TORONTO, Dec. 19 /CNW/ - MINT Income Fund announced today its intention to make a normal course issuer bid for its units through the facilities of the Toronto Stock Exchange (the "TSX"). This normal course issuer bid will commence on December 29, 2008 and will terminate on December 28, 2009. In accordance with the Trust Agreement by which MINT is governed, market purchases pursuant to its normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.
The Fund had 10,370,841 units issued and outstanding as at December 12, 2008. MINT may, during the 12 month period commencing December 29, 2008 purchase on the TSX up to 1,034,721 units, being 10% of the public float of 10,347,215 units and may not, in any 30 day period, purchase more than 207,416 units, being 2% of the units issued and outstanding. MINT will hold in treasury for resale all units purchased pursuant to the bid. As at December 12, 2008 MINT had purchased 250,900 units at an average price of $9.47 per unit under its previously approved normal course issuer bid.
MINT has traded at prices which are less than the net asset value per unit. As a result, depending on future stock price movements and other factors, MINT believes that its units may represent an attractive investment for the Fund and a desirable use of its available funds. Any normal course purchases made by MINT will also afford an increased degree of liquidity to those unitholders of MINT who wish to dispose of their units.
MINT trades on the Toronto Stock Exchange under the symbol "MID.UN".