Portland Investment Counsel Inc.

Portland Investment Counsel Inc.

November 13, 2009 08:30 ET

Portland Investment Counsel Announces Plans for the Continuation of Five Closed End Funds and Termination Of International Financial Income and Growth Trust

BURLINGTON, ONTARIO--(Marketwire - Nov. 13, 2009) - Further to its press release on September 25th, 2009, Portland Investment Counsel Inc. ("Portland") today announced its decision to continue offering the following closed end funds listed on the Toronto Stock Exchange (the "Funds"):

- Global Banks Premium Income Trust (ticker symbol GBP.UN)
- Copernican World Banks Income and Growth Trust (ticker symbol CBK.UN)
- Copernican International Premium Dividend Fund (ticker symbol CPM.UN)
- Copernican British Banks Fund (ticker symbol CBB.UN)
- European Premium Dividend Fund (ticker symbol EPD.UN)

In order to facilitate this decision, Manulife Mutual Funds has agreed to assist Portland by providing certain administrative services to the Funds. The intention is to keep the Funds open for three years provided that it continues to be economically viable in Portland's opinion.

As part of the same decision, Portland has today announced that International Financial Income and Growth Trust (the "Trust") will be terminated on December 15, 2009 (the "Termination Date"). The net assets remaining after the liabilities and obligations of the Trust have been provided for will be paid to unitholders of the Trust of record as of the Termination Date (the "Termination Payment"). The Trust may also make a distribution to unitholders of the Trust of any net income and net realized capital gains not previously distributed in accordance with its Declaration of Trust. The Termination Payment, as well as any distributions, will be paid to unitholders of the Trust on or about December 18, 2009. In advance of the Termination Date, the units and warrants of the Trust will be delisted from the Toronto Stock Exchange on or about December 8, 2009.

The investment mandate of the Trust is to invest in some of the world's leading retail bank, life insurance and investment management companies based outside North America. Following the Termination Date and payment to unitholders, those wishing to remain invested in a global financial services-centric fund should contact their financial advisor about the Manulife AIC Mutual Fund, the AIC Global Advantage Fund, for which Portland acts as a sub-advisor. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

About Portland Investment Counsel

Committed to the principles of disciplined long-term value investing, Portland provides investment advisory and portfolio management services and products to individual private clients and to institutional investors across Canada, the U.S. and Caribbean, including foundations, universities and pension funds. With roots dating back to 1987, Portland offers customized portfolios drawing on expertise in equity and fixed income management. In addition to this, Portland currently sub-advises a number of third-party retail and closed-end mutual funds in Canada.

Forward Looking Statements

Certain statements included in this news release constitute forward-looking statements, including but not limited to those identified by the expressions "expect", "intend", "will" and similar expressions. The forward looking statements are not historical facts but reflect Portland's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Portland believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of the future performance and, accordingly, readers are cautioned not to put undue reliance on such statements due to the inherent uncertainty therein. Portland has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • Portland Investment Counsel Inc.
    Chris Wain-Lowe