Deans Knight Income Corporation

Deans Knight Income Corporation

November 15, 2011 15:03 ET

Deans Knight Income Corporation Announces Normal Course Issuer Bid for Common Voting Shares

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2011) - Deans Knight Income Corporation (the "Company") (TSX:DNC) is pleased to announce that the Toronto Stock Exchange ("TSX") has accepted the Company's Notice of Intention to make a normal course issuer bid (the "NCIB"). Management of the Company believes that, from time to time, the market price of the common voting shares of the Company ("Common Shares") may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of the Company. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.

Under the NCIB, the Company may purchase for cancellation, from time to time, as the Company considers advisable, up to a maximum of 509,579 Common Shares or approximately 5 percent of the Company's issued and outstanding Common Shares as of October 31, 2011. As of October 31, 2011, there were 10,191,592 Common Shares outstanding. Purchases of Common Shares will be made on the open market through the facilities of the TSX. The price which the Company will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company. Under the NCIB, the Company is subject to a maximum purchase limitation such that the number of Common Shares purchased under the NCIB, cannot, when aggregated with all other purchases by the Company during the preceding 30 days, aggregate more than 2 percent of the outstanding Common Shares.

The NCIB will begin effective as of November 17, 2011 and will terminate on November 16, 2012 or such earlier time as the NCIB is completed or terminated at the option of the Company. GMP Securities L.P. will act on the Corporation's behalf to make purchases of Common Shares pursuant to the NCIB.

About Deans Knight Income Corporation

Deans Knight Income Corporation is an investment company focused on investing in corporate debt securities, predominantly rated below investment grade. The Company's objective is to maximize the total return for shareholders, consisting of bond price appreciation and income received from bond investments. The Company intends to pay a monthly dividend to shareholders, based on earned income each month. The capital of the Company is actively managed by Deans Knight Capital Management, a respected investment firm, based in Vancouver B.C., that has been investing in corporate bonds since its inception in 1992. For information:

Contact Information

  • Deans Knight Income Corporation
    Craig Langdon
    Chief Executive Officer and Director
    (604) 669-0212

    Deans Knight Income Corporation
    Mark Myles
    Chief Financial Officer
    (604) 669-0212