O’Leary BRIC-Plus Income & Growth Fund has filed a final prospectus for an initial public offering of units at $12 per unit, O’Leary Funds Management LP said Thursday.
The offering is expected to close on March 19.
The fund has been created to invest globally primarily in publicly-traded dividend-paying equity securities, preferred shares, convertible debt securities and corporate bonds of issuers having market capitalizations of at least $1 billion, and having significant operations or sales in major emerging markets such as Brazil, Russia, India and China, as well as other rapidly developing countries such as Taiwan, South Korea, Australia, Mexico and others.
Stanton Asset Management Inc., the portfolio advisor, believes that a shift in the leadership of the global economy is accelerating, with major developing economies outside the G7 countries participating significantly in the current global economic recovery.
Based on the IMF’s world economic outlook, major emerging markets such as Brazil, Russia, India and China, as well as other rapidly developing countries such as Taiwan, South Korea, Australia, Mexico and others are generally expected to experience superior economic growth relative to developed markets in North America, Europe and Japan.
The fund proposes to issue units consisting of one transferable trust unit and one trust unit purchase warrant.
The units will separate into trust units and warrants upon the earlier of the closing of the over-allotment option and the 30th day following the closing of the offering.
Each warrant entitles the holder to purchase one trust unit for $12 on or before 17:00 ET on June 30, 2011 Warrants not exercised by that time will be void and of no value.
On or before April 1, 2012, the fund will become an open-end mutual fund.
The syndicate of agents is co-led by CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Adams, HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd., Dundee Securities Corp., GMP Securities L.P., Raymond James Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc., Mackie Research Capital Corp., Manulife Securities Incorporated, MGI Securities Inc. and Paradigm Capital Inc.
O’Leary BRIC-Plus Income & Growth Fund files final prospectus
$250 million offering expected to close on March 19
- By: IE Staff
- February 25, 2010 February 25, 2010
- 16:10