Clarington Investments Inc. has filed a preliminary prospectus relating to the initial public offering of Clarington Diversified Income + Growth Fund, a closed-end unit trust.
The investment objectives of the fund are to provide unitholders with monthly cash distributions targeted to reach a 7% annual yield based on the $10 per unit original issue price, and to return at least the original issue price to unitholders of the fund upon termination in 2014.
The fund will invest in a broadly diversified portfolio consisting primarily of income trusts, high-yield bonds, investment-grade bonds, growth equities and dividend-paying equities.
KBSH Capital Management Inc. has been selected as fund’s investment advisor. KBSH also acts as investment advisor to the Clarington Diversified Income Fund, which was launched by Clarington in May 2003 and which had total assets of $169 million as at June 30, 2004.
The offering is being made in each of the provinces and territories in Canada through a syndicate of investment dealers led by CIBC World Markets Inc. and RBC Capital Markets and including BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Dundee Securities Corp., HSBC Securities (Canada) Inc., Wellington West Capital Inc., Canaccord Capital Corp. Desjardins Securities Inc., First Associates Investments Inc. and Raymond James Ltd.
http://www.newswire.ca/en/releases/archive/October2004/01/c6038.html