MACQUARIE EMERGING MARKETS INFRASTRUCTURE INCOME FUND ANNOUNCES INITIAL
PUBLIC OFFERING
TORONTO, Dec. 22 /CNW/ - Connor, Clark & Lunn Capital Markets Inc., is pleased to announce that Macquarie Emerging Markets Infrastructure Income Fund (the "Fund") has filed a preliminary prospectus with the securities regulatory authorities of all of the provinces and territories of Canada for an initial public offering of combined units of the Fund at a price of $12.00 per combined unit.
The Fund's investment objectives are to generate: (a) quarterly distributions for holders of units initially targeted to be $0.15 per unit ($0.60 per annum representing an annual cash distribution of 5.0% based on the $12.00 per combined unit issue price); and (b) total return for unitholders, consisting of dividend income and capital appreciation. To achieve the Fund's investment objectives, the net proceeds of the offering will be invested in a portfolio consisting of infrastructure equity securities issued by entities domiciled in emerging markets.
Macquarie Capital Investment Management LLC ("MCIM"), a member of Macquarie Group, is a global leader in the listed infrastructure sector and will act as the portfolio manager (the "Portfolio Manager") of the Fund. The Portfolio Manager is part of the Macquarie Funds Group ("MFG"), Macquarie Group's funds management business. MFG is Australia's largest asset manager with over $300 billion globally in assets under management of which $93 billion (inclusive of MCIM's affiliates) is invested in both listed and private or direct infrastructure mandates (as at September 30, 2010).
Connor, Clark & Lunn Capital Markets Inc., as the manager (the "Manager") of the Fund, will perform or will arrange for the performance of management services for the Fund, including portfolio management services, and will be responsible for the overall undertaking of the Fund. The Manager is a leading provider of investment products, having raised over $1.8 billion in assets. The Manager is part of the Connor, Clark & Lunn Financial Group.
The offering is being made through a syndicate of agents co-led by RBC Dominion Securities Inc., CIBC World Markets Inc. and BMO Nesbitt Burns Inc. that includes National Bank Financial Inc., Scotia Capital Inc., Macquarie Private Wealth Inc., GMP Securities L.P., Canaccord Genuity Corp., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Dundee Securities Corporation, Raymond James Ltd. and Wellington West Capital Markets Inc.
A preliminary prospectus relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada but has not yet become final for the purpose of distribution to the public. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory.
A copy of the preliminary prospectus may be obtained from any of the above-mentioned agents.
For further information:
please visit www.cclcapitalmarkets.com or www.macquarieglobalinvestments.ca or contact:
W. Neil Murdoch President & Chief Executive Officer Connor, Clark & Lunn Capital Markets Inc. (416) 364-2839 [email protected] |
Stuart McClure Managing Director Macquarie Global Investments (877) 484-4665 [email protected] |
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