TORONTO, ONTARIO--(Marketwire - Jan. 3, 2013) - First Asset Canadian REIT Income Fund (the "Fund") (TSX:RIT.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 670,140 Units of the Fund, representing approximately 10% of the public float, being 6,701,406 Units as of the close of business of December 26, 2012. The Fund will not purchase in any given 30-day period, in the aggregate, more than 210,552 Units, representing approximately 2% of the issued and outstanding Units, being 10,527,646 Units as of the close of business of December 26, 2012. Purchases of Units under the NCIB may commence on January 7, 2013. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on January 6, 2014.
On January 4, 2012, the Fund announced that it was making a Normal Course Issuer Bid, which commenced January 6, 2012, to purchase up to 677,894 Units through the facilities of the TSX. The Fund repurchased 65,100 Units at an weighted average price of $11.68 per unit under the bid, which expires on January 5, 2013.