Flaherty & Crumrine Investment Grade Preferred Fund
TSX : FAC.UN

Flaherty & Crumrine Investment Grade Preferred Fund

November 09, 2005 15:02 ET

Flaherty & Crumrine Investment Grade Preferred Fund Announces Results of Unitholder Meeting

TORONTO, ONTARIO--(CCNMatthews - Nov. 9, 2005) - A special meeting of unitholders of Flaherty & Crumrine Investment Grade Preferred Fund (TSX:FAC.UN) was held. At the meeting, unitholders voted to approve an increase in the permitted amount of leverage of the Fund to 35% of total assets from 25%. The increased borrowing capacity was proposed to increase net income to support the targeted annual distribution and to make the level of borrowing consistent with that of Brompton's other Flaherty & Crumrine managed fund, Flaherty & Crumrine Investment Grade Fixed Income Fund (TSX:FFI.UN).

Unitholders also approved several administrative amendments to the declaration of trust, including changing the annual redemption date from May to November. These amendments are outlined in greater detail in the Joint Management Information Circular that was delivered to unitholders at the end of September 2005.

For a copy of the Information Circular, voting results or additional information, including the Fund's portfolio, please visit our website at www.bromptongroup.com.

Contact Information

  • Brompton Preferred Management Limited
    David E. Roode
    Senior Vice President
    (416) 642-6008