Copernican Capital Corp.
TSX : ADC
TSX : ASC
TSX : FIT.UN
TSX : GBP.UN
TSX : CBK.UN
TSX : CIW.UN
TSX : CBW
TSX : CBW.PR.A
TSX : ASC.PR.A
TSX : CIR
TSX : CIR.PR.A
TSX : CPM.UN
TSX : CBB.UN
TSX : CBB.WT
TSX : EPD.UN
TSX : EPD.WT

Copernican Capital Corp.

November 19, 2007 15:16 ET

European Premium Dividend Fund Announces Closing of $27 Million Initial Public Offering of Units

BURLINGTON, ONTARIO--(Marketwire - Nov. 19, 2007) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES.

Copernican Capital Corp. (TSX:ADC)(TSX:ASC)(TSX:ASC.PR.A)(TSX:GBP.UN)(TSX:FIT.UN)(TSX:CBK.UN)(TSX:CIW.UN)(TSX:CBW.PR.A)(TSX:CBW)(TSX:CIR)(TSX:CIR.PR.A)(TSX:CPM.UN)(TSX:CBB.UN)(TSX:CBB.WT)(TSX:EPD.UN)(TSX:EPD.WT), the Manager of European Premium Dividend Fund (the "Fund") is pleased to announce that the Fund has completed its initial public offering of 2,700,000 units ("Units") of the Fund at a price of $10.00 per Unit for gross proceeds of $27,000,000. Each Unit consists of one trust unit ("Trust Unit") and one-half of a warrant ("Warrant"). The Units separated into Trust Units and Warrants immediately upon issue. Each whole Warrant entitles the holder to purchase one Trust Unit at a subscription price of $10.00 until 5:00 p.m. (Toronto time) on November 12, 2010, as described in the Final Prospectus. The Fund has granted the agents an over-allotment option to acquire up to 405,000 Trust Units and 202,500 Warrants, which is exercisable at any time during the next 30 days.

The Trust Units and Warrants commenced trading today on the Toronto Stock Exchange under the symbols EPD.UN and EPD.WT, respectively.

The Fund is a closed-end investment trust whose investment objectives are:

(i) to provide holders of Trust Units with monthly cash distributions (which initially is expected to be $0.80 per Trust Unit per annum, representing a yield of 8% per annum based on the $10.00 per Unit issue price, and commencing in 2009 will be determined and announced by the Fund on an annual basis); and

(ii) to preserve and enhance the net asset value of the Fund.

AIC Investment Services Inc. (the "Investment Manager") will be responsible for the Fund's overall investment strategy. The Fund has been created to provide investors with an opportunity to diversify away from North America via exposure to European dividend-paying issuers with strong credit ratings. The Investment Manager will invest in issuers that it believes have both attractive dividend yields, strong earnings growth momentum and are in industries with high barriers to entry, supported by Europe's strengthening economic environment.

As at September 17, 2007, the Investment Manager's assets under management totalled approximately $8.0 billion of which approximately $4.3 billion was invested in the global financial services industry.

The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets and includes Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Berkshire Securities Inc., Canaccord Adams, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Bieber Securities Inc., Blackmont Capital Inc., Burgeonvest Securities Limited, Laurentian Bank Securities Inc., Richardson Partners Financial Limited and Wellington West Capital Inc.

Contact Information

  • Media Contacts:
    Copernican Capital Corp., Burlington ON
    Chris Lowe, Chief Executive Officer
    (905) 319-4922
    Email: clowe@copernican.com
    Website: www.copernicancapital.com
    or
    AIC Investment Services, Burlington ON
    Chris Lowe
    Senior Vice President and Portfolio Manager
    (905) 331-4242, ext. 4232 or 1-888-710-4242, ext. 4232
    Email: clowe@aic.com
    or
    AIC Limited, Burlington ON
    Terri Oswald
    Director, Media Relations
    (905) 331-4242, ext. 4345 or 1-888-710-4242, ext. 4345
    Email: toswald@aic.com