TORONTO, May 31 /CNW/ - High Income Principal and Yield Securities
Corporation ("HIPAYS") today announced the final results of its modified Dutch
auction-type substantial issuer bid to repurchase (the "Offer") up to
300,000 of its preferred shares (TSX: "PAY.PR.A") which expired at 5:00 p.m.
(EST) on May 30, 2007
Based on the final report provided by the depositary for the Offer,
224,644 preferred shares have been deposited and not withdrawn. Pursuant to
the terms of the Offer, HIPAYS determined the purchase price to be $25.90 per
preferred share (the "Purchase Price") to put it in a position to take up the
maximum number of preferred shares deposited to the Offer for an aggregate
purchase amount of $5,818,279.60.
All preferred shares properly deposited to the Offer at auction tender
prices below the Purchase Price will be purchased at the Purchase Price.
Payment to holders of preferred shares tendered and accepted for purchase will
be made as soon as practicable, but otherwise in compliance with the Offer.
The purchased preferred shares represent approximately 10.8% of the
preferred shares outstanding as of May 30, 2007. After the purchase,
approximately 1,860,752 preferred shares will remain outstanding.
HIPAYS invests in a diversified portfolio consisting principally of
preferred shares issued by corporations whose shares are included in the S&P
500 Index and the S&P/TSX Composite Index, income funds and debt securities.
Lawrence Asset Management Inc. is both Manager and Investment Manager of
For further information: Investor Relations, Catherine Stretch, (416)