Global Banks Premium Income Trust

October 17, 2005 15:39 ET

Global Banks Premium Income Trust-Notice of Intention to Commence Normal Course Issuer Bid

BURLINGTON, ONTARIO--(CCNMatthews - Oct. 17, 2005) - Global Banks Premium Income Trust (the "Trust") (TSX:GBP.UN) today announced acceptance by the Toronto Stock Exchange (the "TSX") of the Trust's notice of intention to commence a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, the Trust proposes to purchase, from time to time, up to 258,000 units of the Trust, being approximately 5% of the issued and outstanding units of the Trust, commencing October 19, 2005. As of today's date, 5,160,000 units of the Trust are issued and outstanding. The Board of Directors of AIC Limited, the manager and trustee of the Trust, believes that such purchases are in the best interests of the Trust. All units purchased by the Trust pursuant to the NCIB will be cancelled. The NCIB will terminate on the earlier of the close of business on October 18, 2006, the date upon which the Trust completes its purchases under the NCIB, or the date on which the Trust gives notice of the termination of the NCIB.

Contact Information

  • AIC Limited
    Gregory Joseph
    Manager of Fund Accounting
    (905) 331-4242, extension 4284