TORONTO, Aug. 29, 2012 /CNW/ - Picton Mahoney Asset Management is pleased to announce that the Picton Mahoney Tactical Income Fund (the "Fund") has filed a preliminary prospectus dated August 24, 2012 with the securities regulatory authorities of all of the Canadian provinces and territories for an initial public offering of Class A units and Class F units (the "Units") at C$10.00 per Unit.
The Fund has been created to obtain exposure to a diversified portfolio of income producing securities (the "Portfolio") which will be actively managed and will primarily consist of long and short positions in North American high-yield and investment grade bonds and, to a more limited extent, government bonds, convertible bonds, preferred shares and dividend paying equities. The investment objectives of the Fund are:
(i) to provide holders of Units ("Unitholders") with sustainable tax-advantaged monthly distributions;
(ii) to preserve capital and mitigate risk with less volatility and less correlation to high-yield and equity markets; and
(iii) to maximize total return to Unitholders through distributions and capital appreciation.
The distributions are initially targeted to be 5.0% per annum on the subscription price of C$10.00 per Unit (C$0.04167 per Unit per month or C$0.50 per annum). Commencing in 2013, the Fund will announce, at least annually, the expected distribution amount for the following 12 months.
Picton Mahoney Asset Management is an investment manager with approximately $6 billion of assets under management. Led by David Picton, Picton Mahoney's 25 member investment team has expertise in Canadian, U.S. and International financial markets. Philip Mesman is responsible for Picton Mahoney's bond and income strategies and will be the lead portfolio manager of the Portfolio.
The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC, and includes TD Securities Inc., BMO Capital Markets, Macquarie Private Wealth Inc., Scotiabank, GMP Securities L.P., Canaccord Genuity Corp. and Raymond James Ltd.
A preliminary prospectus 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 above-mentioned agents. There will not be any sale or acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
SOURCE: Picton Mahoney Asset Management
For further information:
please contact Picton Mahoney at 1-866-369-4108 or visit us at www.pictonmahoney.com