Under the NCIB, the Company may purchase for cancellation, from time to time, as the Company considers advisable, up to a maximum of 956,974 Common Shares or approximately ten percent (10%) of the public float of the Company's Common Shares as of May 9, 2013. Purchases of Common Shares will be made on the open market through the facilities of the TSX. The price which the Company will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company. Under the NCIB, the Company is subject to a maximum purchase limitation such that the number of Common Shares purchased under the NCIB, cannot, when aggregated with all other purchases by the Company during the preceding 30 days, aggregate more than 203,832 Common Shares, representing 2 percent of the 10,191,592 outstanding Common Shares as of May 9, 2013.
The NCIB will begin effective as of May 17, 2013 and will terminate on April 30, 2014 or such earlier time as the NCIB is completed or terminated at the option of the Company. GMP Securities L.P. will act on the Corporation's behalf to make purchases of Common Shares pursuant to the NCIB.
About Deans Knight Income Corporation
Deans Knight Income Corporation is an investment company focused on investing in corporate debt securities, predominantly rated below investment grade. The Company's objective is to maximize the total return for shareholders, consisting of bond price appreciation and income received from bond investments. The Company intends to pay a monthly dividend to shareholders, based on earned income each month. The capital of the Company is actively managed by Deans Knight Capital Management, a respected investment firm based in Vancouver B.C. that has been investing in corporate bonds since its inception in 1992. For more information: www.dkincomecorp.com.
As an investment company, Deans Knight Income Corporation falls under the continuous disclosure requirements for investment funds. In compliance with such continuous disclosure requirements, the Company will provide shareholders with financial statements on a semi-annual basis. In an effort to keep shareholders informed, the Company intends to provide shareholders with an operational update each quarter, detailing relevant investment activity and holdings.
This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements concerning the Company's corporate objectives, availability of tax losses and deductions, the Company's expectations concerning market trends, the Company's intention to pay out earned income in the form of monthly dividends, the anticipated performance and characteristics of Deans Knight's portfolio companies, the intention to maintain a short term maturity, the Company's use of the NCIB and the yield on the Shares. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct since forward-looking statements address future events and conditions and by their very nature, involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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