June 09, 2009 12:00 ET

Yellow Pages Income Fund Announces YPG Holdings Inc. Preferred Shares Repurchase Program

MONTREAL, QUEBEC--(Marketwire - June 9, 2009) - Yellow Pages Income Fund (TSX:YLO.UN) announced today that its subsidiary YPG Holdings Inc. has received approval from the Toronto Stock Exchange on its notice of intention to make a normal course issuer bid for its first preferred shares through the facilities of the Toronto Stock Exchange from June 11, 2009 to no later than June 10, 2010, in accordance with applicable regulations of the Toronto Stock Exchange.

Under its normal course issuer bid, YPG Holdings intends to purchase for cancellation up to but not more than 1,200,000 and 800,000 of its outstanding first preferred shares, series 1 and first preferred shares, series 2, respectively, representing 10% of the public float of each series of first preferred shares outstanding on June 9, 2009. YPG Holdings currently has 12,000,000 first preferred shares, series 1 and 8,000,000 first preferred shares, series 2 issued and outstanding. Within the past 12 months, YPG Holdings has not purchased any of its first preferred shares. The average daily trading volumes of YPG Holdings' first preferred shares, series 1 and first preferred shares, series 2 for the period between December 1, 2008 and May 31, 2009 were 17,290 and 20,929, respectively. In accordance with the rules of the Toronto Stock Exchange, the maximum numbers of first preferred shares, series 1 and first preferred shares, series 2 that can be purchased on a daily basis by YPG Holdings are respectively 4,322 and 5,232, subject to the block purchase exception.

YPG Holdings believes that the trading price of the series 1 and series 2 first preferred shares may from time to time not reflect the fundamentals and future prospects for the business of YPG Holdings and the Fund. YPG Holdings' directors have authorized this normal course issuer bid and, in their opinion, such purchases are in the best interest of YPG Holdings and its securityholders and constitute an appropriate use of YPG Holdings' funds.

About Yellow Pages Income Fund

Yellow Pages Income Fund indirectly holds an approximate 98% ownership interest in YPG Holdings, Yellow Pages Group and Trader Corporation. Yellow Pages Group is Canada's leading local commercial search provider. It publishes annually more than 340 Yellow Pages™ and residential directories. The Company owns and manages Canada's most visited online directories,™ and™, as well as™, a network of seven local city sites. Trader Corporation is a Canadian leader in print and online vertical media with over 160 publications and 20 web sites covering four product verticals: automotive, real estate, generalist, as well as employment and other. Its main print brands include Auto Trader™, Auto Hebdo™, The Bargain Finder™, Buy&Sell™, Renters News™ and Home Renters' Guide™, and its online destinations,™,™, and For more information about the Fund, visit

Contact Information

  • Yellow Pages Income Fund
    Annie Marsolais
    Director, Corporate Communications