Rogers Sugar Income Fund
TSX : RSI.UN

Rogers Sugar Income Fund

November 26, 2007 09:10 ET

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

MONTREAL, CANADA--(Marketwire - Nov. 26, 2007) - 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 received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid. Under the bid, the Fund may purchase up to 6,379,733 trust units ("Units") of the Fund, which is 10% percent of the public float of Units. The average daily trading volume for the six calendar months preceding November 23, 2007 represents 116,628 Units. In accordance with the Toronto Stock Exchange requirements, a maximum daily purchase of 25% of this average, being 29,157 Units, may be made by the Fund. The bid will start on November 28, 2007, and may continue to November 27, 2008. 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 87,582,791 Units outstanding. During the past 12 months, a total of 1,205,600 Units were purchased by the Fund at a weighted average price of $3.869.

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 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 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 of Finance
    and Chief Financial Officer and Secretary
    514-940-4844