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TORONTO, Nov. 29, 2013 /CNW/ - Strathbridge Asset Management Inc. (the "Manager") is pleased to announce that NDX Growth & Income Fund (the "Fund") has filed and received a receipt for its final prospectus from the security regulatory authority in each province of Canada for a maximum offering of $100 million of Class A units and $25 million of Class U units. The Fund is offering Class A units at a price of $10.00 per unit which is hedged back to the Canadian dollar and are to be listed on the TSX. The Fund is also offering Class U units at a price of US$10.00 per unit which pay distributions in U.S. dollars, are redeemable in U.S. dollars and convertible into the Class A units weekly. The TSX has conditionally approved the listing of the Class A units under the ticker symbol NGI.UN. Each unit initially pays a quarterly distribution of 6.00% annually of the issue price in their respective currencies.
The Fund's investment objectives are to provide Unitholders with (i) stable quarterly cash distributions; and (ii) the opportunity for capital appreciation.
The Fund will seek to achieve its investment objectives by investing in a portfolio consisting primarily of the top 20 highest yielding constituents of the NASDAQ-100 IndexSM. The NASDAQ 100 includes 100 of the largest U.S. domestic and international non-financial securities listed on The NASDAQ Stock Market based on market capitalization. Each top 20 security held in the portfolio shall at the time of purchase have a weighting of between 3% and 7% of the fund's Net Asset Value and will continue to be held in the portfolio until it is reconstituted. The portfolio will be reconstituted annually (portfolio constituents selected) on December 31 of each year to include the then top 20 highest yielding securities of the NASDAQ 100.
The Manager intends to strategically write covered call options from time to time, in respect of not more than 33% of the securities in the portfolio, in order to generate additional income above the distributions earned on the equity securities and to reduce the overall volatility of the portfolio.
The syndicate of agents for the offering is being co-led by Scotiabank, CIBC and RBC Capital Markets and includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Corporation and Mackie Research Capital Corporation.
The units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities legislation and they may not be offered or sold in the United States or to or for the account of a person in the United States or a U.S. person except in transactions exempt from the registration requirements of the 1933 Act and applicable state securities legislation.
The offering is made only by prospectus. A final prospectus containing important information about the securities being offered has been filed. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
SOURCE: NDX Growth & Income Fund
For further information:
please contact your financial advisor, call our investor relations line at 416.681.3966, toll free at 1.800.725.7172 or visit www.strathbridge.com.
President, Fund Services