Toronto, November 8, 2011 - Preferred Share Investment Trust (the "Fund") (TSX: PSF.UN) announces that it has completed its follow-on offering (the "Offering") of 4,850,000 treasury units (the "Units") at $11.41 per Unit, for gross proceeds of $55,338,500. The Fund has granted the agents for the Offering an over-allotment option to acquire up to an additional 727,500 units at price of $11.41 per Unit exercisable at any time during the next thirty days.
As previously announced, the Manager will reimburse the Fund for its portion of Offering expenses and agency fees by way of a promissory note. Accordingly, the net asset value per Unit will be unaffected by the expenses of the Offering. The net asset value as of November 7, 2011 is $11.48.
The syndicate of agents for this offering was led by CIBC, co-led by BMO Capital Markets, National Bank Financial Inc. and RBC Capital Markets, and included Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Dundee Securities Ltd., Macquarie Private Wealth Inc. and Manulife Securities Incorporated.
For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.