TORONTO, Feb. 25 /CNW/ - O'Leary Funds Management LP is pleased to announce that a final prospectus for the initial public offering of the O'Leary BrIC-Plus Income & Growth Fund (the "Fund") has been filed with, and a receipt therefor issued by, the securities regulatory authorities in each of the provinces of Canada. The offering is expected to close on March 19, 2010.
The Fund is an investment trust governed by the laws of the Province of Ontario which proposes to issue units (the "Units") of the Fund (the "Offering") at a price of $12.00 per Unit. Each Unit consists of one transferable trust unit ("Trust Unit") and one Trust Unit purchase warrant ("Warrant"). The Units will separate into Trust Units and Warrants upon the earlier of the closing of the Over-Allotment Option and the 30th day following the closing of the Offering. Each Warrant entitles the holder to purchase one Trust Unit at a subscription price of $12.00 on or before 5:00 p.m. (Toronto time) on June 30, 2011 (the "Warrant Expiry Time"). Warrants not exercised by the Warrant Expiry Time will be void and of no value. The Fund's investment objectives are to:
(i) maximize total return for holders of Trust Units ("Unitholders"),
consisting of distributions, interest and dividend income and
capital appreciation; and
(ii) to provide Unitholders with monthly distributions initially targeted
to be $0.05 per Trust Unit ($0.60 per annum representing an annual
cash distribution of 5% based on the $12.00 per Unit issue price).
The Fund has been created to invest globally primarily in publicly-traded dividend-paying equity securities, preferred shares, convertible debt securities and corporate bonds of issuers having market capitalizations of at least $1 billion, and having significant operations or sales in major emerging markets such as Brazil, Russia, India and China, as well as other rapidly developing countries such as Taiwan, South Korea, Australia, Mexico and others.
Stanton Asset Management Inc. (the "Portfolio Advisor") believes that a shift in the leadership of the global economy is accelerating, with major developing economies outside the G-7 countries participating significantly in the current global economic recovery. Based on the IMF's world economic outlook, major emerging markets such as Brazil, Russia, India and China, as well as other rapidly developing countries such as Taiwan, South Korea, Australia, Mexico and others are generally expected to experience superior economic growth relative to developed markets in North America, Europe and Japan. The Portfolio Advisor believes that investors should gain exposure to these markets through a balanced approach in order to maximize the potential for long term gains while diversifying portfolio risk.
On or before April 1, 2012, the Fund will become an open-end mutual fund, the Trust Units of the Fund will be delisted and the Trust Units will become redeemable at their net asset value per Trust Unit on a daily basis.
The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Adams, HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Dundee Securities Corporation, GMP Securities L.P., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated, MGI Securities Inc. and Paradigm Capital Inc. (collectively, the "Agents").
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect O'Leary Funds Management LP's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although O'Leary Funds Management LP believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. O'Leary Funds Management LP undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This offering is only made by a prospectus dated February 24, 2010. The prospectus contains important information relating to these securities. Copies of the prospectus may be obtained from any of the Agents. Investors should read the prospectus before making an investment decision.
All capitalized terms noted herein but not defined are as per the prospectus dated February 24, 2010.
SOURCE O'Leary Funds Management LP
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