TORONTO, ONTARIO -- (Marketwired) -- 06/24/15 -- Limited Duration Investment Grade Preferred Securities Fund (the "Fund") (TSX: PFD.UN) has received approval for a normal course issuer bid to purchase up to 346,941 Class A Units (the "Units") of the Fund, representing approximately 10% of the public float of 3,469,414 Units. The Fund may purchase up to 69,388 Units in any 30 day period which is 2% of the 3,469,414 issued and outstanding Units as at June 18, 2015.
The Units may be purchased for cancellation from June 29, 2015 to June 28, 2016 through the facilities of the Toronto Stock Exchange or Canadian alternative trading systems and may only be purchased at a price per Unit not exceeding the last published net asset value per Unit. Purpose Investments Inc., the Manager of the Fund, believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.
On June 25, 2014, the Company announced that it was making a normal course issuer bid, which commenced June 27, 2014, to purchase up to 447,803 Class A Units through the facilities of the TSX or Canadian alternative trading systems. The Company repurchased 129,700 Class A Units at a weighted average price of $21.51 per unit under the bid, which expires on June 26, 2015.
Purpose Investments Inc. is a Canadian asset management firm committed to enabling all investors to have access to great investment products at reasonable fees. The Class A Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol PFD.UN.
Limited Duration Investment Grade Preferred Securities Fund
Purpose Investments Inc.
Vice President, Marketing