MONTREAL, Dec. 17 /CNW/ - O'Leary Funds Management LP (the "Manager") is
pleased to announce that the O'Leary Canadian Income Opportunities Fund
2 (the "Fund") has closed today its initial public offering (the
"Offering") of 11,500,000 units at a price of $12.00 per unit for
aggregate gross proceeds of $138 million. The Fund has granted the
agents an over-allotment option exercisable in whole or in part for a
period of 30 days following the closing of the Offering to acquire up
to an additional 1,725,000 units.
The Fund is an investment trust governed by the laws of the Province of
Ontario and was created to invest in an actively-managed portfolio
comprised primarily of publicly-traded securities of issuers domiciled
in Canada providing investors with both income and potential for
capital appreciation. The Fund's investment objectives are to: (i)
maximize total return for holders of trust units of the Fund
("Unitholders"), consisting of distributions, interest and dividend
income and capital appreciation; and (ii) initially provide Unitholders
with monthly distributions targeted to be $0.08 per Unit ($0.96 per
annum representing an annual cash distribution of 8% based on the
$12.00 per Unit issue price).
The Manager has retained Stanton Asset Management Inc. (the "Portfolio
Advisor") to provide investment advisory services to the Fund. The
Portfolio Advisor is a Canadian investment firm focused on global
investment opportunities, and is also the manager of a variety of
On or about December 14, 2012, the Fund will become an open-end mutual
fund, the Units of the Fund will be delisted and the Units will become
redeemable at their net asset value per Unit on a daily basis.
The syndicate of agents is co-led by CIBC and RBC Capital Markets and
includes National Bank Financial Inc., Scotia Capital Inc., Macquarie
Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd.,
Wellington West Capital Markets Inc., Dundee Securities Corporation,
GMP Securities L.P., HSBC Securities (Canada) Inc., MGI Securities
Inc., Desjardins Securities Inc., Mackie Research Capital Corporation
and Manulife Securities Incorporated (collectively, the "Agents").
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Fund. The forward-looking
statements are not historical facts but reflect the Manager's current
expectations regarding future results or events. 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. Although the Manager believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The Manager
undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
This offering is only made by a prospectus dated November 26, 2010. The
prospectus contains important information relating to these securities.
Copies of the prospectus may be obtained from any of the Agents.
Investors should read the prospectus before making an investment
All capitalized terms noted herein but not defined are as per the
prospectus dated November 26, 2010.
SOURCE O'LEARY CANADIAN INCOME OPPORTUNITIES FUND 2
For further information:
For further information: for media inquiries or additional information: please contact O'Leary Funds at firstname.lastname@example.org or at 1-877-849-2004 x226