Globe and Mail- Lots of executives complain that hedge fund trading weighs heavy on their stock. Yellow Pages Income Fund is actually doing something about the problem.
Yellow Pages announced Friday that it will spend up to $300-million buying back units, a program that could soak up 25 million units or 5 per cent of the trust.
It’s the largest buyback a trust has ever announced – this crowd typically channels extra cash into distributions.
Yellow Pages decided to roll out the buyback after its executives met with institutional shareholders, and heard widespread frustration over what the portfolio managers saw as short-term pressure on the unit price.
