TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Canadian Income Management Inc. (the "Corporation") (TSX:CAI.DB) announces that the Toronto Stock Exchange (the "TSX") has accepted its Notice of Debt Substantial Issuer Bid to purchase up to 100% of its total amount of issued and outstanding 7% unsecured, subordinated debentures due August 31, 2012 (the "Debentures") at a price of $100.00 (plus any accrued but unpaid interest) per $100 face value of each Debenture (the "Offer"). Currently there are 173,032 Debentures outstanding, with an aggregate face value of $17,303,200.
The Offer is being made through the facilities of the TSX and will be open for acceptance on May 3, 2011 from 10:00 a.m. EST to 12:00 p.m. EST. Holders of the Debentures ("Debentureholders") who wish to accept the Offer must ask their investment adviser, investment dealer, bank, trust company or other nominee to effect the transaction for them.
The Offer is intended to provide liquidity to the Debentureholders. In addition the management of the Corporation believes that retiring Debentures will benefit the units of Canadian Income Management Trust (the "Trust"), as the income currently being generated by the underlying investment portfolio is insufficient to meet the Debenture interest payments and expenses. As further interest payments will not be required on those Debentures that are retired by the Corporation, this offer should also benefit unitholders of the Trust.
Debentureholders may obtain a copy of the Notice of Debt Substantial Issuer Bid, without charge, by contacting Client Services at 1-888-730-4623. A copy of the Notice of Debt Substantial Issuer Bid is also available through CIBC World Markets Inc., the dealer manager, by contacting Barbara Kovell at firstname.lastname@example.org or 416-594-8557.
Sentry Investments is a Canadian asset management company that offers a diverse range of investment products including mutual funds, hedge funds, flow-through limited partnerships and other alternative investments, covering a variety of domestic and global mandates.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to either Sentry or the Corporation. The forward-looking statements are not historical facts but reflect Sentry's or the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, the ability of the Corporation to repurchase those Debentures tendered to the Debt Substantial Issuer Bid. Although both Sentry and the Corporation believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
|The Exchange Tower|
|130 King Street West|
|Suite 2850, P.O. Box 104|
|Toronto, Ontario M5X 1A4|
|Telephone: (416) 861-8729|
|Fax: (416) 364-5615|
Documents (including press releases) regarding the various investment funds that are managed or advised by Sentry are provided for information purposes only and cannot be relied on to be complete, exhaustive or error-free unless the complete set of documents for any given investment fund with respect to which information is being sought is reviewed and then only on SEDAR (www.sedar.com).