CALGARY, Oct. 5 /CNW/ - Financial Preferred Securities Corporation (the
"Corporation") (TSX: FPR.PR.A) announces that it has filed with the Toronto
Stock Exchange (the "TSX") a notice of intention (the "Notice") to make normal
course purchases of its preferred shares (the "Preferred Shares"). The TSX has
accepted the Notice.
Under this normal course issuer bid ("NCIB") the Corporation may purchase
up to 171,000 of the Preferred Shares of the Corporation, representing 10% of
the public float of the Corporation, being 1,710,000 as at September 28, 2007.
The number of issued and outstanding Preferred Shares as at September 28, 2007
was 1,715,597. Purchases of Preferred Shares will commence on October 10, 2007
and will terminate on October 9, 2008, or on such earlier date as the
Corporation may complete its purchases pursuant to the Notice. The Corporation
will not purchase more than 34,312 Preferred Shares in any particular 30 day
period. Purchases will be made in the open market through the facilities of
the TSX in accordance with its rules and policies. The price that the
Corporation will pay for any such Preferred Shares will be the market price of
such Preferred Shares at the time of acquisition. The Preferred Shares
purchased under the NCIB will be cancelled.
The NCIB is being undertaken in order to increase the liquidity of the
Preferred Shares and to enhance the Net Asset Value of the remaining Preferred
To the knowledge of the administrator of the Corporation, no director,
officer or other insider of the administrator or the Corporation intends at
present to sell any Preferred Shares under this NCIB.
For further information:
For further information: Joe MacDonald, Executive Vice President, Sales
and Marketing, at 1-877-261-9674, or visit our website at