TORONTO, June 10, 2008 - First Asset PowerGen Fund (TSX: PGT.UN) and FA Power Fund (TSX: PFA.UN) announce that at the adjourned special meetings of the Unitholders of each of the Funds held today, the Unitholders of each of the Funds approved the extraordinary resolutions proposed to them in the Management Information Circular dated April 18, 2008 (the "Circular").
For First Asset PowerGen Fund ("PowerGen"), the approvals authorize amendments to the Trust Agreement that would result in:
- the addition of an annual redemption feature at net asset value less a 3% redemption fee payable to the manager commencing in January, 2009;
- the ability to employ leverage up to a maximum of 25% of its total assets; and
- an expanded scope of permitted investments that would include all forms of public and private power and energy related investments.
For FA Power Fund ("FA Power"), the approvals authorize the merger of FA Power into PowerGen. The merger is anticipated to occur on June 18, 2008. Following the effective date of the merger, the Unitholders of FA Power will become Unitholders of PowerGen on the basis of an exchange ratio determined with reference to their relative net asset values, without taking any further action and will be included as Unitholders of record of PowerGen entitled to receive the monthly distributions of PowerGen beginning in the month of June, 2008.
For more details concerning the resolutions, please refer to the Circular which was mailed to Unitholders of the Funds. The Circular is also available on SEDAR at www.sedar.com or on the manager's website at www.firstasset.com.
The amendments to the Trust Agreement of PowerGen and FA Power remain subject to receipt of all necessary regulatory approvals, including the consent of the Toronto Stock Exchange.
For more information, please contact Rob MacNiven (Investor Relations) at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.