|By Marketwired .||
|August 28, 2014 11:00 AM EDT|
TORONTO, ONTARIO -- (Marketwired) -- 08/28/14 -- Limited Duration Investment Grade Preferred Securities Fund (the "Fund") has received approval for a normal course issuer bid to purchase up to 31,109 Class U Units (the "Units") of the Fund, representing approximately 10% of the public float of 311,096 Units. The Fund may purchase up to 6,221 Units in any 30 day period which is 2% of the 311,096 issued and outstanding Units as at August 26, 2014.
The Units may be purchased for cancellation from September 2, 2014 to September 1, 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 August 28, 2013, the Company announced that it was making a normal course issuer bid, which commenced August 30, 2013, to purchase up to 33,056 Class U Units through the facilities of the TSX or other eligible alternative markets. The Company repurchased 21,100 Class U Units at a weighted average price of US$23.29 per unit under the bid, which expires on August 29, 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 U Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol PFD.U.