(Source: Canada Newswire)
TORONTO, Nov. 4 /CNW/ - Connor, Clark & Lunn Capital Markets Inc.
(the "Manager") is pleased to announce that the syndicate of agents
for the initial public offering of North American Financials Capital
Securities Trust (the "Fund") has exercised its over-allotment
option and acquired an additional 158,940 Class A Units of the Fund.
In total, the Fund issued 2,158,940 Class A Units and 32,860 Class F
Units (collectively the "Units") at a price of $25.00 per Unit for
gross proceeds of $54,795,000. The Class A Units are listed on the
Toronto Stock Exchange ("TSX") under the symbol of NAF.UN. Class F
Units will not be listed on a stock exchange but may be converted
into Class A Units on a weekly basis.
The Fund's investment objectives are to (i) provide Unitholders
with attractive tax-advantaged quarterly cash distributions, and
(ii) return to Unitholders the original issue price of the Units
upon termination of the Fund on November 30, 2014. Distributions are
initially targeted to be $1.50 per annum per Unit consisting
primarily of returns of capital, representing a yield on the Unit
issue price of 6.0% per annum.
The Fund will seek to achieve its investment objectives through
exposure to an actively managed portfolio consisting primarily of
Investment Grade Capital Securities of the six largest Canadian
banks, large Canadian insurance companies and U.S. financial
institutions with a minimum issuer rating of "A" by S&P.
Connor, Clark & Lunn Investment Management Ltd. acts as Portfolio
Manager to the Fund. The Portfolio Manager, part of the Connor,
Clark & Lunn Financial Group, was established in March 1982 and has
offices in Vancouver and Toronto. The Portfolio Manager managed
assets worth approximately $19.2 billion as at September 30, 2009,
approximately $6.4 billion of which is in fixed income securities.
The Units were offered for sale by a syndicate of agents led by
BMO Capital Markets and Scotia Capital Inc., and includes CIBC World
Markets Inc., RBC Capital Markets, National Bank Financial Inc., TD
Securities Inc., HSBC Securities (Canada) Inc., Blackmont Capital
Inc., Canaccord Capital Corporation, Dundee Securities Corporation,
GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc.,
Research Capital Corporation and Wellington West Capital Markets
Inc.
(c) 2009 Canada Newswire. Provided by ProQuest LLC. All rights Reserved.
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