Global Dividend Growers Income Fund (TSX:GDG.UN) announces an Equity Buyback for 1,152,247 shares, representing 9.96% of its share capital.
April 16, 2014
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Global Dividend Growers Income Fund (TSX:GDG.UN) announces a normal course issuer bid. Under the bid, the company will repurchase 1,152,247 shares, representing 9.96% of its share capital issued and outstanding and 10% of its shares in public float. The repurchases will be made by market purchases through the facilities of the Toronto Stock Exchange.
The repurchased shares will be held in treasury for resale. The repurchases will be funded from the company's available funds. The company may not, in any 30 day period, purchase more than 231,379 units, being 2% of the units issued and outstanding.
The company has received the approval of the Toronto Stock Exchange to commence the bid. The repurchases will commence from April 23, 2014 and will run for a period of 12 months ending on April 22, 2015. As of April 10, 2014, the company had 11,568,975 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 
