Toronto-based Connor, Clark & Lunn Capital Markets Inc. (CC&L) announce Thursday that a final prospectus for Canadian 50 Advantaged Preferred Share Fund has been receipted by the securities regulators across Canada for a treasury offering of Class A and Class F units. The offering is scheduled to close on December 5.

The units are being offered at $24.33 per Class A unit and $24.51 per Class F unit, which prices were determined so as to be non-dilutive to the net asset value per unit of existing unitholders.

The fund’s outstanding Class A units are listed and posted for trading on the Toronto Stock Exchange (TSX:CPF.UN).

The fund’s investment objectives are to provide tax-advantaged quarterly cash distributions consisting primarily of returns of capital; and low-cost exposure to the total return approximating that of the BMO Capital Markets 50 Preferred Share Index. Based on current estimates and the assumptions set out in the preliminary prospectus, the fund’s current distribution target is $0.3125 per unit per quarter, consisting primarily of returns of capital which are not immediately taxable but which reduce a unitholder’s adjusted cost base of its units.

The Preferred Share 50 Index is a market value weighted index created in 1992 to provide a benchmark representing the Canadian preferred share market and includes 50 Canadian preferred share issues that are listed on the Toronto Stock Exchange which satisfy specific inclusion criteria. Since its inception, the Preferred Share 50 Index has generated an annualized return of 5.58% per year to September 30, 2012.

CC&L is the manager and portfolio manager of the fund. It is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management firm whose affiliated managers are collectively responsible for the investment of over $42 billion in assets as at September 28. BMO Asset Management Inc. has been retained to manage the portfolio.

The units are being offered for sale by a syndicate of agents led by BMO Capital Markets and including CIBC, RBC Capital Markets, Scotiabank, National Bank Financial Inc., TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., GMP Securities L.P., Mackie Research Capital Corporation, Macquarie Private Wealth Inc., Desjardins Securities Inc. and Manulife Securities Incorporated.