YMG Capital Management Inc., the sponsor and manager of the Yield Management Group High Income Trust (TSX: HIT.UN), announced Thursday that the trust would renew for another year its open market purchase program

The program began on Aug. 16, 2002 and will closed on cease on Aug. 15, 2003.

Currently, there are 2,539,399 trust units outstanding. During the last 12 months, the trust did not purchase any units for cancellation under the currently expiring purchase program.

Under the renewed program, at any time the market price of the trust’s units is less than 90% of the net asset value per unit, the trust will make a normal course issuer bid to purchase for cancellation any units offered in the market.

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.

http://www.newswire.ca/releases/August2003/14/c0477.html