TORONTO, Oct. 22, 2013 /CNW/ - Lysander Funds Limited ("Lysander") is
pleased to announce that Canso Select Opportunities Fund (the "Fund")
has completed its initial public offering of 8,210,844 Class A units
and 789,156 Class F units (collectively, the "Units") at a price of
$10.00 per Unit. The Class A units commence trading on the Toronto
Stock Exchange on October 22, 2013 under the symbol SCW.UN. The Class F
units are designed for fee-based and/or institutional accounts and will
not be listed on a stock exchange, but are convertible into Class A
units on a monthly basis.
The Fund will seek to achieve the following investment objectives: (i)
maximize long-term total returns to holders of Units ("Unitholders");
and (ii) provide Unitholders with attractive monthly cash
distributions, initially targeted at $0.50 per Unit per annum (5.0%
yield on issue price), by investing in an actively managed, diversified
portfolio consisting primarily of Canadian and global debt and equity
securities (the "Portfolio").
The Portfolio will be actively managed by Canso Investment Counsel Ltd.
("Canso"). Canso was founded by John Carswell in 1997 and has over $10
billion in assets currently under management.
The Fund has granted the agents for the offering an over-allotment
option to acquire up to an additional 15% of the Class A units issued
at a price of $10.00 per Class A unit exercisable anytime during the
next thirty days.
The syndicate of agents for the offering is being led by RBC Capital
Markets and includes CIBC, Scotiabank, GMP Securities L.P., BMO Capital
Markets, National Bank Financial Inc., TD Securities Inc., Canaccord
Genuity Corp., Macquarie Private Wealth Inc. and Raymond James Ltd.
Certain statements in this press release are forward-looking statements,
including those identified by the expressions "anticipate", "believe",
"plan", "estimate", "expect", "intend", "target", "seek", "will" and
similar expressions to the extent they relate to the Fund, Lysander or
Canso. Forward-looking statements are not historical facts but reflect
the current expectations of the Fund, Lysander or Canso regarding
future results or events. Such forward-looking statements reflect the
Fund's, Lysander's or Canso's current beliefs and are based on
information currently available to them. Forward-looking statements
involve significant risks and uncertainties. A number of factors could
cause actual results or events to differ materially from current
expectations including global economic conditions. Some of these risks,
uncertainties and other factors are described in the prospectus of the
Fund dated September 25, 2013 under the heading "Risk Factors".
Although the forward-looking statements contained in this press release
are based upon assumptions that the Fund, Lysander and Canso believe to
be reasonable, none of the Fund, Lysander and Canso can assure
investors that actual results will be consistent with these
forward-looking statements. The forward-looking statements contained
herein were prepared for the purpose of providing prospective investors
with information about the Fund and may not be appropriate for other
purposes. None of the Fund, Lysander and Canso assumes any obligation
to update or revise them to reflect new events or circumstances, except
as required by law.
SOURCE: Lysander Funds Limited
For further information:
Lysander Funds Limited
Raj Vijh, Chief Financial Officer