CALGARY, Alberta, Nov. 06, 2020 (GLOBE NEWSWIRE) — Global Real Estate & E-Commerce Dividend Fund (TSX: GEC.UN) (the âFundâ) announced that it has filed a notice with the Toronto Stock Exchange (the âTSXâ) and received its approval to make a normal course issuer bid (âNCIBâ). Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX. This NCIB will commence on November 12, 2020 and will terminate on November 11, 2021. In accordance with the Declaration of Trust by which the Fund is governed, market purchases pursuant to its NCIB may be effected by the Fund.
The Fund had 2,764,771 units issued and outstanding as at October 30, 2020. The Fund may, during the 12 month period commencing November 12, 2020 purchase on the TSX up to 276,477 units, being 10% of the public float and may not, in any 30 day period, purchase more than 55,295 units, being 2% of the units issued and outstanding. The Fund will hold in treasury for resale all units purchased pursuant to the bid. As at October 30, 2020 the Fund had purchased 234,800 units on the TSX at an average price of $11.73 per unit under its previously approved normal course issuer bid. The Fund had the ability to purchase up to 559,525 units under its last NCIB. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.
Global Real Estate & E-Commerce Dividend Fund trades on the Toronto Stock Exchange under the symbol âGEC.UNâ.
For further information visit our website at www.middlefield.com or contact the undersigned:
Managing Director, Sales and Marketing
November 6, 2020
This press release may contain forward-looking information, including with respect to future purchases of Units by the Fund. The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.