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

Flaherty & Crumrine Investment Grade Preferred Fund

May 27, 2005 15:26 ET

Flaherty & Crumrine Investment Grade Preferred Fund Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - May 27, 2005) - Flaherty & Crumrine Investment Grade Preferred Fund (the "Fund") (TSX:FAC.UN) intends to renew its normal course issuer bid through the facilities of the TSX to purchase up to 739,000 units of the Fund (the "Units") representing approximately 10% of the public float. The Fund had 7,425,717 Units issued and outstanding as at May 20, 2004.

The Units may be purchased under the normal course issuer bid for cancellation commencing on June 2, 2005 through to June 1, 2006 through the facilities of the TSX and may only be purchased at a price per unit less than the most recently published net asset value per unit. In such situations, purchases will generally be accretive to unitholders.

Further information on the Fund is available at http://www.bromptongroup.com.

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