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TORONTO, Oct. 29, 2012 /CNW/ - First National Asset Management Inc. is pleased to announce that First National Mortgage Investment Fund (the "Fund") has filed a preliminary prospectus dated October 25, 2012 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of units of the Fund (the "Units") at $10 per Unit.
The Fund has been created to obtain economic exposure to a diversified portfolio of mortgages originated by First National Financial LP, a wholly owned subsidiary of First National Financial Corporation.
The Fund's investment objectives are to:
|(i)||provide holders of the Units with tax-advantaged monthly cash distributions; and|
The distributions are initially targeted to be 6.0% per annum on the subscription price of $10.00 per Unit ($0.05 per Unit per month or $0.60 per annum). Commencing in December 2013, the Fund will announce, at least annually, the expected distribution amount for the following twelve months.
Stone Asset Management Limited will act as manager and portfolio manager of the Fund.
First National Financial Corporation is a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages.
The syndicate of agents for this offering is being co-led by RBC Capital Markets, CIBC and TD Securities Inc., and includes BMO Capital Markets, National Bank Financial Inc., Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Macquarie Private Wealth Inc.
For additional information, please contact Robert Inglis at First National Financial Corporation or visit www.firstnational.ca.
About First National Financial Corporation
First National Financial Corporation (TSX: FN) is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single-family and multi-unit) and commercial mortgages. With over $63 billion in mortgages under administration, First National is Canada's largest non-bank originator and underwriter of mortgages and is among the top three in market share in the mortgage broker distribution channel. For more information, please visit www.firstnational.ca.
About Stone Asset Management Limited
Stone Asset Management Limited manages a family of open-ended mutual funds, a series of flow-through limited partnerships and a TSX-listed investment fund. SAM specializes in structuring and managing high quality investment products and currently has approximately $685 million in assets under management.
SOURCE: First National Financial Corporation
Chief Financial Officer
First National Financial Corporation