TORONTO, Nov. 5 /CNW Telbec/ - Fiera Sceptre Inc., the sponsor and manager of the Fiera High Income Trust (the "Trust") (TSX: HIT.UN), a closed end investment trust listed on The Toronto Stock Exchange ("TSX"), announced today that the TSX has accepted its notice of intention to make a Normal Course Issuer Bid for units of the Trust during the period commencing November 9, 2010 and terminating November 8, 2011. As at the date hereof there are 907,807 units of the Trust outstanding. The Trust did not purchase any units under its previous Normal Course Issuer Bid that commenced on November 9, 2009 and expired on November 8, 2010.
Under the Normal Course Issuer Bid that will commence on November 9, 2010, if at any time the market price of the Trust's units is less than 90% of the net asset value per unit most recently determined, subject to compliance with any applicable regulatory requirements, the Trust will offer, through the facilities of a member broker of the TSX, to purchase for cancellation any units offered in the market at the then prevailing price, up to a maximum amount in any thirty day period of 2% (18,156 units) of the number of units outstanding on the date of acceptance of the notice of the Normal Course Issuer Bid by the TSX, subject to a maximum of 45,390 units (being 5% of the total number of units outstanding) over the twelve month period commencing November 9, 2010 and terminating November 8, 2011. The Normal Course Issuer Bid recognizes the possibility that the units of the Trust may trade at a discount to their net asset value and is intended to minimize market value discounts from the net asset value.