Dominion Citrus Income Fund
TSX : DOM.UN

Dominion Citrus Income Fund

April 05, 2010 08:53 ET

Dominion Citrus Income Fund (TMX:DOM.UN): TMX Approves Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - April 5, 2010) - Dominion Citrus Income Fund (TSX:DOM.UN)

Dominion Citrus Income Fund ("Dominion", the "Fund") listed on the TSX under the symbol DOM.UN announces today that the Toronto Stock Exchange (TSX) accepted notice of the Fund's intention to continue with a Normal Course Issuer Bid. The Fund may acquire for cancellation up to 1,495,675 units of the Fund representing approximately 10% of the public float of 14,956,748 units. As at March 30, 2010 the Fund had 19,756,688 units outstanding. The average daily trading volume ("ADTV") for the six months ending February 28, 2010 was 8,370 units. The daily repurchase restriction during the course of the bid is 2,093 units. Purchases under this bid may commence April 6th, 2010 and will expire on April 5th, 2011.

The Fund has purchased 719,157 units at an average market price of $0.3236 under the previous normal course issuer bid from April 6, 2009 to April 5, 2010.

All purchases will be affected through the facilities of the Toronto Stock Exchange (TSX). Payments will be made by cash in accordance with the requirements of the TSX and the price to be paid for any units acquired will be the market price of the units at the time of acquisition.

The Board of Trustees of Dominion believes that such purchases are in the best interest of the Fund and that such purchases constitute an attractive investment opportunity and a desirable use of Dominions' funds that should enhance the value of the remaining units.

Caution regarding Forward-Looking Statements

This release contains statements, which, to the extent that they are not a recitation of historical fact, may constitute "forward-looking statements". Forward-looking statements may include financial and other projections, as well as statements regarding our future plans, objectives or performance, or our underlying assumptions. The words "estimate", "anticipate", "believe", "expect", "intend" or other similar expressions of future or conditional verbs such as "will", "should", "would" and "could" are intended to identify forward-looking statements. Persons reading this press release are cautioned that such statements are only expectations, and that our actual results or performance may be materially different.

Forward-looking information involves certain risks, assumptions, uncertainties and other factors which may cause actual future results to differ materially from those expressed or implied in any forward-looking statements.

Readers should not place undue reliance on these forward-looking statements when making decisions, and should consider the date onto which the statements were made. Except as required by applicable security law, management disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Dominion

The Fund is a publicly traded, unincorporated, open-ended limited purpose income trust. In early January 2006, all of the common shares of Dominion Citrus Limited ("DCL") were exchanged for trust units of the Fund. The trust units are listed on the TSX under the symbol DOM.UN. The Series A preference shares of DCL continue to be listed on the TSX under the symbol DMN.PR.A.

Dominion is a diversified food company supplying fresh produce and premium juices to a wide variety of customers in retail, foodservice and food distribution businesses. The Fund provides procurement, processing, repacking, sorting, grading, warehousing and distribution services to its major domestic markets being Ontario and Québec. The Fund also supplies products to customers in the United States. The website may be accessed at www.dominioncitrus.com.

Contact Information

  • Investors and Media:
    Dominion Citrus Income Fund
    Jason Fielden
    VP Finance, CFO & Corporate Secretary
    416-242-8341 x250
    www.dominioncitrus.com