Global Banks Premium Income Trust has filed a final prospectus for a $100 million initial public offering.
The trust has been created to provide investors with an opportunity to invest in an actively managed diversified portfolio of the common shares of some of world’s leading global bank-based financial service companies. The fund will be managed by AIC Investment Services Inc.
AIC says up to a maximum of 10 million units will be offered at a price of $10 per unit. The offering will close on February 18.
The investment objectives of the closed-end trust are:
- to provide unitholders with monthly cash distributions targeted to be 70¢ per unit per annum, representing a yield of 7.0% on the offering price; and
to return at least the offering price to unitholders upon the termination of the trust on March 31, 2015.
As at Dec. 9, 2004, AIC Investment’s assets under management totalled approximately $11 billion of which approximately $4.6 billion was invested in the global financial services industry.
A syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc., and includes Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Berkshire Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd. and Wellington West Capital Inc.