Park Lawn Income Trust

Park Lawn Income Trust

December 14, 2009 11:54 ET

Park Lawn Income Trust Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2009) - Park Lawn Income Trust (the "Fund")(TSX VENTURE:PLC.UN) announced today that it has received regulatory approval to renew its normal course issuer bid to purchase its trust units for a further one year period. The Fund's normal course issuer bid will now expire on December 15, 2010.

As approved by the TSX Venture Exchange, during the period December 16, 2009 to
December 15, 2010, the Fund is now authorized to purchase 169,558 trust units representing 5% of the issued and outstanding 3,391,466 trust units. Under the previous normal course issuer bid, the Fund repurchased 49,200 trust units at an average price of $5.14. The Fund is renewing the normal course issuer bid at this time as its trustees and management continue to believe that the Fund's value is not adequately reflected in its current price.

The purchase and payment for the units of the Fund will be made in accordance with the requirements of the TSX Venture Exchange. Any purchases will be made by the Fund at the prevailing market prices of the units at the time of purchase. All units purchased will be cancelled. The actual number of units purchased, timing of purchases and the price at which the units are bought will depend upon future market conditions and potential alternative uses for the Fund's cash resources.

The member the Fund will be using is Research Capital Corporation, 199 Bay Street, Suite 4500, Commerce Court West, Toronto, Ontario M5L 1G2 (Telephone: (416) 860-7639).

Park Lawn Income Trust is a trust established to indirectly hold six cemeteries in the Greater Toronto Area and an interest in Bloorpark Developments Inc. Its units are listed on the TSX Venture Exchange.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Park Lawn Income Trust
    Frank Mills