Top 20 Dividend Trust Announces Exercise of Over-Allotment Option

TORONTO, July 6, 2012 /CNW/ - Scotia Managed Companies Administration Inc. is pleased to announce that Top 20 Dividend Trust (the "Fund") has completed the issuance of an additional 360,000 units ("Units") of the Fund for gross proceeds of $3,600,000 pursuant to the over-allotment option granted to the Fund's agents in its recently completed initial public offering. Together with the $76,000,000 previously raised by the Fund, the Fund has raised aggregate gross proceeds of $79,600,000.

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. Highstreet Asset Management Inc., the portfolio manager and options advisor, will write covered call options from time to time in respect of not more than 25% of the portfolio in order to earn income from option premiums to supplement the dividends and distributions generated by the portfolio.

The Units of the Fund are listed for trading on the Toronto Stock Exchange under the symbol TTY.UN.

The Units were 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.

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Top 20 Dividend Trust
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