Top 20 Dividend Trust Announces Exchange Ratios

TORONTO, June 13, 2012 /CNW/ - Scotia Managed Companies Administration Inc., on behalf of Top 20 Dividend Trust (the "Fund"), is pleased to announce the exchange ratios for the securities of the Exchange Eligible Issuers that the Fund may acquire under the offering pursuant to an exchange of such securities (the "Exchange Option").

The Fund is offering units (the "Units") at a price of $10.00 per Unit. The offering is expected to close on or about June 20, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing the Units under the symbol TTY.UN.

The Fund's investment objectives are to provide unitholders with: (i) stable monthly distributions; and (ii) the opportunity for capital appreciation. The Fund will invest the net proceeds of the offering in an equally-weighted portfolio comprised of the 20 highest yielding equity securities included in the S&P/TSX 60 Index. The S&P/TSX 60 Index consists of the 60 largest and most liquid issuers on the TSX and is generally maintained to have sector weights in line with the S&P/TSX Composite Index.

The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer was determined by dividing the volume weighted average trading price of such securities on the TSX during the three consecutive trading days ending on June 12, 2012, as adjusted to reflect dividends and distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratios are rounded down to four decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the pricing period and its Exchange Ratio.

Exchange Eligible
TSX Symbol CUSIP ISIN Volume Weighted
Average Trading
Price ($)
Exchange Ratio
ARC Resources Ltd. ARX 00208D408 CA00208D4084 19.8992 1.9899
Bank of Montreal BMO 063671101 CA0636711016 54.2774 5.4277
Bank of Nova Scotia BNS 064149107 CA0641491075 51.8279 5.1827
BCE Inc. BCE 05534B760 CA05534B7604 41.3918 4.1391
Canadian Imperial Bank of Commerce CM 136069101 CA1360691010 70.6045 7.0604
Canadian Oil Sands Ltd. COS 13643E105 CA13643E1051 19.2055 1.9205
Enerplus Corp. ERF 292766102 CA2927661025 13.5047 1.3504
Husky Energy Inc. HSE 448055103 CA4480551031 23.9016 2.3901
Manulife Financial Corp. MFC 56501R106 CA56501R1064 10.8473 1.0847
National Bank of Canada NA 633067103 CA6330671034 73.2497 7.3249
Penn West Petroleum Ltd. PWT 707887105 CA7078871059 13.7190 1.3719
Power Corp. of Canada POW 739239101 CA7392391016 23.0763 2.3076
Rogers Communications Inc. RCI/B 775109200 CA7751092007 35.0567 3.5056
Royal Bank of Canada RY 780087102 CA7800871021 50.3870 5.0387
Shaw Communications Inc. SJR/B 82028K200 CA82028K2002 19.1881 1.9188
Sun Life Financial Inc. SLF 866796105 CA8667961053 21.6241 2.1624
TELUS Corp. T 87971M103 CA87971M1032 58.9534 5.8953
Thomson Reuters Corporation TRI 884903105 CA8849031056 29.0034 2.9003
TransAlta Corporation TA 89346D107 CA89346D1078 17.4526 1.7452
TransCanada Corporation TRP 89353D107 CA89353D1078 42.3361 4.2336

The Units are being offered for sale by a syndicate of agents led by Scotiabank and including BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.

SOURCE Top 20 Dividend Trust

For further information:

Investor Relations
Top 20 Dividend Trust
Tel: (416) 863-7801

Profil de l'entreprise

Top 20 Dividend Trust

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