Bayshore Floating Rate Senior Loan Fund

January 20, 2006 14:51 ET

Bayshore Floating Rate Senior Loan Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Jan. 20, 2006) - Bayshore Floating Rate Senior Loan Fund (TSX:BIF.UN) (the "Trust") announced today that the Toronto Stock Exchange has accepted the Trust's Notice of Intention to make a normal course issuer bid. The Trust will have the right to purchase under the bid up to a maximum of 847,342 units (representing approximately 10% of the Trust's public float) commencing January 24, 2006. As at January 18, 2006 there were 8,509,182 units of the Trust issued and outstanding. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of January 23, 2007, the termination of the bid by the Trust or the Trust purchasing the maximum number of units permitted under the bid. The Trust has not purchased any Units during the twelve months preceding the date hereof pursuant to any issuer bid. Units purchased by the Trust pursuant to the issuer bid will be cancelled.

Management and directors of the trustee and manager of the Trust, Bayshore Asset Management Inc., believe that units of the Trust may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Trust and its unitholders.

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