|By Marketwired .||
|June 25, 2014 10:18 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/25/14 -- 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 447,803 Class A Units (the "Units") of the Fund, representing approximately 10% of the public float of 4,478,032 Units. The Fund may purchase up to 89,560 Units in any 30 day period which is 2% of the 4,478,032 issued and outstanding Units as at June 19, 2014.
The Units may be purchased for cancellation from June 27, 2014 to June 26, 2015 through the facilities of the Toronto Stock Exchange or other eligible alternative markets and may only be purchased at a price per Unit not exceeding 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 25, 2013, the Company announced that it was making a normal course issuer bid, which commenced June 27, 2013, to purchase up to 333,983 Class A Units through the facilities of the TSX or other eligible alternative markets. The Company repurchased 107,300 Class A Units at a weighted average price of $22.94 per unit under the bid, which expires on June 26, 2014.
Purpose Investments Inc. is a Canadian asset management firm committed to enabling all investors to have access to great investment products at reasonable fees. The Class A Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol PFD.UN.