TORONTO and MONTREAL, June 17, 2015 /CNW Telbec/ - The Canadian Preferred Share Trust (the "Fund") announces that it has extended the deadline for the deposit of exchange eligible securities with respect to the initial public offering (the "Offering") of Class A Units and Class F Units (collectively, the "Units"). The Fund is managed by Fiera Capital Corporation.
Prospective purchasers investing in the Fund under the exchange option are now permitted to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on June 24, 2015 in the manner described in the preliminary prospectus. The Fund will issue a press release as soon as practicable after the close of business on June 24, 2015 announcing for each of the exchange eligible securities, among other things, the exchange ratio. The exchange ratio will be determined by dividing the volume weighted average trading price for securities on the Toronto Stock Exchange or other applicable exchange during the period of three consecutive trading days ending on and including June 24, 2015, as adjusted to reflect distributions declared in respect to such securities that will not be received by the Fund, by $10.00.
The Fund has filed a preliminary prospectus dated May 27, 2015 with the securities regulatory authorities of all of the Canadian provinces and territories for the Offering. The Class F Units are designated for fee based and/or institutional accounts and will not be listed on a stock exchange but will be convertible into Class A Units on a weekly basis.
The Fund's investment objectives are to provide holders of Units with monthly cash distributions, preserve capital and provide the opportunity for capital appreciation and reduce the risk of rising interest rates by managing portfolio duration. The Fund has been created to invest in an actively managed portfolio comprised primarily of Canadian preferred shares. The Fund's distributions are initially targeted to be $0.0333 per Unit per month ($0.40 per annum) to yield 4.0% on the subscription price per Unit.
Fiera Capital is the manager, portfolio manager and promoter of the Fund. Fiera Capital is responsible for creating, structuring, managing and promoting the Fund and will also implement the Fund's investment strategies.
The syndicate of agents for this offering is being co-led by RBC Capital Markets and CIBC, and includes Scotiabank, National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd. and Manulife Securities Incorporated (collectively, the "Agents").
A preliminary prospectus containing important information relating to these units has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from one of the Agents. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.
About Fiera Capital
Fiera Capital Corporation is a leading publicly-traded, independent investment firm with offices in major financial centres across North America. Fiera Capital offers the full array of traditional and alternative investment solutions for institutional, private wealth and retail clients, as well as a proactive and tactical asset allocation process. In the U.S., asset management services are provided by Fiera Capital's U.S. subsidiaries, Bel Air Investment Advisors LLC and Wilkinson O'Grady & Co., Inc. For more information, visit www.fieracapital.com.
SOURCE Canadian Preferred Share Trust
For further information: Krista Matheson, Senior Vice President, Retail Markets, Fiera Capital at 416-955-4929 or visit www.fieracapital.com