Top 20 Dividend Trust Files Final Prospectus

TORONTO, May 31, 2012 /CNW/ - Scotia Managed Companies Administration Inc., on behalf of Top 20 Dividend Trust (the "Fund"), announced today that the Fund has filed a final prospectus with the securities regulatory authorities of all of the provinces and territories of Canada.  The Fund proposes to offer units (the "Units") at a price of $10.00 per Unit. The offering is expected to close on or about June 20, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing the Units under the symbol TTY.UN.

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.

Prospective purchasers may acquire Units either by (i) cash payment; or (ii) an exchange of freely tradeable securities of any issuer listed below (the "Exchange Option"). A prospective purchaser who elects to pay for Units by using the Exchange Option must do so by means of a book-entry deposit with Computershare Investor Services Inc., as the exchange agent through CDS Clearing and Depository Services Inc. ("CDS"). Such book-entry deposits must be made prior to 5:00 p.m. (Toronto time) on June 12, 2012 by a CDS participant. However, participants may have an earlier deadline for receiving instructions from their respective clients to deposit securities into the Exchange Option.

The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer will be determined by dividing the volume weighted average trading price of such securities on the TSX during the three consecutive trading days ending on June 12, 2012 (June 8, June 11 and June 12), as adjusted to reflect dividends and distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratios will rounded down to four decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number and its ISIN.

Exchange Eligible Issuers	TSX Symbol	CUSIP	ISIN
ARC Resources Ltd.	ARX	00208D408	CA00208D4084
Bank of Montreal	BMO	063671101	CA0636711016
Bank of Nova Scotia	BNS	064149107	CA0641491075
BCE Inc.	BCE	05534B760	CA05534B7604
Canadian Imperial Bank of Commerce	CM	136069101	CA1360691010
Canadian Oil Sands Ltd.	COS	13643E105	CA13643E1051
Enerplus Corp.	ERF	292766102	CA2927661025
Husky Energy Inc.	HSE	448055103	CA4480551031
Manulife Financial Corp.	MFC	56501R106	CA56501R1064
National Bank of Canada	NA	633067103	CA6330671034
Penn West Petroleum Ltd.	PWT	707887105	CA7078871059
Power Corp. of Canada	POW	739239101	CA7392391016
Rogers Communications Inc.	RCI/B	775109200	CA7751092007
Royal Bank of Canada	RY	780087102	CA7800871021
Shaw Communications Inc.	SJR/B	82028K200	CA82028K2002
Sun Life Financial Inc.	SLF	866796105	CA8667961053
TELUS Corp.	T	87971M103	CA87971M1032
Thomson Reuters Corporation	TRI	884903105	CA8849031056
TransAlta Corporation	TA	89346D107	CA89346D1078
TransCanada Corporation	TRP	89353D107	CA89353D1078

The Units are being 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.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.

 

 

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Top 20 Dividend Trust
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Website: www.scotiamanagedcompanies.com