Rogers Sugar Income Fund
TSX : RSI.UN

Rogers Sugar Income Fund

December 30, 2008 16:00 ET

Rogers Sugar Income Fund Announces Automatic Purchase Plan

MONTREAL, CANADA--(Marketwire - Dec. 30, 2008) - THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Rogers Sugar Income Fund (the "Fund") (TSX:RSI.UN) announced today that it has entered into an automatic purchase plan with a broker in order to facilitate repurchases of its Trust Units (the "Units"), Second Series 6.00% Convertible Unsecured Subordinated Debentures (the "Second Series Debentures") and Third Series 5.90% Convertible Unsecured Subordinated Debentures (the "Third Series Debentures" and, together with the Second Series Debentures, collectively, the "Debentures") under its normal course issuer bids for such securities. The Fund previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to make normal course issuer bids to purchase up to 6,377,306 Units, which represents approximately 10% of the public float of the Units when the normal course issuer bid in respect thereof was approved by TSX, up to $2,000,000 principal amount of Second Series Debentures and up to $3,000,000 principal amount of Third Series Debentures, which represents 4.76% and 3.56%, respectively, of the public float of the Debentures when the normal course issuer bids in respect thereof were approved by TSX. The normal course issued bid in respect of the Units commenced on November 28, 2008 and will terminate on November 27, 2009 and the normal course issuer bids in respect of the Debentures commenced on December 5, 2008 and will terminate on December 4, 2009.

Under the Fund's automatic purchase plan, the Fund's broker may repurchase Units or Debentures under the normal course issuer bids at any time including, without limitation, when the Fund would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Fund's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The Fund may suspend or terminate the automatic purchase plan only if it does not have material non-public information and the decision to suspend or terminate the automatic purchase plan is not taken during a self-imposed trading blackout period. The automatic purchase plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been precleared by the TSX. The automatic purchase plan will be implemented effective as of December 30, 2008.

The Fund is engaging in normal course issuer bids because it believes that its Units and Debentures have been trading in price ranges which may not fully reflect the value of the Units and Debentures.

About Rogers Sugar Income Fund

The Fund is an open-ended, limited purpose trust established under the laws of the Province of Ontario. The Fund holds all of the common shares of Lantic Inc. Lantic Inc. operates cane sugar refineries in Montreal, Quebec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic Inc.'s sugar products are marketed under the "Lantic" trademark in Eastern Canada, and the "Rogers" trademark in Western Canada, and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.

Contact Information

  • Mr. Daniel L. Lafrance
    Senior Vice-President Finance
    and CFO of Lantic Inc.,
    Administrator of Rogers Sugar Income Fund
    514-940-4350