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 $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: 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.
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