TORONTO, March 18, 2015 /CNW/ - Triax Diversified High-Yield Trust (the "Fund") (TSX: "TRH.UN") 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 considered advisable, up to 127,545 Units of the Fund, representing approximately 10% of the public float, being 1,275,458 Units as of the close of business of March 12, 2015. The Fund will not purchase in any given 30-day period, in the aggregate, more than 31,163 Units, representing approximately 2% of the issued and outstanding Units, being 1,558,176 Units as of the close of business of March 12, 2015. Purchases of Units under the NCIB may commence on March 20, 2015. First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's resources. 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 not be cancelled and will be held for resale. The NCIB will expire on March 19, 2016.
On March 10, 2014, the Fund announced that it was making a Normal Course Issuer Bid, which commenced March 12, 2014, to purchase up to 148,313 Units through the facilities of the TSX. No purchases were made under the Fund's prior Normal Course Issuer Bid.
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