TORONTO, ONTARIO--(CCNMatthews - April 5, 2007) - Payout Performers(TM) Income Fund (TSX:PPF.UN) is pleased to inform Unitholders that one of the Fund's holdings, Gateway Casinos Income Fund ("Gateway"), has announced that it has received an offer to be taken over at a bid price of $25.26 per unit in cash, representing a premium of 25.7% based on the $20.10 closing price of Gateway units on the Toronto Stock Exchange on April 2, 2007, and a 37.8% premium to the 90-day volume-weighted average unit price.
According to Lee Goldman, Senior Vice President and Portfolio Manager at First Asset, "the recognition of Gateway's value is a testament to our thesis that the market will reward companies that consistently grow cash flow and as a result, companies that qualify as Payout Performers(TM) will consistently create value for Unitholders." In order to qualify as a Payout Performer(TM), a company must, at the time of investment, have either: (i) consecutively increased its total cash distribution in each of the last five years, or (ii) consecutively increased its total cash distribution in each year of operation and have at least three full years of operating history. In addition, at the time of investment, each Payout Performer(TM) must have a market capitalization of not less than $300 million.
Payout Performers(TM) Income Fund currently pays a monthly distribution of $0.05 representing an annualized yield of approximately 7% based on the most recent trading price.
For further information, please contact Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.