TORONTO, June 13, 2012 /CNW/ - Scotia Managed Companies Administration Inc., on behalf of Top 20 Dividend Trust (the "Fund"), is pleased to announce the exchange ratios for the securities of the Exchange Eligible Issuers that the Fund may acquire under the offering pursuant to an exchange of such securities (the "Exchange Option").
The Fund is offering units (the "Units") at a price of $10.00 per Unit. The offering is expected to close on or about June 20, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing the Units under the symbol TTY.UN.
The Fund's investment objectives are to provide unitholders with: (i) stable monthly distributions; and (ii) the opportunity for capital appreciation. The Fund will invest the net proceeds of the offering in an equally-weighted portfolio comprised of the 20 highest yielding equity securities included in the S&P/TSX 60 Index. The S&P/TSX 60 Index consists of the 60 largest and most liquid issuers on the TSX and is generally maintained to have sector weights in line with the S&P/TSX Composite Index.
The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer was determined by dividing the volume weighted average trading price of such securities on the TSX during the three consecutive trading days ending on June 12, 2012, as adjusted to reflect dividends and distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratios are rounded down to four decimal places.
The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the pricing period and its Exchange Ratio.
| Exchange Eligible
|TSX Symbol||CUSIP||ISIN|| Volume Weighted
|ARC Resources Ltd.||ARX||00208D408||CA00208D4084||19.8992||1.9899|
|Bank of Montreal||BMO||063671101||CA0636711016||54.2774||5.4277|
|Bank of Nova Scotia||BNS||064149107||CA0641491075||51.8279||5.1827|
|Canadian Imperial Bank of Commerce||CM||136069101||CA1360691010||70.6045||7.0604|
|Canadian Oil Sands Ltd.||COS||13643E105||CA13643E1051||19.2055||1.9205|
|Husky Energy Inc.||HSE||448055103||CA4480551031||23.9016||2.3901|
|Manulife Financial Corp.||MFC||56501R106||CA56501R1064||10.8473||1.0847|
|National Bank of Canada||NA||633067103||CA6330671034||73.2497||7.3249|
|Penn West Petroleum Ltd.||PWT||707887105||CA7078871059||13.7190||1.3719|
|Power Corp. of Canada||POW||739239101||CA7392391016||23.0763||2.3076|
|Rogers Communications Inc.||RCI/B||775109200||CA7751092007||35.0567||3.5056|
|Royal Bank of Canada||RY||780087102||CA7800871021||50.3870||5.0387|
|Shaw Communications Inc.||SJR/B||82028K200||CA82028K2002||19.1881||1.9188|
|Sun Life Financial Inc.||SLF||866796105||CA8667961053||21.6241||2.1624|
|Thomson Reuters Corporation||TRI||884903105||CA8849031056||29.0034||2.9003|
The Units are being offered for sale by a syndicate of agents led by Scotiabank and including BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd. and Manulife Securities Incorporated.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
For further information:
Top 20 Dividend Trust
Tel: (416) 863-7801