North American Preferred Share Advantage Fund Announces an Equity Buyback
August 28, 2013
Share
North American Preferred Share Advantage Fund (TSX:NPF.UN) filed a Notice of Intention and received approval for a normal course issuer bid on August 29, 2013. Under the bid, the fund will repurchase up to 296,000 units, representing approximately 10% of its public float and that of its issued and outstanding units. All the repurchases will be made through the facilities of the TSX in accordance with its rules and policies.
All units repurchased will be cancelled. The fund will not purchase in any given 30-day period, in aggregate, more than 59,200 units, being 2% of the issued and outstanding units as of the date hereof. The Board of Directors of Propel Capital Corporation, the manager of the fund, believes that such repurchases will be in the best interests of the fund.
The bid will commence from September 3, 2013 and will expire on September 2, 2014. As of August 28, 2013, the Fund had 2,960,000 units issued and outstanding.
North American Preferred Share Fund (the Fund) is a closed-ended investment fund. The Fund's investment objectives are to provide holders of Units (Unitholders) with stable monthly cash distributions and preservation of capital. The Fund invests in a managed portfolio consisting principally of Canadian and the United States preferred shares (the Portfolio). The Fund's investment portfolio includes various sectors, such as consumer staples, energy, consumer discretionary, financial services, real estate, utilities, telecommunication services and others. The Fund may also invest approximately 20% of total assets in North American fixed income securities, including high yield bonds, convertible debentures and equities. The Fund may invest in or use derivative instruments, other than commodity derivatives, for hedging purposes. Fiera Capital Corporation is the manager of the Fund and also acts as portfolio manager to the Fund.
NORTH AMERICAN PREFERRED SHARE FUND 
