TORONTO, March 14, 2013 - First Asset Diversified Convertible Debenture Fund (the "Fund") (TSX: "DCD.UN") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, the Fund proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 499,305 Units of the Fund, representing approximately 10% of the public float, being 4,993,056 Units as of the close of business of March 7, 2013. The Fund will not purchase in any given 30-day period, in the aggregate, more than 103,341 Units, representing approximately 2% of the issued and outstanding Units, being 5,167,083 Units as of the close of business of March 7, 2013. Purchases of Units under the NCIB may commence on March 18, 2013. 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 the Fund's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Units purchased by the Fund pursuant to the NCIB will be held for resale. The NCIB will expire on March 17, 2014.
On March 14, 2012, the Fund announced that it was making a Normal Course Issuer Bid, which commenced March 16, 2012, to purchase up to 431,508 Units through the facilities of the TSX. The Fund repurchased 7,900 Units at a weighted average price of $17.24 per unit under the bid, which expires on March 15, 2013.
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.