BFI Canada Income Fund

BFI Canada Income Fund

November 06, 2006 17:34 ET

BFI Canada Income Fund Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Nov. 6, 2006) - BFI Canada Income Fund ("BFI Canada")(TSX:BFC.UN), a full-service waste management company providing non-hazardous waste collection, transfer, disposal and recycling services in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec and Texas, Louisiana, Oklahoma, Arkansas, Missouri, New York, New Jersey, Pennsylvania and Maryland in the United States, announced today its intention to buy back certain of its outstanding ordinary units (the "Units").

BFI Canada has filed a Notice of Intention to Make a Normal Course Issuer Bid with the Toronto Stock Exchange (the "TSX"), which has been accepted, for the purchase, from time to time, of Units through the facilities of the TSX. Any such purchases of Units would be made during the continuous period from November 8, 2006 to November 7, 2007. The Units will be purchased by BFI Canada for cancellation.

The board of trustees of BFI Canada believes that, in view of recent announcements concerning the tax treatment of income trusts, and otherwise from time to time, the market price of BFI Canada's Units may not adequately reflect the current value of, and prospects for, BFI Canada's business. As a result, the board of trustees believes that BFI Canada's outstanding Units may, at such times, represent an attractive opportunity to realize additional unitholder value and that purchases of Units at such times would be an appropriate and desirable use of BFI Canada's available funds.

BFI Canada may commence purchases of Units on November 8, 2006, at times and in quantities determined by it. All purchases will comply with the regulations of a Normal Course Issuer Bid as defined by the TSX, which specify that BFI Canada is limited during the 12 month period to buying a maximum of 10% of the public float (52,640,742 Units), which as of November 8, 2006 would represent 5,264,074 Units. During any 30 day period within the 12 months, BFI Canada is limited to buying a maximum of 2% of the 53,616,981 outstanding Units.

Contact Information

  • BFI Canada Income Fund
    William Chyfetz
    Vice President, General Counsel and Secretary
    (416) 401-7724