Dividend Growth Split Corp. Closes Initial Public Offering at $37,000,000
03 Diciembre 2007 - 9:11AM
Marketwired
TORONTO, ONTARIO (TSX: DGS.PR.A) has completed its initial
public offering of 1,480,000 class A shares at $15.00 per share and
1,480,000 preferred shares at $10.00 per share for gross proceeds
of $37,000,000. The preferred shares have been rated Pfd-2 by
Dominion Bond Rating Service Limited. The class A shares and
preferred shares begin trading today on the Toronto Stock Exchange
under the symbols DGS and DGS.PR.A respectively.
Dividend Growth Split Corp. has been created to provide
investors with an investment in 20 large capitalization Canadian
equities that have demonstrated the highest dividend growth rates
over a five year period and have a current dividend yield of at
least 2% per annum, utilizing a split share structure on a low cost
basis.
Class A shareholders will receive the benefits of monthly cash
distributions targeted to be 8.0% per annum, low management fees
and the opportunity for growth in net asset value. Preferred
shareholders will receive attractive quarterly distributions of
5.25% per annum supported by the high credit quality of the
underlying assets. Highstreet Asset Management Inc. has been
retained to selectively write covered call and cash covered put
options to generate additional distributable income for the
fund.
The syndicate of agents for the offering was co-led by RBC
Capital Markets, CIBC World Markets Inc. and Scotia Capital Inc.
and includes TD Securities Inc., BMO Nesbitt Burns Inc., National
Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord
Capital Corporation, Desjardins Securities Inc., Dundee Securities
Corporation, Raymond James Ltd., Wellington West Capital Inc.,
Blackmont Capital Inc., IPC Securities Corporation and Research
Capital Corporation.
For further information, please contact your financial advisor
or visit our website at www.bromptongroup.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the fund's
publicly filed documents which are available from SEDAR at
www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Contacts: Brompton Funds Management Limited David E. Roode
Senior Vice-President (416) 642-6008 Website:
www.bromptongroup.com
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