First Asset Announces Update on Merger of Preferred Share Investment Trust

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, Oct. 26, 2016 /CNW/ - Further to its press release dated August 15, 2016, First Asset Investment Management Inc. ("First Asset"), the manager of Preferred Share Investment Trust (the "Fund") (TSX: PSF.UN), announces that the Fund will merge into First Asset Preferred Share ETF (TSX: FPR) (the "ETF") after the close of business on Tuesday, November 1, 2016.

Unitholders will not be required to take any action in connection with the merger.  After the merger, former unitholders of the Fund will become unitholders of the ETF.  The merger will be completed on the basis of an exchange ratio determined with reference to the net asset value per unit of the Fund and of the ETF as at the close of business on November 1, 2016.  First Asset will confirm the exchange ratio and completion of the merger by way of a press release.

First Asset – Smart SolutionsTM
First Asset, a CI Financial Company, is a Canadian investment firm delivering a comprehensive suite of smart ETF solutions. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market, while helping investors achieve their personal financial goals.

TMFirst Asset and its logo are trademarks of First Asset Capital Corp., a wholly-owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX".  ®CI FINANCIAL is a registered trademark of CI Investments Inc., used under license. This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "anticipates", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of First Asset regarding future results or events and are based on information currently available to them. Certain material factors and assumptions were applied in providing these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. First Asset believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, First Asset can give no assurance that the actual results or developments will be realized. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. First Asset undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.

SOURCE First Asset Close-End Funds

For further information: please call Investor Relations, First Asset at 416-642-1289 or 1‐877‐642‐1289 or visit www.firstasset.com.


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