Rogers Sugar Income Fund
TSX : RSI.UN

Rogers Sugar Income Fund

December 16, 2010 16:10 ET

Rogers Sugar Income Fund Receives Toronto Stock Exchange Approval for Normal Course Issuer Bid

MONTRÉAL, CANADA--(Marketwire - Dec. 16, 2010) - Rogers Sugar Income Fund (the "Fund") (TSX:RSI.UN) announced today that it has received approval from Toronto Stock Exchange to proceed with a normal course issuer bid to purchase up to 6,414,297 trust units (the "Units") of the Fund, representing 10% of the public float of the Fund, up to $3,000,000 principal amount of Third Series 5.90% Convertible Unsecured Subordinated Debentures of the Fund (the "Third Series Debentures") and up to $2,000,000 principal amount of Fourth Series 5.70% Convertible Unsecured Subordinated Debentures of the Fund (the "Fourth Series Debentures" and, together with the Third Series Debentures, collectively, the "Debentures"), representing 3.56% and 4% respectively of the issued and outstanding Debentures. The average daily trading volume for the six calendar months preceding December 1, 2010 is 80,782 Units, $36,547 principal amount of Third Series Debentures and $56,696 principal amount of Fourth Series Debentures. In accordance with TSX rules, the Fund may repurchase on a daily basis 25% of the average, representing a maximum of 20,195 Units, $9,136 principal amount of Third Series Debentures and $14,174 principal amount of Fourth Series Debentures. The bid will start on December 21 , 2010, and may continue to December 20, 2011. The Units and the Debentures will be purchased on behalf of the Fund by a registered broker through the facilities of TSX. The price paid for the Units and the Debentures will be the market price at the time of acquisition, and the number of Units and Debentures purchased and the timing of any such purchases will be determined by the Fund. All Units and Debentures purchased by the Fund will be cancelled.

The Fund currently has 87,534,113 Units, $84,260,000 principal amount of Third Series Debentures and $50,000,000 principal amount of Fourth Series Debentures outstanding. During the past 12 months, no Units and no Debentures were purchased by the Fund.

Effective January 1, 2011, the Fund is converting to a corporate structure, and the normal course issuer bid will be carried out by its successor, Rogers Sugar Inc.

The Fund believes that its Units and Debentures may trade in price ranges which do not fully reflect the value of the Units and the Debentures. As a result, the Fund believes that the purchase of its outstanding Units and Debentures may represent an appropriate use of its funds.

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. Lantic operates cane sugar refineries in Montréal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic'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.

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