ATS Andlauer Income Fund
TSX : ATS.UN

ATS Andlauer Income Fund

April 21, 2008 12:28 ET

ATS Andlauer Income Fund Announces Normal Course Issuer Bid for Its Trust Units

ETOBICOKE, ONTARIO--(Marketwire - April 21, 2008) - ATS Andlauer Income Fund (the "Fund") (TSX:ATS.UN) announced today that the Toronto Stock Exchange ("TSX") has accepted the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as the Fund considers advisable, up to a maximum of 515,897 of the Fund's issued and outstanding trust units ("Trust Units"). All purchases will be made through the facilities and in accordance with the requirements of the Toronto Stock Exchange. There are currently 9,233,100 Trust Units outstanding as of March 31, 2008. The maximum number of Trust Units to be purchased pursuant to the Bid represents approximately 10% of the "public float" of the Trust Units outstanding on the date hereof, calculated in accordance with the rules of the TSX (being approximately 5,158,973 Trust Units). The price which the Fund will pay for any Trust Units purchased by it will be the prevailing market price of the Trust Units on the TSX at the time of such purchase. The actual number of Trust Units that may be purchased for cancellation and the timing of any such purchases will be determined by the Fund. All Trust Units purchased under the normal course issuer bid will be cancelled.

The Bid will commence on April 24, 2008 and will terminate on April 23, 2009 or such earlier time as the Bid is completed or terminated at the option of the Fund. Management of the Fund believes that, from time to time, the market price of the Trust Units may not fully reflect the underlying value of the Trust Units and that at such times the purchase of Trust Units would be in the best interests of the Fund. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining unitholders. In addition, the purchases by the Fund may increase liquidity to the Fund's unitholders wishing to sell their Trust Units.

The Fund has made purchases of 91,100 Trust Units during the previous 12 months at a weighted average price of $12.33 under a previous normal course issuer bid which expired January 16, 2008. The average daily trading volume of the Units for six months prior to the date hereof was 20,093 (25% of the average daily trading volume of the Units is 5,023, which is the Fund's daily purchase limit under the Bid). Daily purchases will be limited to 5,023 Trust Units, other than block purchase exceptions.

The Fund is an open-ended trust that holds, indirectly, securities of ATS Andlauer Transportation Services Limited Partnership (the "Partnership"). The Partnership is a leading single source transportation solutions provider in Canada, providing integrated trucking, courier, air freight and value added transportation and distribution services to consumer product companies. It operates facilities in 23 centres across Canada and serves approximately 1,400 diversified customers.

The Fund's Trust Units trade on the TSX under the symbol ATS.UN. Additional information relating to the Fund, including all public filings, is available on www.sedar.com.

Contact Information

  • ATS Andlauer Transportation Services GP Inc.
    Michael Andlauer
    President & Chief Executive Officer
    (416) 798-1379
    or
    ATS Andlauer Transportation Services GP Inc.
    Brian Mascarenhas
    VP Finance & Chief Financial Officer
    (416) 798-1379