TORONTO, Feb. 27 /CNW/ - O'Leary Funds Management LP is pleased to
announce that the O'Leary Global Income Opportunities Fund (the "Fund") has
completed today its initial public offering of 8.5 million Units at a price of
$12.00 per Unit for aggregate gross proceeds of $102 million. The Fund has
granted the agents an over-allotment option to acquire up to an additional
Each Unit consists of one transferrable trust unit (a "Trust Unit") and
one purchase warrant (a "Warrant"). 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 March 31, 2010. The Units will separate into Trust
Units and Warrants upon the earlier of the closing of the over-allotment
option and 30 days following the closing. Once separated, the Trust Units and
the Warrants will trade on the Toronto Stock Exchange independently under the
symbols: OGO.un and OGO.wt.
The initial monthly cash distribution of $0.06 per Unit is payable on
April 15, 2009 to unitholders of record on March 31, 2009.
The Fund has been created to invest globally primarily in publicly-traded
investment grade corporate bonds, convertible debt securities, preferred
shares and dividend-paying equity securities of issuers having market
capitalizations of at least $1 billion. The Fund will permit investors to
capitalize on the knowledge and capabilities of Stanton Asset Management Inc.
(the "Portfolio Advisor") and Savtrev, Inc. ("O'Leary") who will work together
to identify securities providing income and the potential for capital
appreciation. The Portfolio Advisor and O'Leary believe that a portfolio of
corporate bonds, convertible debt securities, preferred shares and
dividend-paying equities, diversified by region, by country and by sector will
provide investors with the opportunity to earn attractive total returns and
income, while diversifying risk.
The Fund's investment objectives are:
(i) to maximize total return for holders of Trust Units
("Unitholders"), consisting of interest and dividend income and
capital appreciation; and
(ii) 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 syndicate of agents was co-led by CIBC World Markets Inc. and RBC
Capital Markets and includes BMO Capital Markets, Scotia Capital Inc.,
National Bank Financial Inc., Blackmont Capital Inc., Wellington West Capital
Markets Inc., Canaccord Capital Corporation, Dundee Securities Corporation,
HSBC Securities (Canada) Inc. and Raymond James Ltd.
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.
All capitalized terms noted herein but not defined are as per the
prospectus dated January 29, 2009.
For further information:
For further information: Brett Berman, Executive Director, O'Leary Funds
Management LP at firstname.lastname@example.org or at (416) 464-9422; For additional
information: please contact your IDA registered financial advisor or Alexander
Price at O'Leary Funds Management LP at email@example.com or at