|By Marketwired .||
|May 20, 2014 10:50 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/20/14 -- Bloom Select Income Fund (the "Fund") (TSX: BLB.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 371,326 Units of the Fund, representing approximately 10% of the public float of 3,713,268 Units as of May 14, 2014. The Fund will not purchase in any given 30-day period, in the aggregate, more than 76,458 Units, being 2% of the issued and outstanding Units of 3,822,921 as of May 14, 2014. Purchases of Units under the NCIB may commence on May 22, 2014. Bloom Investment Counsel, 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 resources. 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 be cancelled. The NCIB will expire on May 21, 2015.
On May 10, 2013, the Fund announced that it was making a Normal Course Issuer Bid, which commenced May 14, 2013, to purchase up to 516,641 units through the facilities of the TSX. The Fund repurchased 149,000 Units at a weighted average price of $9.13 per unit under the bid, which expired on May 13, 2014.
Since the Fund's inception in April 2012, the Fund has paid cash distributions of $1.02 per unit. Unitholders are reminded that the Fund has a Dividend Reinvestment Plan (DRIP) providing unitholders with the ability to automatically reinvest their distributions and benefit from the compound growth from this reinvestment. Please contact your Investment Advisor or financial institution to enrol in this DRIP.
416-861-9941 or 1-855-BLOOM18