Exchange Bulletin
High Rock Canadian High Yield Bond Fund (HHY.UN) To Trade On Toronto Stock Exchange
High Rock Canadian High Yield Bond Fund (the "Fund") - An application has been granted for the original listing in the Industrial category of up to a maximum of 5,750,000 Class A Units of the Fund (the "Units") of which up to 5,000,000 Units will be issued and outstanding, and up to 750,000 Units will be reserved for issuance upon completion of an initial public offering (the "Offering").
Listing of the Units will become effective at 5:01 p.m. on Thursday, August 14, 2014 in anticipation of the public offering closing on Friday, August 15, 2014. The Units will be posted for trading at the opening on Friday, August 15, 2014 upon the confirmation of the closing.
Registration of interests in and transfers of the Units will be delivered electronically through the non-certificated inventory ("NCI") system of CDS Clearing and Depository Services Inc. ("CDS"). The Units will be electronically delivered to CDS or its nominee. Shareholders will not be entitled to a certificate or other instrument from the Fund or the Fund's transfer agent evidencing that person's interest in or ownership of the Units, nor, to the extent applicable, will such holder be shown on the records maintained by CDS, except through an agent who is a CDS participant.
Additional information on the Units may be found in the final prospectus dated July 29, 2014, as amended by Amendment No. 1 dated August 5, 2014 (the "Prospectus"), which is available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the final Prospectus.
| Stock Symbol: "HHY.UN" | CUSIP: 42980H 10 8 | Trading Currency: CDN$ |
| Temporary Market Maker: | Integral Wealth Securities Limited |
| Other Markets: | None. |
| Head Office Address: | 40 King Street West 26th Floor P.O. Box 4085, Station A Toronto, Ontario M5W 2X6 |
| Email Address: | mc.hrchybondfund@scotiabank.com |
| Website Address: | www.scotiamanagedcompanies.com |
| Head Office Telephone Number: | (416) 862-3734 |
| Fax Number: | (416) 863-7425 |
| Investor Relations: | Stephen D. Pearce Tel.: 416-862-3734 Email: mc.hrchybondfund@scotiabank.com |
| Chief Financial Officer: | Stephen D. Pearce |
| Corporate Secretary: | Farooq N.P. Moosa |
| Incorporation: | The Fund is a closed-end investment fund established under the laws of the Province of Ontario by a declaration of trust dated July 29, 2014. |
| Manager of the Fund: | Scotia Managed Companies Administration Inc. |
| Fiscal Year End: | December 31 |
| Nature of Business: | The Fund has been established to invest in an actively managed and diversified portfolio consisting primarily of high yield bonds of Canadian corporate issuers denominated in Canadian dollars. |
| Transfer Agent & Registrar: | Computershare Investor Services Inc. at its principal office in Toronto. |
| Distributions: | The Fund does not have a fixed distribution but intends to target quarterly distributions based on the estimated annual cash available to the Fund from the income on the Portfolio reduced by the expenses of the Fund for the period. The Fund intends to make quarterly cash distributions to Unitholders of record on the last Business Day of each calendar quarter. Distributions will be paid on a Business Day designated by the Manager that will be no later than the 15th day of the month following the Distribution Record Date. The initial cash distribution target of $0.60 per Class A Unit is anticipated to be payable on October 15, 2014, to Unitholders of record on September 30, 2014, based on an anticipated closing of August 15, 2014. The amount of distributions paid by the Fund may fluctuate from quarter to quarter and there can be no assurance that the Fund will be able to achieve its distribution objective or make payments on any Distribution Payment Date. |
| Class F Units: | In addition to the Class A Units, the Fund is offering unlisted Class F Units under the Prospectus. Class F Units will be converted into Class A Units immediately upon the closing of the Offering in accordance with the Declaration of Trust. Class F Units will be converted to a number of Class A Units equal to the Net Asset Value per Class F Unit divided by the Net Asset Value per Class A Unit immediately after the closing of the Offering. Investors purchasing the Class F Units will upon closing of the Offering become holders of Class A Units for liquidity purposes. No fractions of Class A Units will be issued upon any conversion of Class F Units and any fractional amounts will be rounded to the nearest whole number of Class A Units. After the conversion of the Class F Units into Class A Units upon the closing of the Offering, there will not be any remaining outstanding Class F Units of the Fund. |
| Public Offering: | Pursuant to the terms of the Prospectus, a maximum of 5,000,000 Class A Units and/or Class F Units (unlisted) (collectively, the "Units") at a price of $10.00 per Unit (the "Offering Price") are being offered to the public by Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc. National Bank Financial Inc., Acumen Capital Finance Partners Limited, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Burgeonvest Bick Securities Limited, Desjardins Securities Inc., Dundee Securities Ltd. and Manulife Securities Incorporated, as agents. In addition, the agents have 30 days from closing to exercise an over-allotment option for up to an additional 750,000 Class A Units at the Offering Price. |
