TORONTO, Dec. 20 /CNW/ - MINT Income Fund announced today its intention to make a normal course issuer bid for its units through the facilities of the Toronto Stock Exchange (the "TSX"). This normal course issuer bid is intended to commence on December 27, 2006 and will terminate on December 26, 2007. In accordance with the Trust Agreement by which MINT is governed, market purchases pursuant to its normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.
At December 14, 2006 there were 3,995,416 units issued and outstanding including 3,988,225 in the public float. MINT may, during the 12 month period commencing December 27, 2006, purchase on the TSX up to 398,822 units, being 10% of the public float of the units. Since December 23, 2005, MINT has purchased 277,000 units at an average price of $12.22 per unit under its previously approved normal course issuer bid.
MINT has traded at prices which are less than the net asset value per unit. As a result, depending on future stock price movements and other factors, MINT believes that its units may represent an attractive investment for the Fund and a desirable use of its available funds. Any normal course purchases made by MINT will also afford an increased degree of liquidity to those unitholders of MINT who wish to dispose of their units. MINT trades on the Toronto Stock Exchange under the symbol "MID.UN".