volume and credit concerns.