Toronto, April 18, 2008 - First Asset PowerGen Fund (the "Fund") (TSX: PGT) announced today acceptance by The Toronto Stock Exchange (the "TSX") of the Fund's revised Notice of Intention to commence a Normal Course Issuer Bid (the "NCIB"). The revised NCIB will increase the maximum number of Units that may be purchased pursuant to the NCIB.
The amendment to the NCIB results from an increase of more than 25% in the number of issued securities of the Fund from the number of issued securities as at October 30, 2007, the date of acceptance of the NCIB by the TSX.
Pursuant to the NCIB, the Fund now proposes to purchase, from time to time, if it is considered advisable, up to 525,772 Units of the Fund, representing approximately 10% of the public float of 5,257,727 Units as of the date hereof. The current NCIB commenced on November 1, 2007. As of the date hereof, there are 5,257,727 Units issued and outstanding. The Fund will not purchase in any given 30-day period, in the aggregate, more than 105,154 Units, being 2% of the issued and outstanding Units as of the date hereof. The Board of Directors of 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 its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Units purchased will not be cancelled but will be held for resale. The NCIB will expire on October 31, 2008.
Under its current NCIB, which commenced on November 1, 2007 and which expires on October 31, 2008, the Fund has purchased and cancelled a total of 52,200 Units at an average price of $15.76 per Unit.
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.