High Income Preferred Shares Corporation (HI PREFS) announces normal course issuer bid



    
    TSX Symbol: HPF.PR.A
                HPF.PR.B
    

    TORONTO, Nov. 7 /CNW/ - Lawrence Asset Management Inc., the Manager of
High Income Preferred Shares Corporation ("HI PREFS") today announced that HI
PREFS has commenced a normal course issuer bid to purchase a portion of the
outstanding Series 1 Preferred Shares (TSX: HPF.PR.A) and Series 2 Preferred
Shares (TSX: HPF.PR.B) on the TSX. Under the normal course issuer bid, HI
PREFS intends to purchase up to 132,272 Series 1 Preferred Shares,
representing approximately 10% of the 1,322,276 Series 1 Preferred Shares
outstanding as at November 1, 2007, and up to 132,276 Series 2 Preferred
Shares, representing approximately 10% of the 1,322,276 Series 2 Preferred
Shares outstanding as at November 1, 2007. HI PREFS will not purchase in any
given 30 day period, pursuant to the normal course issuer bid or otherwise, in
the aggregate more than 2% of each of the Series 1 Preferred Shares and
Series 2 Preferred Shares outstanding on the date of acceptance of the notice
of normal course issuer bid by the TSX, being approximately 26,446 Series 1
Preferred Shares and 26,446 Series 2 Preferred Shares at November 1, 2007.
These purchases will be made through the facilities of the TSX in accordance
with applicable regulations over a maximum period of 12 months commencing on
November 7, 2007 and ending on the earlier of November 6, 2008 or on such date
as HI PREFS completes its purchase under the normal course issuer bid or on
such date as the Trust may otherwise determine. Series 1 Preferred Shares and
Series 2 Preferred Shares purchased will be cancelled. Within the preceding
12 month period, HI PREFS has not purchased any shares for cancellation.

    HI PREFS invests in a diversified portfolio consisting principally of
common shares issued by corporations whose shares are included in the S&P 500
Index and the S&P/TSX 60 Index, income funds and investment grade debt
securities. Lawrence Asset Management Inc. is both Manager and Investment
Manager of HI PREFS.

    This news release contains forward-looking statements that involve a
number of risks and uncertainties. Some of the factors that could cause actual
results to differ materially from those indicated are competitive pressures,
business conditions in the marketplace, general economic conditions and risk
factors detailed in the Trust's regulatory filings.

    %SEDAR: 00017798E




For further information:

For further information: Investor Relations, Catherine Stretch, (416)
362-6283, info@lawvest.com, www.lawrenceasset.com

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HIGH INCOME PREFERRED SHARES CORPORATION

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