Utility Split Trust to start repurchases of preferreds, capital units

By Ashley Montgomery

Kansas City, Kan., Dec. 20 - Utility Split Trust said the Toronto Stock Exchange accepted its notice of intention to make a normal course issuer bid to allow the repurchase of its class B preferred securities and capital units, according to a news release.

Beginning Dec. 22, the trust may choose to purchase in multiple transactions up to 120,357 of its class B preferred securities and up to 120,357 of its capital units. No more than 24,072 preferred securities and 24,072 capital units will be purchased in any 30-day period.

Purchased securities will be held by the trust for future sale.

The normal course issuer bid expires Dec. 21, 2012.

Utility Split Trust is a fund that provides investors with exposure to a diversified investment in securities of utility issuers. The fund is managed by Toronto-based First Asset Investment Management Inc.

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