TORONTO, October 30, 2007 - First Asset PowerGen Fund (the "Fund") (TSX: PGT.UN) announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to commence a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase, from time to time, if it is considered advisable, up to 241,480 Units of the Fund, representing approximately 10% of the public float of 2,414,805 Units as of the date hereof, on the TSX commencing November 1, 2007. As of the date hereof, there are 2,414,805 units issued and outstanding. The Fund will not purchase in any given 30-day period, in the aggregate, more than 48,296 Units, being 2% of the issued and outstanding Units as of the date hereof. The Board of Directors of First Asset Investment Management Inc., the manager of the Fund, believes that such purchases are in the best interests of the Fund and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Units purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will expire on October 31, 2008.
Under its previous normal course issuer bid, which commenced on November 1, 2006 and which expires on October 31, 2007, the Fund has purchased and cancelled a total of 231,400 Units at an average price of $17.76 per Unit.
For further information, please contact Rob MacNiven, Investor Relations at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.