/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES./
TORONTO, June 8, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets Inc.
(the "Manager") is pleased to announce that the syndicate of agents for
the initial public offering of Canadian 50 Advantaged Preferred Share
Fund (the "Fund") has exercised its over-allotment option and acquired
an additional 94,623 Class A Units of the Fund. The Fund raised total
gross proceeds of $67,409,275 from the sale of 2,494,623 Class A Units
and 201,748 Class F Units, each at a price of $25.00 per Unit. The
Class A Units are listed on the Toronto Stock Exchange ("TSX") under
the symbol CPF.UN. Class F Units will not be listed but may be
converted into Class A Units on a weekly basis.
The Fund's investment objectives are to provide (i) tax-advantaged
quarterly cash distributions consisting primarily of returns of
capital; and (ii) low-cost exposure to the total return approximating
that of the BMO Capital Markets 50 Preferred Share Index (the
"Preferred Share 50 Index"). Based on current estimates and the
assumptions set out in the prospectus, the Fund's initial distribution
target is expected to be $0.3125 per Unit per quarter representing an
initial yield on the Unit issue price of 5.0% per annum, consisting
primarily of returns of capital which are not immediately taxable but
which reduce a Unitholder's adjusted cost base of its Units.
The Preferred Share 50 Index is a market value weighted index created in
1992 to provide a benchmark representing the Canadian preferred share
market and includes 50 Canadian preferred share issues that are listed
on the TSX which satisfy specific inclusion criteria. Since its
inception, the Preferred Share 50 Index has generated an annualized
return of 5.62% per year to April 30, 2012.
Connor, Clark & Lunn Capital Markets Inc. will act as manager and
portfolio manager of the Fund. The Manager is part of the Connor, Clark
& Lunn Financial Group, a multi-boutique asset management firm. BMO
Asset Management Inc. has been retained to manage the Portfolio and is
an indirect, wholly-owned subsidiary of the Bank of Montreal.
The Units were offered for sale by a syndicate of agents co-led by BMO
Capital Markets, CIBC and RBC Capital Markets, and including
Scotiabank, TD Securities Inc., National Bank Financial Inc., GMP
Securities L.P., Macquarie Private Wealth Inc., Canaccord Genuity
Corp., Raymond James Ltd. and Mackie Research Capital Corporation.
Commissions, management fees and expenses all may be associated with
investment funds. Please read the Fund's publicly filed documents which
are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently
and past performance may not be repeated.
SOURCE Canadian 50 Advantaged Preferred Share Fund
For further information:
please visit www.cclcapitalmarkets.com or contact:
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258