Rogers Sugar Income Fund
TSX : RSI.UN

Rogers Sugar Income Fund

November 25, 2008 16:52 ET

Rogers Sugar Income Fund Receives Toronto Stock Exchange Approval for Normal Course Issuer Bid

MONTREAL, CANADA--(Marketwire - Nov. 25, 2008) - THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Rogers Sugar Income Fund (the "Fund") (TSX:RSI.UN) announced today that it has received approval from Toronto Stock Exchange to proceed with a normal course issuer bid. Under the bid, the Fund may purchase up to 6,377,306 trust units ("Units") of the Fund, which is 10% percent of the public float of Units. The average daily trading volume for the six calendar months preceding November 1, 2008 represents 161,206 Units. In accordance with Toronto Stock Exchange Staff Notice 2008-0005 dated November 3, 2008 and until March 31, 2009 (unless extended), a maximum daily repurchase of 50% of this average may be made, representing 80,603 Units. Thereafter, the maximum daily purchase will be 25% of this average, representing 40,301 Units. The bid will start on November 28, 2008, and may continue to November 27, 2009. The Units will be purchased on behalf of the Fund by a registered broker through the facilities of Toronto Stock Exchange. The price paid for the Units will be the market price at the time of acquisition, and the number of Units purchased and the timing of any such purchases will be determined by the Fund. All Units purchased by the Fund will be cancelled.

The Fund currently has 87,527,887 Units outstanding. During the past 12 months, a total of 400,000 Units were purchased by the Fund at a weighted average price of $4.2266.

The Fund believes that its Units have been trading in price ranges which may not fully reflect the value of the Units. As a result, the Fund believes that the purchase of its outstanding Units represents an appropriate use of its funds.

About Rogers Sugar Income Fund

The Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario. The Fund holds all of the common shares of Lantic Inc. Lantic Inc. operates cane sugar refineries in Montreal, Quebec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic Inc.'s sugar products are marketed under the "Lantic" trademark in Eastern Canada, and the "Rogers" trademark in Western Canada, and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.

Contact Information

  • Mr. Daniel L. Lafrance
    Senior Vice-President Finance
    and CFO of Lantic Inc.,
    Administrator of Rogers Sugar Income Fund
    514-940-4350