Dynamic Funds

Dynamic Funds
Goodman & Company, Investment Counsel Ltd.

Goodman & Company, Investment Counsel Ltd.

October 19, 2007 13:01 ET

diversiYield™ Income Fund Announces Issuer Bid

TORONTO, ONTARIO--(Marketwire - Oct. 19, 2007) - Goodman & Company, Investment Counsel Ltd. ("Goodman & Company"), the manager of diversiYield™ Income Fund (TSX:DYI.UN) (the "Fund"), announces a normal course issuer bid. In accordance with the terms of its initial public offering, the Fund intends to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), up to 801,536 trust units of the Fund (the "Trust Units") representing approximately 10% of the public float. As of October 10, 2007 the public float of the Fund was 8,015,368 Trust Units and the issued and outstanding number of Trust Units was 8,016,368.

The Trust Units may be purchased for cancellation commencing on October 23, 2007 through to October 22, 2008 through the facilities of the TSX and may be purchased when the net asset value per Trust Unit exceeds its trading price. Pursuant to TSX policies, the Fund will not purchase during any 30 day period more than 2% of the 8,016,368 Trust Units outstanding. A Notice of Intention to Make a Normal Course Issuer Bid has been accepted by the TSX effective as of October 16, 2007.

The purpose of the normal course issuer bid is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per Trust Unit and the market price of the Trust Units. For the period October 23, 2006 to October 10, 2007, 470,381 Trust Units were purchased by the Fund under its normal course issuer bid at an average market price of $8.93 per Trust Unit (excluding commission charges).

The Fund is a TSX-listed closed-end investment trust, which seeks to provide a stable monthly distribution through investment in a diversified portfolio comprised primarily of business, resource, real estate and utility trusts, high yield debt securities as well as other securities. As of October 10, 2007 the net asset value was $9.377per Trust Unit and the closing trading price was $9.867 per Trust Unit (representing a discount of 1.820% when measured against the net asset value per Trust Unit).

Goodman & Company, manager of the Fund, is a leader in a broad range of core and specialized funds, including several industry-leading equity income mutual funds. Goodman & Company also manages diversiTrust™ Income Fund (DTF.UN), diversiTrust™ Income+ Fund (DTP.UN), diversiTrust™ Stable Income Fund (DTS.UN), and diversiGlobal™ Dividend Value Fund (DGD.UN), other TSX-listed closed-end investment trusts.

Goodman & Company is a leading Canadian investment firm tracing its portfolio management roots back 50 years, with more than $26 billion in assets under management. Goodman & Company, including Dynamic Funds™ and its affiliates, offers a wide range of wealth management solutions through registered financial advisors. These include mutual funds, portfolio solutions like the Marquis Investment Program, limited partnerships (CMP and Canada Dominion), hedge funds and high net-worth investment counsel (Goodman Private Wealth Management). Goodman & Company is a subsidiary of DundeeWealth Inc. (TSX:DW).

Contact Information

  • Goodman & Company, Investment Counsel Ltd.
    Customer Relations Centre
    1-800-268-8186
    or
    Myra Reisler
    Media Relations
    (416) 342-1829