Exchange Bulletin
Canadian Preferred Share Trust (PFT.UN) To Trade On Toronto Stock Exchange
Canadian Preferred Share Trust (the “Fund”) - An application has been granted for the original listing in the Industrial category of up to a maximum of 29,250,000 Class A Units ("Units"), of which up to 25,000,000 Units will be issued and outstanding, and up to 4,250,000 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 Tuesday, June 30, 2015 in anticipation of the public offering closing on Thursday, July 2, 2015. The Units, will be posted for trading at the opening on July 2, 2015 upon confirmation of closing.
Registration of interests in, and transfers of, the Units will be made only through non-certificated interests issued under the Book-Entry Only System of CDS Clearing and Depository Services Inc. (“CDS”). Units must be purchased, converted, transferred and surrendered for redemption through a CDS Participant. Upon purchase of any Units, the Unitholder will receive only a customer confirmation.
Additional information on the Company may be found in the Company’s final prospectus dated June 18, 2015 (the “Prospectus”) which is available at www.SEDAR.com.
| Stock Symbol: "PFT.UN" | CUSIP: 13648L 10 4 | Trading Currency: CDN$ |
| Temporary Market Maker: | Independent Trading Group |
| Other Markets: | None |
| Head Office Address: | 1 Adelaide Street East Suite 600 Toronto, Ontario M5C 2VA |
| Email Address: | info@fieracapital.com |
| Website Address: | www.fieracapital.com |
| Head Office Telephone Number: | (416) 601-9898 |
| Investor Relations: | Krista Matheson Senior Vice President, Retail Markets (416) 955-4929 info@fieracapital.com |
| Chief Financial Officer: | Pierre Blanchett |
| Corporate Secretary: | Violaine Des Roches |
| Incorporation: | The Fund is a closed-end investment trust established under the laws of the Province of Ontario pursuant to a declaration of trust dated June 22, 2015. |
| Manager of the Fund: | Fiera Capital Corporation |
| Fiscal Year End: | December 31 |
| Nature of Business: | The Fund has been created to invest in an actively managed portfolio comprised primarily of Canadian preferred shares and, to a lesser extent preferred securities of U.S. issuers. |
| Transfer Agent & Registrar: | Computershare Investor Services Inc. at its principal office in Toronto. |
| Distributions: | The Fund intends to make monthly cash distributions to Unitholders of record on the last Business Day of each month. Distributions will be paid on a Business Day designated by the Manager that will be no later than the 15th day of the following month. The Fund will not have a fixed monthly distribution amount but intends to at least annually in December each year determine and announce expected monthly distributions for the following calendar year based on the Manager’s estimate of distributable cash flow in the Fund. Based on the Manager’s current estimates, the initial monthly cash distribution target for the Fund is $0.0333 per Unit per month ($0.40 per annum). The initial cash distribution will be payable to Unitholders of record on August 31, 2015, based on an anticipated Closing Date of July 2, 2015. |
| Class F Units: | In addition to the Units, the Fund is offering Class U Units under the Prospectus. The Class F Units are designated for fee based and/or institutional accounts and will not be listed on a stock exchange. A holder of Class F Units may convert such Class F Units into Units on a weekly basis and it is expected that liquidity for the Class F Units will be obtained primarily by means of conversion into Units and the sale of such Units. Class F Units may be converted in any week on the first Business Day of such week (the “Conversion Date”) by delivering a notice and surrendering such Class U Units no later than 3:00 p.m. (Toronto time) at least five Business Days prior to the applicable Conversion Date. For each Class F Unit so converted, a holder will receive that number of Units that is equal to the NAV per Class U Unit as of the close of trading on the Conversion Date divided by the NAV per Unit as of the close of trading on the Conversion Date multiplied by the number of Class U Units so converted. As no fractional Units will be issued upon any conversion, any remaining fraction of a Class F Unit will be redeemed at the NAV per Class F Unit. |
| Public Offering: | Pursuant to the terms of the Prospectus, up to a maximum of 28,750,000 Units and/or unlisted Class F Units (including the overallotment option of 3,750,000 Units) at a price of $10.00 per Unit and U.S.$10.00 per Class F Unit are being offered to the public by RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd. and Manulife Securities Incorporated as agents. |
