Rogers Sugar Income Fund
TSX : RSI.UN

Rogers Sugar Income Fund

November 18, 2005 08:40 ET

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

MONTREAL, CANADA--(CCNMatthews - Nov. 18, 2005) -

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Rogers Sugar Income Fund (the "Fund") (TSX:RSI.UN) announced today that it has received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid. Under the bid, the Fund may purchase up to 6,532,131 trust units ("Units") of the Fund, which is 10% percent of the public float of Units. The bid will start on November 22, 2005, and may continue to November 21, 2006. The Units will be purchased on behalf of the Fund by a registered broker through the facilities of the Toronto Stock Exchange. The price paid for the Units will be the market price at the time of acquisition, and the number of Units purchased and the timing of any such purchases will be determined by the Fund.

All Units purchased by the Fund will be cancelled. The Fund currently has outstanding 88,779,760 Units. During the past 12 months, no Units were purchased by the Fund.

The Fund believes that its Units have been trading in price ranges which may not fully reflect the value of the Units. As a result, the Fund believes that the purchase of its outstanding Units represents an appropriate investment for the Fund.

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 Sugar Limited ("Lantic") and Rogers Sugar Ltd. ("Rogers").

Rogers has been in the sugar business since 1890 and is the leading refiner, processor, distributor and marketer of sugar products in Western Canada. As the sole sugar processor in Western Canada, Rogers supplies over 90% of the demand for refined sugar in that region. Rogers has two sugar processing facilities, a cane sugar refinery in Vancouver, British Columbia and a beet sugar processing facility in Taber, Alberta. Rogers' sugar products are marketed primarily under the "Rogers" trade name and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.

Lantic is one of two refiners in Eastern Canada and operates a cane sugar refinery in Montreal, Quebec. Lantic's sugar products are marketed primarily under the "Lantic" trade name and include granulated, icing, cube, liquid, yellow and brown sugars.

Contact Information

  • Lantic Sugar Limited, Administrator of
    Rogers Sugar Income Fund
    Mr. Daniel L. Lafrance
    Senior Vice-President, Finance and CFO
    (514) 940-4844