An anonymous trustee reports
CANSO CREDIT INCOME FUND ANNOUNCES APPROVAL OF NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has approved the notice of intention of Canso Credit Income Fund to make a normal course issuer bid for its outstanding Class A units.
Pursuant to its normal course issuer bid notice, Canso Credit Income is entitled to purchase up to 1,294,138 units, representing 10 per cent of its public float, during 12-month period commencing July 17, 2018, and ending on July 16, 2019. The fund was previously authorized to purchase 1,310,810 units during the 12-month period commencing July 17, 2017, and ending on July 16, 2018. As of July 5, 2018, there are 12,941,382 units of Canso Credit Income issued and outstanding, and the public float is 12,941,382 units. The fund is permitted to purchase, under the normal course issuer bid, up to 258,827 of its units in a given 30-day period. Canso Credit Income will be purchasing units pursuant to the normal course issuer bid. Although, no purchases were made under the previous normal course issuer bid, the fund intends to purchase units under the current normal course issuer bid.
Purchases of units pursuant to the normal course issuer bid will be executed through the facilities of the TSX and/or alternative Canadian trading systems at market prices under the normal course issuer bid rules of the TSX. The actual number of units that may be purchased, and the timing of any such purchases, will be determined by the manager. All units purchased under the normal course issuer bid will be cancelled. The normal course issuer bid shall terminate on the earlier of July 16, 2019, and the date on which such fund has acquired the units sought under the normal course issuer bid. The manager believes that the normal course issuer bid is in the best interest of the fund and its unitholders.
We seek Safe Harbor.
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