TORONTO, Nov. 7, 2011 /CNW/ - Canadian High Yield Focus Fund (the "Fund") 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 in the best interests of the Fund, up to 345,369 units ("Units") of the Fund, representing approximately 10% of the public float which is the same number of the Fund's issued and outstanding Units, being 3,453,693 Units as of November 7, 2011. The Fund will not purchase in any given 30-day period, in aggregate, more than 69,073 Units, being 2% of the issued and outstanding Units as of the date hereof. The Board of Directors of Propel Capital Corporation, the manager of the Fund, believe that such purchases are in the best interests of the Fund. 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 commence on November 9, 2011 and will expire on November 8, 2012.