Brand Leaders Income (TSX:HBL.UN)
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TORONTO, Aug. 3, 2011 /CNW/ --
TORONTO, Aug. 3, 2011 /CNW/ - Harvest Portfolios Group Inc. (the
"Manager") is pleased to announce that Brand Leaders Income Fund (the
"Fund") issued an additional 101,378 Units of the Fund today pursuant
to the exercise by the Agents of their Over-Allotment Option. Total
gross proceeds raised by the Fund in its initial public offering were
$31,216,536. The Units are now trading on the Toronto Stock Exchange
under the symbol HBL.UN.
The Fund's investment objectives are to provide Unitholders with: (i)
monthly cash distributions; (ii) the opportunity for capital
appreciation; and (iii) lower overall volatility of Portfolio returns
than would otherwise be experienced by owning Equity Securities of the
Brand Leaders directly.
The Fund will invest in an equally-weighted portfolio of Equity
Securities of 15 Brand Leaders from the Brand Leaders Investable
Universe that have a market capitalization of at least US$10 billion at
the time of investment and meet certain investment characteristics.
In order to seek to generate additional returns, Highstreet Asset
Management Inc. (the "Investment Manager" or "Highstreet") will sell
"at-the-money" call options each month on Equity Securities held in the
Portfolio.
The initial targeted monthly distributions for the 12 months ended
August 2012 are $0.065 per Unit. The initial monthly cash distribution
of $0.065 per Unit is payable on September 15, 2011 to Unitholders of
record on August 31, 2011.
Highstreet will be responsible for the execution of the Fund's overall
investment strategy, including managing the composition of the
Portfolio.
The syndicate of agents for the offering was co-led by BMO Capital
Markets and CIBC, and includes RBC Capital Markets, Scotia Capital
Inc., National Bank Financial Inc., TD Securities Inc., Canaccord
Genuity Corp., HSBC Securities (Canada) Inc., Dundee Securities Ltd.,
GMP Securities L.P., Raymond James Ltd., Wellington West Capital
Markets Inc., Desjardins Securities Inc., Industrial Alliance
Securities Inc. and Macquarie Private Wealth Inc. (collectively, the
"Agents").
Counsel on behalf of the Fund and the Manager is Borden Ladner Gervais
LLP and counsel on behalf of the Agents is Blake, Cassels & Graydon
LLP.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and similar
expressions to the extent they relate to the Fund, the Manager and/or
the Investment Manager. The forward-looking statements are not
historical facts but reflect the Fund's, the Manager and/or the
Investment Manager's current expectations regarding future results or
events. These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results or events to
differ materially from current expectations. Although the Fund, the
Manager and/or the Investment Manager believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The Fund, the
Manager and/or the Investment Manager undertakes no obligation to
update publicly or otherwise revise any forward-looking statement or
information whether as a result of new information, future events or
other such factors which affect this information, except as required by
law.
All capitalized terms noted herein but not defined are as defined in the
Fund's prospectus dated June 29, 2011.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/03/c9046.html
p please contact Michael Kovacs of Harvest Portfolios Group Inc. at a href="mailto:mkovacs@harvestportfolios.com" cr="true"mkovacs@harvestportfolios.com/a or at 1-866-998-8298; or for additional information please contact your registered financial advisor. /p