Global Dividend Growers Income Fund Announces an Equity Buyback.
April 20, 2015
Share
Global Dividend Growers Income Fund (TSX-V:GDG) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 1,034,331 shares, representing 10% of the public float and units issued and outstanding. Toronto Stock Exchange (the "TSX") approved its plan to make a normal course issuer bid and repurchases will be made through the facilities of the Toronto Stock Exchange.
Repurchased shares will be cancelled. In accordance with the declaration of trust by which the fund is governed, market purchases pursuant to its NCIB may be affected by the fund. The fund may not, in any 30 day period, purchase more than 206,916 equity shares, being 2% of the equity shares issued and outstanding.
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. The bid will commence on April 23, 2015, and will run for a period of 12 months ending on April 22, 2016. As of April 13, 2015, the fund has 10,345,816 units issued and outstanding.
Global Dividend Growers Income Fund (the Fund) is a closed-end investment fund. The investment objectives of the Fund are to provide unitholders with stable monthly cash distributions and to grow distributions over time and enhance long-term total return through capital appreciation of the Fund's investment portfolio. The Fund invests approximately 30% and till approximately 70% of its assets in an equally weighted passively managed diversified portfolio consisting of the equity securities of publicly listed issuers by market capitalization globally, which have exhibited cumulative dividend growth of approximately 10% over the five-year period ending on the date prior to the date of re-balancing, as well as an indicated dividend yield of approximately 3%. The Fund invests in a range of sectors, such as technology, utilities, consumer discretionary, financials, healthcare, communication services, consumer staples, and industrials. Middlefield Limited is the manager of the Fund.
GLOBAL DIVIDEND GROWERS INCOME FUND 
