TORONTO, July 3, 2008 - Global 45 Split Corp. (the "Company") (TSX:GFV)(TSX:GFV.PR.A) announced today acceptance by the Toronto Stock Exchange ("TSX") of the Company's Notice of Intention to make a Normal Course Issuer Bid for its Preferred Shares and Class A Shares (collectively, the "Shares").
Under this normal course issuer bid, the Company may purchase, from time to time, if it is considered advisable, up to 135,258 Preferred Shares and 135,258 Class A Shares, representing approximately 10% of the public float of the Shares, which is the same number as the Company's issued and outstanding Shares, being 1,352,582 Preferred Shares and 1,352,582 Class A Shares as of the date hereof. The Company may not purchase, in any 30-day period, in the aggregate, more than 2% of each of the issued and outstanding Preferred Shares or Class A Shares as of the date hereof. Purchases of Shares under the normal course issuer bid will commence on July 5, 2008 and will terminate on July 4, 2009 or on such earlier date as the Company may complete its purchases. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Company will pay for any such Preferred Shares and Class A Shares will be the respective prevailing market price of such Preferred Shares and Class A Shares at the time of acquisition. Shares that are purchased will be cancelled.
The Board of Directors of the Company believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds.
Under its previous normal course issuer bid, which commenced on July 5, 2007 and which expires on July 4, 2008, the Company has purchased and cancelled a total of 12,900 Preferred Shares and 12,900 Class A Shares at an average price of $10.5257 per Preferred Share and $14.7213 per Class A Share.
For further information, please contact Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.