December 3, 2008
Boyd Group Income Fund Announces Normal Course Issuer Bid For Its Trust Units
Winnipeg, Manitoba - December 3, 2008
- The Boyd Group Income Fund (TSX: BYD.UN) (the “Fund”) today announced that the Toronto Stock Exchange (“TSX”) has approved its Notice of Intention to carry out a Normal Course Issuer Bid (the “Bid”) to purchase for cancellation, from time to time, as the Fund considers advisable, its issued and outstanding trust units (the “Units”). The Fund recently completed a one year Bid on October 14, 2008, whereby the Fund purchased 561,700 Units at an average Unit price of approximately $2.76. As of November 30, 2008, there were 11,186,278 Units issued and outstanding. Of this amount, 10,811,357 Units constitute the “public float”. In accordance with TSX requirements, the maximum number of Units that may be purchased on a daily basis, other than block purchase exceptions, has been calculated to be 1,858 Units. On November 3, 2008 the TSX announced it was providing temporary relief to issuers that would permit them to purchase a higher maximum number per day. For the Fund, this results in it being able to purchase a maximum of 3,716 units per day until March 31, 2009. The Fund has the potential to make bulk purchases that exceed the daily limit, however, the Fund is subject to an overall annual limit of 10% of its public float or 1,081,136. Purchases will be made on the open market through the TSX. The price the Fund will pay for any Units purchased through the Bid will be the prevailing market price of the Units on the TSX at the time of such purchase. The actual number of Units that may be purchased for cancellation and the timing of such purchases will be determined by the Fund giving consideration to available cash flow and such other factors that the Fund deems relevant.
The Bid will commence on December 5, 2008 and will terminate on December 4, 2009 or such earlier time as the Bid is completed or terminated at the option of the Fund.
The Trustees of the Fund believe that, from time to time, the market price of the Units may not fully reflect the underlying value of the Units and that at such times the purchase of Units would be in the best interest of the Fund. Such purchases will increase the proportionate ownership interest of all remaining unitholders. In addition, the purchases by the Fund may enhance liquidity for Fund unitholders. About The Boyd Group Inc.
The Boyd Group Inc. is the largest operator of collision repair centres in Canada and among the largest in North America. The company operates locations in the four western Canadian provinces principally under the trade names Boyd Autobody & Glass and Service Collision Repair, as well as in seven U.S. states principally under the trade name Gerber Collision & Glass. The company also operates Gerber National Glass Services, an auto glass repair and replacement referral business with affiliated service providers throughout the United States. For more information on The Boyd Group Inc. or Boyd Group Income Fund, please visit our Web site at www.boydgroup.com
. About The Boyd Group Income Fund
The Boyd Group Income Fund is an unincorporated, open-ended mutual fund trust created for the purposes of acquiring and holding certain investments, including a majority interest in The Boyd Group Inc. and its subsidiaries. For further information, please contact:
Tel: (204) 895-1244 (ext. 222) email@example.com
Tel: (416) 815-0700 or toll free 1-800-385-5451 (ext.228)firstname.lastname@example.orgThis press release contains forward-looking statements, other than historical facts, which reflect the view of the Fund’s management with respect to future events. Such forward-looking statements reflect the current views of the Fund’s management and are made on the basis of information currently available. Although management believes that its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. The forward-looking statements contained herein are subject to these factors and other risks, uncertainties and assumptions relating to the operations, results of operations and financial position of the Fund. The Fund assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.