Propel Multi-Strategy Fund Announces Normal Course Issuer Bid For Units
TORONTO, May 17, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --Propel Multi-Strategy 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 459,453 units ("Units") of the Fund, representing approximately 10% of the public float which is the same number of the Fund's outstanding Units, being 4,594,534 Units as of May 11, 2012. The Fund will not purchase in any given 30-day period, in aggregate, more than 91,890 Units, being 2% of the outstanding Units as of the date May 11, 2012. 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 May 22, 2012 and will expire on May 21, 2013.
On April 7, 2011 the Fund announced that it was making a Normal Course Issuer Bid, which commenced April 8, 2011, to purchase up to 744,736 Units through the facilities of the TSX. The Fund repurchased 22,800 Units at an average price of 8.45, under the bid, which expired on April 7, 2012.
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SOURCE: Propel Multi-Strategy Fund
Raj Lala at Propel Capital firstname.lastname@example.org or at 416-572-2364 or
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