Canadian 50 Advantaged Preferred Share Fund Announces Exchange Ratios

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TORONTO, April 27, 2012 /CNW/ - Connor, Clark & Lunn Capital Markets Inc. (the "Manager"), on behalf of Canadian 50 Advantaged Preferred Share Fund (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 a closed-end investment fund established under the laws of the Province of Ontario which proposes to offer Class A Units and Class F Units (the "Units") at a price of $25.00 per Unit.  The offering is expected to close on or about May 18, 2012.  The Toronto Stock Exchange ("TSX") has conditionally approved the listing the Class A Units under the symbol CPF.UN. Class F Units will not be listed but may be converted into Class A Units on a weekly basis.

The Fund's investment objectives are to provide (i) tax-advantaged quarterly cash distributions consisting primarily of returns of capital; and (ii) low-cost exposure to the total return approximating that of the BMO Capital Markets 50 Preferred Share Index. Based on current estimates and the assumptions set out in the prospectus, the Fund's initial distribution target is expected to be $0.3125 per Unit per quarter representing an initial yield on the Unit issue price of 5.0% per annum, consisting primarily of returns of capital which are not immediately taxable but which reduce a Unitholder's adjusted cost base of its Units.

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 five consecutive trading days ending on April 26, 2012 (the "Pricing Period"), as adjusted to reflect dividends declared by any Exchange Eligible Issuer that will not be received by the Fund, by $25.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that were deposited under the Exchange Option and which have a record date before the date of the closing of the offering will be received by the prospective purchaser who deposited such securities and not by the Fund. 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 Issuers	TSX Symbol	CUSIP	ISIN	Volume Weighted Average Trading Price	Exchange Ratio
Brookfield Asset Management Inc., Series 2	BAM.PR.B	112585203	CA1125852030	18.3343	0.7333
Brookfield Asset Management Inc., Series 22	BAM.PR.P	112585120	CA1125851206	27.3677	1.0947
BCE Inc., Series AK	BCE.PR.K	05534B679	CA05534B6796	25.3918	1.0156
BCE Inc., Series AG	BCE.PR.G	05534B737	CA05534B7372	23.8653	0.9546
Bank of Montreal, Series 13	BMO.PR.J	063671812	CA0636718128	25.5654	1.0226
Bank of Montreal, Series 23	BMO.PR.P	063671747	CA0636717476	26.6052	1.0642
Bank of Nova Scotia, Series 14	BNS.PR.L	064149784	CA0641497841	25.7735	1.0309
Bank of Nova Scotia, Series 15	BNS.PR.M	064149776	CA0641497767	25.7575	1.0303
Bank of Nova Scotia, Series 32	BNS.PR.Z	064149610	CA0641496108	25.1447	1.0057
Canadian Imperial Bank of Commerce, Series 35	CM.PR.L	136069481	CA1360694816	27.0046	1.0801
Canadian Utilities Ltd, Series Y	CU.PR.C	136717691	CA1367176916	25.4024	1.0160
Enbridge Inc., Series B	ENB.PR.B	29250N709	CA29250N7099	25.5357	1.0214
Enbridge Inc., Series F	ENB.PR.F	29250N865	CA29250N8659	25.4046	1.0161
Great-West Lifeco Inc., Series I	GWO.PR.I	39138C866	CA39138C8667	23.5715	0.9428
Manulife Financial Corp., Series 1	MFC.PR.A	56501R304	CA56501R3045	25.8150	1.0326
Manulife Financial Corp., Series 2	MFC.PR.B	56501R403	CA56501R4035	23.5035	0.9401
Manulife Financial Corp., Series 4	MFC.PR.D	56501R809	CA56501R8093	26.9723	1.0788
National Bank of Canada, Series 15	NA.PR.K	633067715	CA6330677155	25.4442	1.0177
Power Financial Corp., Series E	PWF.PR.F	73927C886	CA73927C8869	25.2429	1.0097
Power Financial Corp., Series M	PWF.PR.M	73927C811	CA73927C8117	26.2754	1.0510
Royal Bank of Canada, Series AA	RY.PR.A	780085445	CA7800854456	25.6162	1.0246
Royal Bank of Canada, Series AB	RY.PR.B	780085247	CA7800852476	26.0535	1.0421
Royal Bank of Canada, Series AE	RY.PR.E	780102760	CA7801027607	25.5276	1.0211
Sun Life Financial Inc., Series 1	SLF.PR.A	866796204	CA8667962044	23.7630	0.9505
Sun Life Financial Inc., Series 2	SLF.PR.B	866796303	CA8667963034	23.7132	0.9485
Sun Life Financial Inc., Series 6R	SLF.PR.F	866796709	CA8667967092	26.6268	1.0650
Toronto-Dominion Bank,The, Series AG	TD.PR.G	891145799	CA8911457999	26.8096	1.0723
Toronto-Dominion Bank,The, Series AI	TD.PR.I	891145773	CA8911457734	26.9019	1.0760
Toronto-Dominion Bank,The, Series AK	TD.PR.K	891145740	CA8911457403	26.9404	1.0776

The Units are being offered for sale by a syndicate of agents co-led by BMO Capital Markets, CIBC and RBC Capital Markets, and including Scotiabank, TD Securities Inc., National Bank Financial Inc., GMP Securities L.P., Macquarie Private Wealth Inc., Canaccord Genuity Corp., Raymond James Ltd. and Mackie Research Capital Corporation.

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.

 

For further information:

For more information, please visit www.cclcapitalmarkets.com or contact:

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
[phone] or 1 [phone]
[email protected]