AG Growth Income Fund
TSX : AFN.UN

AG Growth Income Fund

October 20, 2008 09:15 ET

Ag Growth Announces Normal Course Issuer Bid

WINNIPEG, MANITOBA--(Marketwire - Oct. 20, 2008) - Ag Growth Income Fund (TSX:AFN.UN) announced today that a normal course issuer bid for up to 1,262,090 units of the Fund, representing 10% of the Fund's public float, has been accepted by the Toronto Stock Exchange (the "TSX").

"The fundamental drivers of demand in our space of the agricultural sector remain very strong," said Rob Stenson, Chief Executive Officer of Ag Growth Income Fund. "We consider the price of our units to be attractive, and that the purchase of outstanding units of the Fund represents a good use of resources in light of potential benefits to the remaining unitholders."

The Fund's normal course issuer bid shall commence on October 22, 2008 and terminate on October 21, 2009 unless terminated earlier by the Fund. Units purchased under the normal course issuer bid will be cancelled.

The Fund will pay market price at the time of acquisition for any units purchased under the normal course issuer bid which will be conducted in accordance with TSX requirements.

The Fund intends to enter into a pre-defined plan with its designated broker to allow for the repurchase of units at times when the Fund ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules, or otherwise.

The maximum number of units that may be purchased on a daily basis is 13,118 units (the average daily trading volume for the past six months is 52,473 units), except where purchases are made in accordance with "block purchase" exemptions under applicable TSX policy. In April 2008, the Fund purchased 70,400 of its units at an average price of $30.78 to satisfy obligations under its long term incentive plan. The Fund has made no other purchases of its units in the previous twelve month period. As at October 20, 2008 the Fund has 12,818,915 units outstanding, of which 12,620,903 units are in the public float. The bid shall be effected through the facilities of the TSX.

Company Profile

Ag Growth is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories and grain aeration equipment. Ag Growth's sales, marketing, and distribution system is comprised of approximately 1,400 dealers and distributors that distribute product in 48 states, nine provinces, and overseas.

Further information can be found in the disclosure documents filed by Ag Growth Income Fund with the securities regulatory authorities, available at www.sedar.com.

Contact Information

  • Ag Growth Income Fund
    Steve Sommerfeld
    Investor Relations
    (204) 489-1855
    Email: steve@aggrowth.com