MONTREAL, Jan. 17, 2012 /CNW/ - O'Leary Funds Management LP (the
"Manager") is pleased to announce that the O'Leary Canadian Diversified
Income Fund (the "Fund") has closed today its initial public offering
(the "Offering") of 2,000,000 units at a price of $12.00 per unit (the
"Units") for aggregate gross proceeds of $24 million. The Fund has
granted the agents an overallotment option exercisable in whole or in
part for a period of 30 days following the closing of the Offering to
acquire up to an additional 300,000 units.
The Fund was created to invest in investment grade and high yield
corporate bonds and dividend-paying equity securities primarily of
large and mid-cap Canadian issuers, and to a lesser extent of
dividend-paying equity securities of large-cap U.S. issuers.
The Fund's investment objectives are: (i) to provide holders of Units
with monthly distributions; and (ii) to preserve capital.
The Fund is an investment trust governed by the laws of the Province of
Ontario. The initial monthly distributions are targeted to be $0.06
per Unit ($0.72 per annum representing an annual cash distribution of
6.0% based on the $12.00 per Unit issue price).
The Manager has retained Stanton Asset Management Inc. (the "Portfolio
Advisor") to provide investment advisory services to the Fund. The
Portfolio Advisor is a Canadian investment firm focused on global
investment opportunities, and is also the manager of a variety of
The syndicate of agents was co-led by CIBC and RBC Capital Markets, and
included National Bank Financial Inc., BMO Capital Markets, Scotia
Capital Inc., TD Securities Inc., Macquarie Private Wealth Inc.,
Raymond James Ltd., Canaccord Genuity Corp., GMP Securities L.P.,
Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research
Capital Corporation, Manulife Securities Incorporated and MGI
Securities Inc. (collectively, the "Agents").
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Fund. The forward-looking
statements are not historical facts but reflect the Manager's current
expectations regarding future results or events. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results or events to differ materially from current
expectations. Although the Manager believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The Manager
undertakes no obligation to update publicly or otherwise revise any
forward-looking statement or information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law.
This Offering is only made by a prospectus dated December 21, 2011. The
prospectus contains important information relating to these securities.
Copies of the prospectus may be obtained from any of the Agents.
Investors should read the prospectus before making an investment
All capital terms noted herein but not defined are as per the prospectus
dated December 21, 2011.
SOURCE O'Leary Funds Management LP
For further information:
for media inquiries or additional information: please contact O'Leary Funds at email@example.com or at 1-877-849-2004 x226.