First Asset Yield Opportunity Trust Announces Details of Rights Offering in Respect of Series A Units
TORONTO, January 24, 2012 - First Asset Yield Opportunity Trust (TSX: FAY.UN; FAY.U) announces that it is issuing rights (the "Rights") to subscribe for Series A units of the Fund ("Units") to holders of Series A units ("Series A Unitholders") of record at the close of business on February 2, 2012 (the "Record Date"). Each Series A Unitholder is entitled to one Right for each Series A Unit held on the Record Date. Three Rights will entitle the holder to purchase one Series A Unit at a price of $14.00 per Series A Unit. The Rights must be exercised prior to 5:00 p.m. (Toronto time) on March 5, 2012.
If all the Rights are exercised, the Fund will issue approximately 721,246 Series A Units and receive net proceeds of approximately $9.7 million. The proceeds of the Offering will provide the Fund with additional capital that can be used to capitalize on attractive investment opportunities, and it is also expected to increase the trading liquidity of its units and reduce the management expense ratio of the Fund.
The Toronto Stock Exchange ("TSX") has approved the listing on the TSX of the Rights (TSX: FAY.RT) and the Series A Units issuable on the exercise of the Rights. CIBC World Markets Inc. will act as dealer-manager to form a soliciting group to solicit subscriptions of the Rights.
For further information, please call Rob MacNiven, Investor Relations, First Asset, at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.