First Asset Canadian Dividend Opportunity Fund

First Asset Canadian Dividend Opportunity Fund
First Asset

First Asset

February 22, 2010 10:50 ET

First Asset Canadian Dividend Opportunity Fund Files Preliminary Prospectus

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2010) - First Asset Canadian Dividend Opportunity Fund (the "Fund") announces that it has filed a preliminary prospectus dated February 17, 2010 with the securities regulatory authorities of all of the Canadian provinces for an initial public offering of trust units (the "Units") at $10 per Unit.

The Fund has been created to invest in an actively managed portfolio (the "Portfolio") comprised primarily of equity securities of Canadian utility issuers, pipeline issuers and telecom issuers and select higher yielding equity securities of issuers which First Asset Investment Management Inc. (the "Manager" or "First Asset") believes will benefit from the near term economic environment in Canada and globally. First Asset believes that these sectors are significantly undervalued, offer attractive yields and/or rising payout ratios, and will benefit from renewed investor interest in businesses with higher yields and stable cash flows.

The Fund's investment objectives are to provide holders of Units with:

  1. monthly distributions; and

  2. the opportunity for capital appreciation.

The distributions are initially targeted to be 6% per annum on the subscription price of $10.00 per Unit ($0.05 per Unit per month or $0.60 per annum).

The Portfolio will be actively managed by First Asset. First Asset is a Canadian wealth management company that manages and administers approximately $1.4 billion in assets. Mr. John Stephenson will be the lead portfolio manager responsible for the Portfolio.

On or about the second anniversary of the closing of the offering, the Fund will, subject to receipt of all required regulatory approvals, automatically either: (i) convert to an open-end mutual fund, or (ii) merge with an open-end mutual fund on a tax-deferred basis, to be managed by the Manager or an affiliate of the Manager.

Prospective purchasers may purchase Units either by cash payment or an exchange of freely tradeable securities of each class or series of securities described in the table below. Prospective purchasers under the Exchange Option will be required to deposit their eligible exchange securities prior to 5:00 p.m. (Toronto time) on March 24, 2010 in the manner described in the preliminary prospectus.

