TORONTO, ON–(Marketwired – July 05, 2017) – Purpose Investments announces that the Limited Duration Investment Grade Preferred Securities Fund (the “Fund”) (TSX: PFD.UN) has received approval for a normal course issuer bid to purchase up to 205,830 Class A Units (the “Units”) of the Fund, representing approximately 10% of the public float of 2,058,301 Units. The Fund may purchase up to 41,166 Units in any 30-day period. This represents 2% of the 2,058,301 issued and outstanding Units as at June 30, 2017.
The Units may be purchased for cancellation from July 7, 2017 to July 6, 2018 through the facilities of the Toronto Stock Exchange or Canadian alternative trading systems, and may only be purchased at a price per Unit which is less than the last published net asset value per Unit. Purpose Investments Inc., the Manager of the Fund, believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.
On June 27, 2016, the Company announced that it was making a normal course issuer bid, which commenced June 29, 2016, to purchase up to 277,842 Class A Units through the facilities of the TSX or Canadian alternative trading systems. The Company repurchased 133,500 Class A Units at a weighted average price of $22.01 per unit under the bid, which expired on June 28, 2017.
The Class A Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol PFD.UN.
About Purpose Investments Inc.
Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose has over $3 billion in assets under management and currently offers 37 exchange traded funds and mutual funds and 7 closed-end funds across multiple asset classes and both traditional and alternative investment strategies.
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
For further information please contact:
Nancy Turner
Purpose Investments Inc.
Tel: (877) 789-1517
Email: Email contact
