TORONTO: Canadian Income Management Inc. (the “Corporation”) 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 $87.50 (plus any accrued but unpaid interest) per $100 face value of each Debenture (the “Offer”). Currently there are 260,119 Debentures outstanding, with an aggregate face value of $26,011,900.
The Offer is being made through the facilities of the TSX and will be open for acceptance on December 18, 2009 from 10:00 a.m. EST to 12:00 p.m. EST. Holders of the Debentures (“Debentureholders”) who wish to accept the Offer must request 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 and the management of the Corporation believes that retiring Debentures will be accretive to the units of Canadian Income Management Trust.
Debentureholders may obtain a copy of the Notice of Debt Substantial Issuer Bid, without charge, by contacting Investor 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 Greg English a firstname.lastname@example.org or 416-956-3994.
Sentry Select Capital Inc.: Sentry Select Capital Inc., the manager of the Corporation, is a Canadian wealth management company that offers a diverse range of investment products including closed-end investment funds, mutual funds, principal-protected notes and flow-through limited partnerships, 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 the Corporation. The forward-looking statements are not historical facts but reflect 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 the Corporation believes 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.
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