/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
|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:
Vice President & CFO
Connor, Clark & Lunn Capital Markets Inc.
(416) 214-6182 or 1 (888) 276-2258