Preferred Securities

Exchange Eligible Security CUSIP TSX Symbol Dividend (%)
ATCO Ltd. Series 3 046789806 ACO.PR.A 5.75
Bank of Montreal Series 18 063671150 BMO.PR.N 6.50
Bank of Montreal Series 21 063671762 BMO.PR.O 6.50
Bank of Montreal Series 10 063671838 BMO.PR.V 5.95
Bank of Montreal Series 15 063671796 BMO.PR.L 5.80
Bank of Montreal Series 14 063671143 BMO.PR.K 5.25
Bank of Montreal Series 5 063671853 BMO.PR.H 5.30
Bank of Montreal Series 13 063671812 BMO.PR.J 4.50
Bank of Montreal Series 23 063671747 BMO.PR.P 5.40
Bank of Nova Scotia Series 24 064149131 BNS.PR.S 6.25
Bank of Nova Scotia Series 28 064149651 BNS.PR.X 6.25
Bank of Nova Scotia Series 26 064149677 BNS.PR.T 6.25
Bank of Nova Scotia Series 16 064149768 BNS.PR.N 5.25
Bank of Nova Scotia Series 17 064149750 BNS.PR.O 5.60
Bank of Nova Scotia Series 12 064149818 BNS.PR.J 5.25
Bank of Nova Scotia Series 13 064149792 BNS.PR.K 4.80
Bank of Nova Scotia Series 14 064149784 BNS.PR.L 4.50
Bank of Nova Scotia Series 15 064149776 BNS.PR.M 4.50
BCE Inc. Series AA 05534B794 BCE.PR.A 4.80
BCE Inc. Series AI 05534B711 BCE.PR.I 4.65
BCE Inc. Series AC 05534B786 BCE.PR.C 5.54
BCE Inc. Series R 05534B703 BCE.PR.R 6.174
BCE Inc. Series AF 05534B745 BCE.PR.F 4.40
BCE Inc. Series T 05534B810 BCE.PR.T 4.502
BCE Inc. Series Z 05534B828 BCE.PR.Z 4.331
BCE Inc. Series AG 05534B737 BCE.PR.G 4.35
Bombardier Inc. Series 3 097751606 BBD.PR.D 5.476
Bombardier Inc. Series 4 097751705 BBD.PR.C 6.25
Brookfield Asset Management Inc. Series 22 112585120 BAM.PR.P 7.00
Brookfield Asset Management Inc. Series 18 112585823 BAM.PR.N 4.75
Brookfield Asset Management Inc. Series 17 112585831 BAM.PR.M 4.75
Brookfield Asset Management Inc. Series 9 112585609 BAM.PR.G 5.63
Brookfield Asset Management Inc. Series 10 112585708 BAM.PR.H 5.75
Brookfield Asset Management Inc. Series 12 112585880 BAM.PR.J 5.40
Brookfield Asset Management Inc. Series 11 112585807 BAM.PR.I 5.50
Brookfield Investments Corporation Series A 112741202 BRN.PR.A 4.70
Brookfield Properties Corporation Series H 112900808 BPO.PR.H 5.75
Brookfield Properties Corporation Series F 112900600 BPO.PR.F 6.00
Brookfield Properties Corporation Series G 112900709 BPO.PR.U 5.25
Brookfield Properties Corporation Series K 112900865 BPO.PR.K 5.20
Brookfield Properties Corporation Series J 112900873 BPO.PR.J 5.00
Brookfield Properties Corporation Series I 112900881 BPO.PR.I 5.20
Canadian Imperial Bank of Commerce Series 30 136069556 CM.PR.H 4.80
Canadian Imperial Bank of Commerce Series 29 136069564 CM.PR.G 5.40
Canadian Imperial Bank of Commerce Series 23 136069648 CM.PR.A 5.30
Canadian Imperial Bank of Commerce Series 35 136069481 CM.PR.L 6.50
Canadian Imperial Bank of Commerce Series 37 136069465 CM.PR.M 6.50
Canadian Imperial Bank of Commerce Series 26 136069614 CM.PR.D 5.75
Canadian Imperial Bank of Commerce Series 27 136069598 CM.PR.E 5.60
Canadian Imperial Bank of Commerce Series 31 136069549 CM.PR.I 4.70
Canadian Imperial Bank of Commerce Series 18 136069721 CM.PR.P 5.50
Canadian Imperial Bank of Commerce Series 32 136069531 CM.PR.J 4.50
Canadian Imperial Bank of Commerce Series 33 136069499 CM.PR.K 5.35
Canadian Utilities Limited Series W 136717865 CU.PR.A 5.80
Canadian Utilities Limited Series X 136717717 CU.PR.B 6.00
Dundee Corporation Series 2 264901703 DC.PR.B 6.75
DundeeWealth Inc. Series 1 265312405 DW.PR.A 4.75
Enbridge Inc. Series A 29250N204 ENB.PR.A 5.50
Fortis Inc. Series F 349553867 FTS.PR.F 4.90
Fortis Inc. Series G 349553834 FTS.PR.G 5.25
Fortis Inc. Series C 349553404 FTS.PR.C 5.45
George Weston Limited Series I 961148889 WN.PR.A 5.80
George Weston Limited Series III 961148863 WN.PR.C 5.20
George Weston Limited Series IV 961148855 WN.PR.D 5.20
George Weston Limited Series V 961148848 WN.PR.E 4.75
Great-West Lifeco Inc. Series F 39138C809 GWO.PR.F 5.90
