Press Releases

First Asset Canadian Dividend Opportunity Fund Closes Initial Public Offering

TORONTO, Monday, April 19, 2010 - First Asset Canadian Dividend Opportunity Fund (the "Fund") is pleased to announce the closing of its initial public offering. Pursuant to the offering, the Fund issued an aggregate of 15 million units at $10 per unit, for gross proceeds of $150 million. The units are listed on the Toronto Stock Exchange under the symbol DOF.UN.

The Fund will invest in an actively managed portfolio comprised primarily of equity securities of Canadian utility issuers, pipeline issuers and telecom issuers and select higher yielding equity securities of issuers which First Asset Investment Management Inc., the manager of the Fund, believes will benefit from the near term economic environment in Canada and globally.

The Fund's investment objectives are to provide holders of units with:

  1. monthly distributions; and
  2. the opportunity for capital appreciation.

The distributions are initially targeted to be 6% per annum on the subscription price of $10.00 per unit ($0.05 per unit per month or $0.60 per annum).

The syndicate of agents for this offering was led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and included BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Financial Ltd., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

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.