TORONTO, April 8 /CNW/ - O'Leary Funds Management LP (the "Manager") is
pleased to announce that a preliminary prospectus for the O'Leary Canadian
Income Opportunities Fund (the "Fund") has been filed with, and a receipt
therefore issued by, the securities regulatory authorities in each of the
provinces of Canada.
The Fund's investment objectives are:
1. to maximize total return for holders of Trust Units ("Unitholders"),
consisting of interest and dividend income and capital appreciation;
2. to provide Unitholders with monthly distributions initially targeted
to be $0.09 per Trust Unit ($1.08 per annum representing an annual
cash distribution of 9.0% based on the $12.00 per Unit issue price).
The Fund has been created to invest in an actively managed portfolio
comprised primarily of publicly-traded securities of mid and large-cap issuers
domiciled in Canada providing investors with both income and potential for
capital appreciation. The Fund will invest primarily in corporate bonds,
convertible debt securities, preferred shares, as well as income trust units
and dividend-paying equity securities of such issuers. The Manager has
appointed Stanton Asset Management Inc. ("Stanton") to provide investment
advisory services to the Fund. Stanton will work with Savtrev Inc. ("O'Leary")
to identify securities providing income and the potential for capital
The Fund is an investment trust governed by the laws of the Province of
Ontario which proposes to issue units (the "Units") of the Fund (the
"Offering") at a price of $12.00 per Unit. Each Unit consists of one
transferable trust unit ("Trust Unit") and one Trust Unit purchase warrant
("Warrant"). The Units will separate into Trust Units and Warrants upon the
earlier of the closing of the Over-Allotment Option and the 30th day following
the closing of the Offering. Each Warrant entitles the holder to purchase one
Trust Unit at a subscription price of $12.00 on or before 5:00 p.m. (Toronto
time) on November 30, 2010 (the "Warrant Expiry Time"). Warrants not exercised
by the Warrant Expiry Time will be void and of no value.
The syndicate of agents is co-led by CIBC World Markets Inc. and RBC
Capital Markets and includes BMO Capital Markets, National Bank Financial
Inc., Scotia Capital Inc., Blackmont Capital Inc., HSBC Securities (Canada)
Inc., Raymond James Ltd., Canaccord Capital Corporation, Dundee Securities
Corporation and Wellington West Capital Markets Inc.
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 O'Leary Funds LP'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 O'Leary Funds LP
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. O'Leary
Funds LP 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.
A preliminary prospectus dated April 3, 2009 containing important
information relating to these securities has been filed with securities
commissions or similar authorities in certain jurisdictions of Canada. The
preliminary prospectus is still subject to completion or amendment. Copies of
the preliminary prospectus may be obtained from any of the Agents. 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.
All capitalized terms noted herein but not defined are as per the
preliminary prospectus dated April 3, 2009.
For further information:
For further information: For media inquiries or additional information:
please contact Alexander Price at O'Leary Funds at firstname.lastname@example.org or
at (877) 849-2004 x226; or for additional information: please contact your IDA
registered financial advisor.