Rogers Sugar to buy up to C$5 million convertibles in issuer bid

By Melissa Kory

Cleveland, Dec. 16 - Rogers Sugar Income Fund announced that it received approval from the Toronto Stock Exchange to proceed with a normal course issuer bid to purchase up to C$5 million convertible debentures.

The following are affected:

• Up to C$3 million of its C$84.26 million of third series 5.9% convertible subordinated debentures, or 3.56% of the issued and outstanding debentures; and

• Up to C$2 million of its C$50 million of fourth series 5.7% convertible subordinated debentures, or 4% of the issued and outstanding debentures.

The bid will start on Dec. 21 and may continue to Dec. 20, 2011.

Under TSX rules, the fund may repurchase on a daily basis 25% of the average, representing a maximum of C$9,136 of third series debentures and C$14,174 of fourth series debentures.

The average daily trading volume for the six calendar months preceding Dec. 1 is C$36,547 of third series debentures and C$56,696 of fourth series debentures.

The debentures will be purchased on behalf of the fund by a registered broker through TSX.

The price paid for the debentures will be the market price at the time of acquisition. The number of debentures purchased and the timing of purchases will be determined by the fund.

Effective Jan. 1, the fund is converting to a corporate structure, and the normal course issuer bid will be carried out by its successor, Rogers Sugar Inc.

Montreal-based Rogers Sugar is an open-ended, limited purpose trust that holds all of the common shares of Lantic Inc. sugar refineries.

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