/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 1 /CNW/ - Marret Asset Management Inc. ("Marret") is
pleased to announce that the syndicate of agents for the initial public
offering of Marret Multi-Strategy Income Fund (TSX:MMF.UN) (the "Fund")
has exercised part of its over-allotment option and acquired an
additional 555,000 Class A units of the Fund for gross proceeds of
$6,660,000. In total, Marret Multi-Strategy Income Fund has issued
14,628,451 Class A units and 1,761,549 Class F units (collectively, the
"Units") at a price of $12.00 per unit for total gross proceeds of
$196,680,000. The Class A units are listed on the Toronto Stock
Exchange under the symbol MMF.UN. The Class F units are designed for
fee based and/or institutional accounts and will not be listed on a
stock exchange, but are convertible into Class A units on a monthly
The Fund has been created to provide investors with attractive, risk
adjusted returns and tax advantaged distributions and the opportunity
for capital appreciation through exposure through a forward agreement
to five diversified, actively managed investment portfolios consisting
primarily of income generating securities. The five separate portfolios
are managed by: (i) Barry Allan of Marret; (ii) Paul Sandhu of Marret;
(iii) Brad Dunkley and Blair Levinsky of WARATAH Capital Advisors Ltd.;
(iv) John Schumacher and Michael MacBain of East Coast Fund Management
Inc.; and (v) Michael Ruscetta of RCM Partners Inc.
The Fund seeks to achieve the following investment objectives: (i)
generate equity-like returns with substantially less volatility than
the S&P/TSX Composite Index; and (ii) provide unitholders of the Fund
with attractive, risk-adjusted, quarterly, tax advantaged cash
distributions, initially targeted to be 5% per annum on the original
issue price of $12.00 per Unit.
The syndicate of agents for the offering was led by RBC Capital Markets
and includes CIBC, GMP Securities L.P., TD Securities Inc., BMO Capital
Markets, Scotia Capital Inc., Dundee Securities Ltd., HSBC Securities
(Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp.,
Raymond James Ltd., Wellington West Capital Markets Inc., Macquarie
Private Wealth Inc. and Manulife Securities Incorporated.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
the registration requirements. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall there
be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Marret Asset Management Inc.
Marret Asset Management Inc. is an employee-owned firm based in Toronto
and has over $5.2 billion of assets under management. Marret and its
experienced team of investment professionals led by Barry Allan
specialize exclusively in fixed income and, particularly, in high yield
debt strategies. Barry Allan, the President and Chief Investment
Officer, founded Marret in 2000, following a career at Altamira,
Nesbitt Thomson and a Canadian chartered bank. Mr. Allan has over 30
years of experience in credit and fixed income markets.
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", "estimates", "will", "target" and
similar expressions. The forward-looking statements are not historical
facts but reflect the current expectations of Marret and the portfolio
managers 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.
Marret believes that the expectations reflected in forward-looking
statements are based upon reasonable assumptions; however, Marret 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, including the matters
discussed under "Risks Factors" in the prospectus of the Fund,
available at www.sedar.com. 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. Marret 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
SOURCE Marret Asset Management Inc.
For further information:
For further information on the Fund, contact Lara Misner at 416.306.3895, firstname.lastname@example.org, or Marcus Spain at 416.306.3894, email@example.com, or about Marret, go to www.marret.com