Brand Leaders Income Fund Raises an Additional $1,216,536 for Total Gross Proceeds of $31,216,536 as the Over-Allotment Optio...
03 August 2011 - 11:19PM
PR Newswire (Canada)
TORONTO, Aug. 3, 2011 /CNW/ -- TORONTO, Aug. 3, 2011 /CNW/ -
Harvest Portfolios Group Inc. (the "Manager") is pleased to
announce that Brand Leaders Income Fund (the "Fund") issued an
additional 101,378 Units of the Fund today pursuant to the exercise
by the Agents of their Over-Allotment Option. Total gross proceeds
raised by the Fund in its initial public offering were $31,216,536.
The Units are now trading on the Toronto Stock Exchange under the
symbol HBL.UN. The Fund's investment objectives are to provide
Unitholders with: (i) monthly cash distributions; (ii) the
opportunity for capital appreciation; and (iii) lower overall
volatility of Portfolio returns than would otherwise be experienced
by owning Equity Securities of the Brand Leaders directly. The Fund
will invest in an equally-weighted portfolio of Equity Securities
of 15 Brand Leaders from the Brand Leaders Investable Universe that
have a market capitalization of at least US$10 billion at the time
of investment and meet certain investment characteristics. In order
to seek to generate additional returns, Highstreet Asset Management
Inc. (the "Investment Manager" or "Highstreet") will sell
"at-the-money" call options each month on Equity Securities held in
the Portfolio. The initial targeted monthly distributions for the
12 months ended August 2012 are $0.065 per Unit. The initial
monthly cash distribution of $0.065 per Unit is payable on
September 15, 2011 to Unitholders of record on August 31, 2011.
Highstreet will be responsible for the execution of the Fund's
overall investment strategy, including managing the composition of
the Portfolio. The syndicate of agents for the offering was co-led
by BMO Capital Markets and CIBC, and includes RBC Capital Markets,
Scotia Capital Inc., National Bank Financial Inc., TD Securities
Inc., Canaccord Genuity Corp., HSBC Securities (Canada) Inc.,
Dundee Securities Ltd., GMP Securities L.P., Raymond James Ltd.,
Wellington West Capital Markets Inc., Desjardins Securities Inc.,
Industrial Alliance Securities Inc. and Macquarie Private Wealth
Inc. (collectively, the "Agents"). Counsel on behalf of the Fund
and the Manager is Borden Ladner Gervais LLP and counsel on behalf
of the Agents is Blake, Cassels & Graydon LLP. 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 Manager and/or the
Investment Manager. The forward-looking statements are not
historical facts but reflect the Fund's, the Manager and/or the
Investment Manager'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 the
Fund, the Manager and/or the Investment Manager 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. The Fund, the Manager and/or the Investment Manager
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 defined in the Fund's prospectus
dated June 29, 2011. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/August2011/03/c9046.html
p please contact Michael Kovacs of Harvest Portfolios Group Inc.
at a href="mailto:mkovacs@harvestportfolios.com"
cr="true"mkovacs@harvestportfolios.com/a or at 1-866-998-8298; or
for additional information please contact your registered financial
advisor. /p
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