An energy fund that I've been buying into has approved a normal course issuer bid allowing the fund to purchase units for cancellation. Detail ... amount increased from 0.25% to 1.25% and floor increased from less than 90% to less than 95% of most recently calculated net asset value per unit (NAVPU). With the current market price at $9.28 and the NAVPU at $11.49 (which is one of the reasons I've been buying) this news is a good thing (fund is making the effort to increase the market price by decreasing the number of outstanding units) or have I missed something? Thanks.
- posted 12 years ago