OMEGA ADVISORS U.S. CAPITAL APPRECIATION FUND FILES PRELIMINARY PROSPECTUS
FOR INITIAL PUBLIC OFFERING
/NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRE SERVICES/
TORONTO, Nov. 15 /CNW/ - Omega Advisors U.S. Capital Appreciation Fund (the "Fund") is pleased to announce that it has filed and received a receipt for its preliminary prospectus from the securities regulatory authority in each province and territory of Canada. The offering is being made through a syndicate of investment dealers led by Scotia Capital Inc.
The Fund has been created to provide investors with access to the investment strategies of Omega Advisors, Inc. ("Omega"), headed by veteran fund manager Leon G. Cooperman and his portfolio management team. Mr. Cooperman, founder and Chief Investment Officer of Omega brings to the Fund more than 43 years of investment research, wealth management and portfolio management experience investing in the United States and other global capital markets.
The Fund proposes to issue Combined Units at a price of $10.00 per Combined Unit. Each Combined Unit consists of one transferable, redeemable Unit and one transferable Warrant for one Unit.
The Fund's investment objective is to achieve above-average capital growth through investments in securities and other instruments, including equities, equity-related securities, bonds and other fixed income securities, futures and forward contracts, other derivative instruments, currencies and commodities. The Fund's investment strategy is to focus on value-based investment opportunities primarily involving securities of U.S. companies and, to a lesser extent, non-U.S. companies, with large to medium market capitalization in various sectors.
Artemis Investment Management Limited ("Artemis") is the Fund's manager and will retain Omega to manage the Fund's portfolio and implement the Fund's investment strategy.
Artemis is a Canadian-based investment manager that seeks to provide investors with the opportunity to achieve world-class portfolio allocation by facilitating efficient access to alternative investment opportunities. Artemis' mandate is to provide access to long-term superior investment returns generated by leading managers of alternative investment funds.
Omega is a private investment management firm formed in 1991 and is headquartered in New York. As at September 30, 2010, Omega had total assets under management of approximately U.S. $4.9 billion. Mr. Cooperman, the founder of Omega, heads a team of 18 portfolio managers, some of whom are generalists while others focus on specific industry sectors. Prior to founding Omega, Mr. Cooperman was employed at Goldman, Sachs & Co. for 25 years where he held the positions of Chairman and Chief Executive Officer of Goldman Sachs Asset Management, Co-Chairman of the Investment Policy Committee and Chairman of the Stock Selection Committee.
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.
A preliminary prospectus containing important information relating to the Combined Units, Units and Warrants has been filed with securities commissions or similar authorities in each province and territory of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from your registered investment dealer. 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.
For further information: For further information: Trevor Maunder, Chief Executive Officer, Artemis Investment Management Limited, Phone: 647-477-4884, Email: [email protected]
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