News Release
First Asset CanBanc Split Corp. To Trade On Toronto Stock Exchange
First Asset CanBanc Split Corp. - An application has been granted for the original listing in the Industrial category of up to 4,600,000 class A shares (the “Class A Shares”) and 4,600,000 preferred shares (the “Preferred Shares”), of which up to 4,000,000 Class A Shares and up to 4,000,000 Preferred Shares will be issued and outstanding, and up to 600,000 Class A Shares and up to 600,000 Preferred Shares will be reserved for issuance upon completion of the initial public offering.
Listing of the Class A Shares and Preferred Shares will become effective at 5:01 p.m. on Tuesday, November 11, 2008 in anticipation of the public offering closing on Wednesday, November 12, 2008. The Class A Shares and Preferred Shares will be posted for trading at the opening on November 12, 2008.
The Class A Shares and Preferred Shares will each be represented by a global certificate registered in the name of, and held by CDS Clearing and Depository Services Inc. (“CDS”). Individual Class A Share and Preferred Share certificates will not be issued. Class A Shares and Preferred Shares must be purchased, transferred, or sold directly through a participant in the CDS Book-Entry system.
Additional information on the Class A Shares and Preferred Shares may be found in the final prospectus dated October 31, 2008 (the “Prospectus”), which is available at www.SEDAR.com.
Class A Shares
Stock Symbol: “CBU”
CUSIP: 31863A 10 8
Trading Currency: CDN $
Preferred Shares
Stock Symbol: “CBU.PR.A”
CUSIP: 31863A 20 7
Trading Currency: CDN $
Temporary Market Maker: Jones, Gable & Company Limited
Other Markets: None.
Head Office Address: 95 Wellington Street West
Suite 1400
Toronto, Ontario
M5J 2N7
Head Office Telephone Number: (416) 642-1289
Fax Number: (416) 362-2199
Email Address: info@firstasset.com
Website: www.firstassetfunds.com
Investors Relations: Rob MacNiven
Tel: (416) 642-1289
Email: macniven@firstassetfunds.com
Chief Financial Officer Karen Wagman
Toronto, Ontario
Corporate Secretary: Z. Edward Akkawi
Toronto, Ontario
Incorporation: The Company is a mutual fund corporation incorporated under the laws of the Province of Ontario on September 5, 2008.
Fiscal Year End: December 31
Nature of Business: The Company was created to invest in a portfolio (the “Portfolio”) of common shares of the six largest Canadian banks in order to generate a high level of tax-advantaged dividend income for the Preferred Shareholders and to provide Class A Shareholders with the opportunity for growth of their investment value through any capital appreciation of the Portfolio and any increase in the dividends paid from the Portfolio.
Transfer Agent & Registrar: Computershare Investor Services Inc. at its principal office in Toronto.
Distributions: It is expected that cash distributions on the Class A Shares and Preferred Shares over the life of the Company will be derived primarily from dividends received on the securities in the Portfolio, net realized capital gains from the sale of securities in the Portfolio and, where these other sources are insufficient, returning capital from the sale of securities in the Portfolio.
Assuming that the gross proceeds of the offering are $30 million and fees and expenses are as described herein, the Portfolio would be required to generate an average annual total return of approximately 4.97% in order for the Company to achieve its annual distributions for the Preferred Shares and to return the original issue price of the Class A Shares and Preferred Shares when redeemed on or about January 15, 2016.
Initial Public Offering: Pursuant to the terms of the Prospectus, up to 4,000,000 Class A Shares are being offered to the public at a price of $15.00 per share and up to 4,000,00 Preferred Shares are being offered to the public at a price of $10.00 per share by CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Blackmont Capital Inc., Manulife Securities Incorporated, Richardson Partners Financial Limited, Wellington West Capital Markets Inc., as agents.
