TORONTO, January 30, 2008 - First Asset Income & Growth Fund (TSX: IGF.UN) announces that to enable it to execute its mandatory market purchase program if and when required, and to permit the Fund to otherwise acquire Units, the Fund has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the notice.
Under this normal course issuer bid the Fund may purchase up to 142,786 of the Units of the Fund, representing 10% of the public float of the Fund, which is the same number as the Fund's outstanding Units, being 1,427,861 as at January 28, 2008. Purchases of Units will commence on February 1, 2008 and will terminate on January 31, 2009, or on such earlier date as the Fund may complete its purchases pursuant to the Notice. Purchases will be made in the open market through the facilities of the TSX in accordance with its requirements. The price that the Fund will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled. The maximum number of Units to be purchased in any 30-day period will be 2% of the number of Units outstanding as at the date of the approval by the TSX of this notice of intention to make a normal course bid.
Within the past twelve months, the Fund purchased 70,200 Units through the facilities of the TSX at a weighted average price of $8.3908 per Unit.
To the knowledge of the Trustee, no director, or senior officer or other insider of the Trustee or any insider of the Fund intends at present to sell any Units under this bid.
The Trustee believes that it may be in the best interests of the Fund and the holders of the Units from time to time to purchase Units in the market pursuant to such normal course issuer purchases.
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.