First Asset Energy & Resource Fund and First Asset Energy & Resource Income & Growth Fund Complete Combination
TORONTO, October 4, 2007 - First Asset Energy & Resource Fund (TSX: TRF.UN) ("Fund I") is pleased to announce that effective October 4, 2007, it has completed its combination with First Asset Energy & Resource Income & Growth Fund ("Fund II"). As a result of this transaction, Fund II no longer exists and its former limited partners are now limited partners of Fund I.
As a result of the combination, the following changes were also made to the Limited Partnership Agreement governing Fund I:
- An annual redemption feature has been implemented pursuant to which limited partners will be able to redeem their units commencing in January, 2008 at a price equal to net asset value per unit less a 2% redemption fee.
- The investment advisory fee payable by Fund I to the investment advisor, First Asset Investment Management Inc., has been permanently reduced from 1.15% per annum to 0.85% per annum, and the performance bonus has been reset as approved by limited partners.
- The General Partner was granted the authority to implement a division or consolidation of the units in the future should the circumstances warrant it.
For further information, please contact Paul Dinelle, Executive Vice-President at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.