Pizza Pizza Royalty Income Fund Announces Normal Course Issuer Bid

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 20 /CNW/ - Pizza Pizza Royalty Income Fund (the "Fund")\n(TSX: PZA.UN) today announced its intention to buy back certain of its\noutstanding trust units (the "Units").\n\n\nThe Fund has filed a Notice of Intention to Make a Normal Course Issuer\nBid ("NCIB") with the Toronto Stock Exchange (the "TSX"), which has been\naccepted, for the purchase, from time to time, of Units through the facilities\nof the TSX. Any such purchases of Units would be made during the continuous\nperiod from November 24, 2008 to November 23, 2009. The Units will be\npurchased by the Fund for cancellation.\n\n\nThe Board of Trustees of the Fund believe that, in view of the changes to\nthe tax treatment of income trusts announced by the Federal government in\nOctober 2006, and continuing market uncertainty affecting the income trust\nsector, the market price of the Fund's Units may not adequately reflect the\ncurrent value of, and prospects for, the Fund's business. As a result, the\nBoard of Trustees believe that the Fund's outstanding Units may, at such\ntimes, represent an attractive opportunity to realize additional unitholder\nvalue and that purchases of Units at such times would be an appropriate and\ndesirable use of the Fund's available resources.\n\n\nThe Fund may commence purchases of Units on November 24, 2008, at times\nand in quantities determined by it. All purchases will be effected through the\nfacilities of the TSX, and will comply with the regulations of a NCIB as\ndefined by the TSX. Under the bid, up to 1,358,635 Units of the Fund may be\npurchased. This amount represents approximately 10% of the public float as of\nNovember 19, 2008. Until March 31, 2009, or as may otherwise be permitted by\nthe TSX, the Fund may purchase up to 9,458 Units during any trading day, which\nrepresents 50% of the average daily trading volume for the most recently\ncompleted six calendar months prior to TSX acceptance of the notice of the\nNCIB. Thereafter, the Fund may purchase up to 4,729 Units during any trading\nday, which represents 25% of the average daily trading volume for the most\nrecently completed six calendar months prior to TSX acceptance of the notice\nof the NCIB. This limitation does not apply to purchases made pursuant to\nblock purchase exemptions. The Fund has 21,818,392 Units...

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