07:36 AM EDT, 06/21/2024 (MT Newswires) -- Chemtrade Logistics Income Fund (CHE-UN.TO) said on Friday that it stared a new automatic securities purchase plan with its designated broker pursuant to its previously announced normal course issuer bid for up to about 11.7 million of its units.

The company said the new automatic securities purchase plan will only be effective and purchases of units can only commence after the termination or expiry of its recent offer to purchase debentures.

Chemtrade announced yesterday its plan to commence a substantial issuer bid for all of its 8.50% convertible unsecured subordinated debentures due Sept. 30, 2025 at $1,300 in cash per $1,000 principal amount of debentures.

The company's share price rose 4.6% yesterday to $9.29.