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

Flaherty & Crumrine Investment Grade Preferred Fund

May 25, 2006 10:16 ET

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

TORONTO, ONTARIO--(CCNMatthews - May 25, 2006) - Flaherty & Crumrine Investment Grade Preferred Fund (TSX:FAC.UN) intends to renew its normal course issuer bid through the facilities of the Toronto Stock Exchange to purchase up to 621,000 units of the Fund representing approximately 10% of the public float of 6,212,288 units. The Fund had 6,248,890 units issued and outstanding as at May 23, 2006. Since June 2, 2005, the Fund has purchased 272,800 units under its current bid at an average price of $21.91 per unit and has subsequently cancelled such units.

The units may be purchased for cancellation from June 2, 2006 to June 1, 2007 through the facilities of the Toronto Stock Exchange and may only be purchased at a price per unit not exceeding the last published net asset value per unit. Purchases pursuant to the normal course issuer bid would be accretive and therefore enhance returns to continuing unitholders.

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

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the fund's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information

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