TORONTO, ONTARIO -- (Marketwire) -- 05/28/12 -- Harvest Portfolios Group Inc., the manager (the "Manager") of Global Advantaged Telecom & Utilities Income Fund (the "Fund") (TSX: HGI.UN) is pleased to announce that the Fund intends to purchase up to 260,854 listed trust units of the Fund (the "Units") for cancelation by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (the "TSX"). The 260,854 Units represent approximately 10% of the public float of the Fund. As of May 17, 2012, 2,609,746 Units were issued and outstanding. The public float of 2,608,546 Units has been calculated as the issued and outstanding Units, respectively, less Units held by insiders of the Fund.
The purchases may commence on May 28, 2012 and will terminate on May 27, 2013, or on such earlier date as the Fund may complete its purchases or provide notice of termination. Any such purchases will be made by the Fund at the prevailing market price at the time of such purchases in accordance with the requirements of the TSX.
The Fund will not purchase in any 30-day period more than 52,194 Units (2% of the issued and outstanding Units, respectively, as at the date of acceptance of the notice of the normal course issuer bid by the TSX).
The purpose of the normal course issuer bid for Units is to provide the Fund with a mechanism to decrease the potential spread between the net asset value per unit and the market price of the trust units and to provide enhanced liquidity for the Units. In the 12 months preceding the date of this release, the Fund has purchased for cancellation 29,900 Units pursuant to an expiring normal course issuer bid at a weighted average price of $9.02 per Unit.
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect the Manager's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, the ability of the Manager to purchase Units or Warrants for cancellation by way of the normal course issuer bid, for whatever reason. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty therein. The Manager undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. For a complete disclosure record for the Fund please visit the Fund's profile on www.sedar.com.
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Harvest Portfolios Group Inc.