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Canadian 50 Advantaged Preferred Share Fund Announces Exchange Ratios


News provided by

Connor, Clark & Lunn Capital Markets Inc.

Apr 27, 2012, 18:58 ET

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

Darren Cabral
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258
[email protected]

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Connor, Clark & Lunn Capital Markets Inc.

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