TORONTO, Sept. 4 /CNW/ - O'Leary Funds Management LP (the "Manager") is
pleased to announce that a preliminary prospectus for the O'Leary Founder's
Series 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 Fund's investment objectives are:
1. to maximize total return for holders of Trust Units ("Unitholders"),
consisting of distributions, interest and dividend income and capital
2. to provide Unitholders with monthly distributions initially targeted
to be $0.06 per Trust Unit ($0.72 per annum representing an annual
cash distribution of 6.0% based on the $12.00 per Unit issue price).
The Fund has been created to invest in an actively managed portfolio
comprised primarily of publicly-traded corporate bonds, preferred securities
and dividend-paying common equity securities of mid and large-cap Canadian and
global issuers providing investors with both income and potential for capital
appreciation. The Manager has appointed Stanton Asset Management Inc.
("Stanton") to provide investment advisory services to the Fund. Stanton will
work with Savtrev, Inc. ("O'Leary") to identify securities providing income
and the potential for capital appreciation.
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 $11.50 on or before 5:00 p.m. (Toronto
time) on September 30, 2010 (the "Warrant Expiry Time"). Warrants not
exercised by the Warrant Expiry Time will be void and of no value.
The syndicate of agents is co-led by CIBC World Markets Inc. and RBC
Capital Markets and includes BMO Capital Markets, Scotia Capital Inc.,
Blackmont Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc.,
Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities
Corporation, Manulife Securities Incorporated, MGI Securities Inc., Raymond
James Ltd., Research Capital Corporation and Wellington West Capital Markets
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.
A preliminary prospectus dated September 3, 2009 containing important
information relating to these securities has been filed with securities
commissions or similar authorities in certain jurisdictions of Canada. The
preliminary prospectus is still subject to completion or amendment. Copies of
the preliminary prospectus may be obtained from any of the Agents. There will
not be any sale or any acceptance of an offer to buy the securities until a
receipt for the preliminary prospectus has been issued.
All capital terms noted herein but not defined are as per the preliminary
prospectus dated September 3, 2009.
For further information:
For further information: please contact Alexander Price at O'Leary Funds
at firstname.lastname@example.org or at (877) 849-2004 x226, or for additional
information: please contact your IDA registered financial advisor