/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES./
TORONTO, Feb. 27, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets Inc.
(the "Manager") is pleased to announce the syndicate of agents for the
initial public offering of Low Volatility Canadian Equities Income Fund
(the "Fund") has exercised a portion of its over-allotment option and
acquired an additional 86,505 Units. In total, the Fund raised gross
proceeds of $30,865,050 from the sale of 3,086,505 Units at a price of
$10.00 per Unit. The Units are listed on the Toronto Stock Exchange
("TSX") under the symbol LOW.UN. The most recent closing price of the
Units on the TSX was $10.50.
The Fund has been created to invest in an equally-weighted portfolio
comprised of the 30 equity securities which have the lowest volatility
of those securities included in the S&P/TSX Composite Index that have a
minimum specified current yield at the time of investment. The Manager
will write covered call options from time to time on up to 25% of the
Portfolio in order to seek to earn income from option premiums to
supplement the dividends and distributions generated by the Portfolio
and to further decrease the overall volatility of returns associated
with the Portfolio Securities.
The Fund's investment objectives are to provide Unitholders with: (i)
stable monthly distributions; (ii) the opportunity for capital
appreciation; and (iii) an investment in a portfolio of Canadian equity
securities that exhibit low volatility of returns. Based on current
estimates and the assumptions set out in the final prospectus, the
Fund's initial distribution target is expected to be $0.05 per Unit per
month, representing an initial yield on the Unit issue price of 6.0%
Connor, Clark & Lunn Capital Markets Inc. will act as Manager of the
Fund. The Manager is also the manager of a variety of funds and is part
of the Connor, Clark & Lunn Financial Group, a multi-boutique asset
The Units were offered for sale by a syndicate of agents co-led by BMO
Capital Markets, CIBC and RBC Capital Markets, and including TD
Securities Inc., GMP Securities L.P., National Bank Financial Inc.,
Scotia Capital Inc., HSBC Securities (Canada) Inc., Macquarie Private
Wealth Inc., Raymond James Ltd., Canaccord Genuity Corp. and Mackie
Research Capital Corporation.
Commissions, trailing commissions, management fees and expenses all may
be associated with investment funds. Please read the Fund's publicly
filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently
and past performance may not be repeated.
SOURCE Low Volatility Canadian Equities Income Fund
For further information:
please visit www.cclcapitalmarkets.com or contact:
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258