First Asset PowerGen Fund

First Asset PowerGen Fund
First Asset

First Asset

October 29, 2009 11:00 ET

First Asset PowerGen Fund Announces Normal Course Issuer Bid for Units

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - First Asset PowerGen Fund (the "Fund") (TSX:PGT.UN) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").

Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 479,049 Units of the Fund, representing approximately 10% of the public float which is the same number as the Fund's issued and outstanding Units, being 4,790,490 Units as of the date hereof. The Fund will not purchase in any given 30-day period, in the aggregate, more than 95,809 Units, being 2% of the issued and outstanding Units as of the date hereof. Purchases of Units under the NCIB may commence on November 1, 2009. The Board of Directors of First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will not be cancelled and will be held for resale. The NCIB will expire on October 31, 2010.

On October 30, 2008, the Fund announced that it was making a Normal Course Issuer Bid, which commenced November 1, 2008, to purchase up to 540,204 Units through the facilities of the TSX. Under the bid, which expires on October 31, 2009, an aggregate of 75,100 Units were repurchased at an average price of $8.09 per Unit excluding commissions.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    416-642-1289 or 1-877-642-1289