CanBanc Income Corp. Announces Normal Course Issuer Bid For Shares
October 01 2012 - 11:00AM
Marketwired
CanBanc Income Corp. (the "Corporation") (TSX:CIC) announced today
acceptance by the Toronto Stock Exchange (the "TSX") of the
Corporation's Notice of Intention to make a Normal Course Issuer
Bid (the "NCIB").
Pursuant to the NCIB, the Corporation proposes to purchase
through the facilities of the TSX, from time to time, if it is
considered advisable, up to 2,092,672 equity shares ("Shares") of
the Corporation, representing approximately 10% of the public float
which is the same number as the Corporation's issued and
outstanding Shares, being 20,926,722 Shares as of September 24,
2012. The Corporation will not purchase in any given 30-day period,
in the aggregate, more than 418,534 Shares, being 2% of the issued
and outstanding Shares. Purchases of Shares under the NCIB may
commence on October 3, 2012. First Asset Investment Management
Inc., the manager of the Corporation, believes that such purchases
are in the best interests of the Corporation and are a desirable
use of the Corporation's funds. All purchases will be made through
the facilities of the TSX in accordance with its rules and
policies. All Shares purchased by the Corporation pursuant to the
NCIB will be cancelled. The NCIB will expire on October 2,
2013.
On September 29, 2011, the Corporation announced that it was
making a Normal Course Issuer Bid, which commenced October 3, 2011,
to purchase up to 2,371,710 Shares through the facilities of the
TSX. Under the bid, which expires on October 2, 2012, as at the
date hereof, an aggregate of 46,500 Shares were repurchased at a
weighted average price of $9.13 per Share excluding
commissions.
Contacts: First Asset Rob MacNiven Investor Relations
416-642-1289 or 1-877-642-1289 www.firstasset.com
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