/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES OF AMERICA/
TORONTO, July 24, 2013 /CNW/ - Purpose Investments Inc. ("Purpose") is
pleased to announce that it has filed a final prospectus dated July 23,
2013 with the securities regulatory authorities of all of the Canadian
provinces and territories for U.S. dollar denominated Class U units and
Class V units (together the "USD Units") of the Limited Duration
Investment Grade Preferred Securities Fund (the "Fund") at a price of
U.S. $25.00 per USD Unit. The Toronto Stock Exchange has conditionally
approved the listing of the Class U units under the ticker "PFD.U". The
Fund will be managed by Purpose and the portfolio will be actively
managed by Nuveen Asset Management, LLC. The offering is expected to
close on August 9, 2013.
The Fund's investment objectives are to provide unitholders with: (i) a
stable stream of monthly distributions; (ii) to preserve the net asset
value per Unit; and (iii) to reduce the risk of rising interest rates
by managing portfolio duration. The initial distribution target for
the USD Units is U.S. $0.1198 per USD Unit per month or U.S. $1.4375
per annum representing a 5.75% annual distribution yield based on the
subscription price of U.S. $25.00 per USD Unit.
USD Units of the Fund are being offered on a best efforts basis in each
of the provinces and territories in Canada through a syndicate of
investment dealers co-led by TD Securities Inc., CIBC, RBC Capital
Markets, National Bank Financial Inc., Scotiabank and including BMO
Capital Markets, Canaccord Genuity Corp., GMP Securities L.P.,
Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins
Securities Inc., Dundee Securities Ltd., Mackie Research Capital
Corporation, Manulife Securities Incorporated and Rothenberg Capital
A final prospectus containing important information relating to these
securities has been filed with the securities commissions or similar
authorities in each of the provinces and territories of Canada. Copies
of the final prospectus may be obtained from one of the agents noted
above. Investors should read the final prospectus before making an
This press release is not an offer of securities for sale in the United
States. The USD Units being offered have not been and will not be
registered under the United States Securities Act of 1933 and
accordingly are not being offered for sale and may not be offered, sold
or delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or for
the account or for the benefit of a U.S. person, except pursuant to an
exemption from the registration requirements of that Act.
SOURCE: Purpose Investments Inc.
For further information:
President & CEO
Purpose Investments Inc.
Vice President, Marketing
Purpose Investments Inc.