TORONTO and MONTREAL, July 17, 2015 /CNW Telbec/ - Canadian Preferred Share Trust (the "Trust") announces it has issued an additional 222,012 Class A Units (the "Class A Units") pursuant to an exercise of the over-allotment option by the syndicate of agents. In total, the Trust raised over $92 million pursuant to its initial public offering (the "Offering").
The Class A Units are listed on the Toronto Stock Exchange under the symbol PFT.UN.
The Trust's investment objectives are to:
| (i) |
provide holders of Units with monthly cash distributions; |
| (ii) |
preserve capital and provide the opportunity for capital appreciation; and |
| (iii) |
reduce the risk of rising interest rates by managing portfolio duration. |
The Trust has been created to invest in an actively managed portfolio comprised primarily of Canadian preferred shares. The Trust's distributions are initially targeted to be $0.0333 per Unit per month ($0.40 per annum) to yield 4.0% per annum on the subscription price per Unit.
Fiera Capital is the manager, portfolio manager and promoter of the Trust. Fiera Capital is responsible for creating, structuring, managing and promoting the Trust and will also implement the Trust's investment strategies.
The syndicate of agents for this Offering is being co-led by RBC Capital Markets, CIBC and Scotiabank, and includes National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd. and Manulife Securities Incorporated (collectively, the "Agents").
About Fiera Capital
Fiera Capital Corporation is a leading publicly-traded, independent investment firm with offices in major financial centres across North America. Fiera Capital offers the full array of traditional and alternative investment solutions for institutional, private wealth and retail clients, as well as a proactive and tactical asset allocation process. In the U.S., asset management services are provided by Fiera Capital's U.S. subsidiaries, Bel Air Investment Advisors LLC and Wilkinson O'Grady & Co., Inc. For more information, visit www.fieracapital.com.
SOURCE Fiera Capital Corporation
For inquiries regarding the Trust, please contact Stephen Kangas, Senior Vice President, Fiera Capital at 416-955-4929 or visit www.fieracapital.com
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