North American Preferred Share Fund files Amended and Restated Preliminary Prospectus

TORONTO, April 12, 2013 /CNW/ - North American Preferred Share Fund (formerly North American Preferred Share Advantaged Fund) (the "Fund") announced today that it has filed an amended and restated preliminary prospectus.

The recent federal budget announced, with effect on and after March 21, 2013, proposed measures that affect certain tax benefits gained by taxable unitholders of investment funds that utilize forward purchase and sale agreements to obtain exposure to an underlying reference portfolio.  As a result of such measures, certain tax benefits described in the preliminary prospectus dated February 28, 2013, would not be available to purchasers of units of the Fund.

Consequently, the Fund, which as part of its strategy originally intended to enter into a forward agreement to provide exposure to U.S. preferred stocks included in the S&P U.S. Preferred Stock Index, will invest directly in U.S. preferred shares in a portfolio to be actively managed by Fiera Capital Corporation ("Fiera").

The Fund's investment objectives are to provide unitholders with stable monthly cash distributions and preservation of capital.  The Fund has been created to invest in an actively managed portfolio consisting principally of Canadian and U.S. preferred shares.  The Fund's distributions are initially targeted to be 5.5% per annum on the subscription price of $25.00 ($0.1146 per Unit per month or $1.375 per annum).

Propel Capital Corporation ("Propel") is the manager and promoter of the Fund.  Propel has retained Fiera to provide portfolio management services to the Fund. Fiera is one of the largest independent money managers in Canada with over $58 billion in assets under management as at December 31, 2012, including approximately $1.75 billion in preferred securities.

The syndicate of agents for this offering is being led by CIBC, National Bank Financial Inc., and RBC Capital Markets, and includes BMO Capital Markets, GMP Securities L.P., Scotiabank, TD Securities Inc., Macquarie Private Wealth Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Corporation, and Manulife Securities Inc.

An amended and restated preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the dealers noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

SOURCE: North American Preferred Share Fund

please call Krista Matheson, Senior Vice President, Propel Capital at 416-572-2431 or visit www.propelcapital.ca