TORONTO, Dec. 8, 2014 /CNW/ - This press release is issued, jointly, by RBC Dominion Securities Inc. and RBC Private Counsel (USA) Inc., both wholly-owned, indirect subsidiaries of Royal Bank of Canada (together, the "Offeror"), pursuant to the early warning requirements of applicable securities legislation and National Instrument 62-103 with respect to units of Advantaged Preferred Shares Trust (the "Company").
Between March 1, 2012 and March 31, 2012, the Offeror had acquired a net total of 6,400 units of the Company, resulting in the Offeror having control or direction over 247,296 units of the Company as of March 31, 2012, representing approximately 10.07 per cent of the outstanding units of the Company (based on the number of outstanding units of the Company at that time). Between April 1, 2012 and December 4, 2014, the Offeror acquired an additional net total 85,585 units of the Company, resulting in the Offeror having control or direction over 332,881 units of the Company as of December 4, 2014, representing 17.29 per cent of the outstanding units of the Company.
The units acquired between March 1, 2012 and March 31, 2012 through ordinary course trading were acquired by the Offeror on the Toronto Stock Exchange for an average price of approximately $22.94 per unit of the Company.
The units acquired between April 1, 2012 and December 4, 2014 through ordinary course trading were acquired by the Offeror on the Toronto Stock Exchange for an average price of approximately $22.08 per unit of the Company.
The Offeror exercises control or direction, but not ownership, over all of the units of the Company referred to above on behalf of client accounts over which it has discretionary trading authority.
The Offeror acquired units of the Company in several transactions in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over the Company. The Offeror may from time to time, on its own behalf or on behalf of client accounts, acquire additional units of the Company, dispose of some or all of the existing or additional units or may continue to hold the units.
A copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with this acquisition is available under the Company's profile on the SEDAR website at www.sedar.com.
For further information:
Joseph Hillier, Counsel, Royal Bank of Canada, 416-974-4789