Global Dividend Growers Income Fund (TSX:GDG.UN) announces an Equity Buyback for 663,632 shares, representing 10% of its issued share capital.
May 18, 2018 at 12:00 am EDT
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Global Dividend Growers Income Fund (TSX:GDG.UN) announces a share repurchase program. Under the program, the company will repurchase up to 764,884 units, representing 10% of its issued and outstanding units. The shares repurchased will be held in treasury for resale. The company received approval from the Toronto Stock Exchange to make the repurchases. The program will commence on May 25, 2018 and will run until May 24, 2019. As of May 11, 2018, the company had 6,638,826 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 
