TORONTO, ONTARIO--(Marketwired - July 19, 2016) - Energy Credit Opportunities Income Fund (the "Fund") has received approval for a normal course issuer bid to purchase up to 291,027 Class A units ("Class A Units") and 53,217 Class U units ("Class U Units", and together with the Class A Units, "Units") of the Fund, representing approximately 10% of the public float of 2,910,272 Class A Units and 532,175 Class U Units, respectively. The Fund may purchase up to 58,225 Class A Units and 10,643 Class U Units in any 30 day period which is 2% of the 2,911,272 issued and outstanding Class A Units and 2% of the 532,175 issued and outstanding Class U Units, respectively, as at July 6, 2016.
The Units may be purchased for cancellation from July 21, 2016 to July 20, 2017 through the facilities of the Toronto Stock Exchange or Canadian alternative trading systems and may only be purchased at a price per Unit not exceeding the last published net asset value per Unit. Purpose Investments Inc., the Manager of the Fund, believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds. The Class A Units and Class U Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbols PCF.UN and PCF.U, respectively.
On July 16, 2015, the Company announced that it was making a normal course issuer bid, which commenced July 21, 2015, to purchase up to 306,000 Class A Units and 52,995 Class U Units through the facilities of the TSX or other eligible alternative markets. The Company repurchased 128,300 Class A Units at a weighted average price of $6.77 per unit and 13,100 Class U Units at a weighted average price of $7.13 US dollar per unit under the bid, which expired on July 20, 2016.
About Purpose Investments Inc.
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that we believe is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $2.0 billion in assets under management and currently offers 17 exchange traded funds and mutual funds and 6 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.