Great-West Lifeco Inc. Series H 39138C874 GWO.PR.H 4.85
Great-West Lifeco Inc. Series G 39138C882 GWO.PR.G 5.20
Great-West Lifeco Inc. Series I 39138C866 GWO.PR.I 4.50
Great-West Lifeco Inc. Series J 39138C858 GWO.PR.J 6.00
HSBC Bank Canada Series E 40427H806 HSB.PR.E 6.60
Industrial Alliance Insurance and Financial Services Inc. Series C 455870402 IAG.PR.C 6.20
Industrial Alliance Insurance and Financial Services Inc. Series A 455871301 IAG.PR.A 4.60
Loblaw Companies Limited Series A 539481606 L.PR.A 5.95
Manulife Financial Corporation Class A Series 2 56501R403 MFC.PR.B 4.65
Manulife Financial Corporation Class A Series 4 56501R809 MFC.PR.D 6.60
Manulife Financial Corporation Class A Series 3 56501R502 MFC.PR.C 4.50
Manulife Financial Corporation Class 1 Series 1 56501R874 MFC.PR.E 5.60
National Bank of Canada Series 26 633067350 NA.PR.P 6.60
National Bank of Canada Series 24 633067368 NA.PR.O 6.60
National Bank of Canada Series 20 633067418 NA.PR.M 6.00
National Bank of Canada Series 15 633067715 NA.PR.K 5.85
National Bank of Canada Series 16 633067517 NA.PR.L 4.85
National Bank of Canada Series 21 633067392 NA.PR.N 5.375
Nexen Inc. 65334H508 NXY.PRU 7.35
Nova Scotia Power Inc. Series D 669816803 NSI.PR.D 5.90
Power Corporation of Canada Series C 739239879 POW.PR.C 5.80
Power Corporation of Canada Series A 739239887 POW.PR.A 5.60
Power Corporation of Canada Series B 739239804 POW.PR.B 5.35
Power Corporation of Canada Series D 739239861 POW.PR.D 5.00
Power Financial Corporation Series I 73927C845 PWF.PR.I 6.00
Power Financial Corporation Series F 73927C878 PWF.PR.G 5.90
Power Financial Corporation Series H 73927C860 PWF.PR.H 5.75
Power Financial Corporation Series L 73927C829 PWF.PR.L 5.10
Power Financial Corporation Series K 73927C837 PWF.PR.K 4.95
Power Financial Corporation Series D 73927C803 PWF.PR.E 5.50
Power Financial Corporation Series E 73927C886 PWF.PR.F 5.25
Power Financial Corporation Series M 73927C811 PWF.PR.M 6.00
Royal Bank of Canada Series AA 780085445 RY.PR.A 4.45
Royal Bank of Canada Series W 780085502 RY.PR.W 4.90
Royal Bank of Canada Series AR 780086708 RY.PR.R 6.25
Royal Bank of Canada Series AN 780086302 RY.PR.N 6.25
Royal Bank of Canada Series AV 780086856 RY.PR.X 6.25
Royal Bank of Canada Series AT 780086872 RY.PR.T 6.25
Royal Bank of Canada Series AP 780086500 RY.PR.P 6.25
Royal Bank of Canada Series AX 780086815 RY.PR.Y 6.10
Royal Bank of Canada Series AH 78010A630 RY.PR.H 5.65
Royal Bank of Canada Series AE 780102760 RY.PR.E 4.50
Royal Bank of Canada Series AC 780102604 RY.PR.C 4.60
Royal Bank of Canada Series AG 780102554 RY.PR.G 4.50
Royal Bank of Canada Series AB 780085247 RY.PR.B 4.70
Royal Bank of Canada Series AD 780102844 RY.PR.D 4.50
Royal Bank of Canada Series AF 780102653 RY.PR.F 4.45
Royal Bank of Canada Series Al 78010A333 RY.PR.L 5.60
Sun Life Financial Inc. Series 5 866796600 SLF.PR.E 4.50
Sun Life Financial Inc. Series 1 866796204 SLF.PR.A 4.75
Sun Life Financial Inc. Series 2 866796303 SLF.PR.B 4.80
Sun Life Financial Inc. Series 4 866796501 SLF.PR.D 4.45
Sun Life Financial Inc. Series 3 866796402 SLF.PR.C 4.45
Sun Life Financial Inc. Series 6R 866796709 SLF.PR.F 6.00
The Toronto-Dominion Bank Series AE 891145831 TD.PR.E 6.25
The Toronto-Dominion Bank Series AG 891145799 TD.PR.G 6.25
The Toronto-Dominion Bank Series AK 891145740 TD.PR.K 6.25
The Toronto-Dominion Bank Series AI 891145773 TD.PR.I 6.25
The Toronto-Dominion Bank Series R 891145401 TD.PR.R 5.60
The Toronto-Dominion Bank Series P 891145203 TD.PR.P 5.25
The Toronto-Dominion Bank Series Q 891145302 TD.PR.Q 5.60
The Toronto-Dominion Bank Series O 891160681 TD.PR.O 4.85
The Toronto-Dominion Bank Series AC 891145864 TD.PR.C 5.60
TransCanada PipeLines Limited Series Y 893526699 TCA.PR.Y 5.60
TransCanada PipeLines Limited Series U 893526715 TCA.PR.X 5.60
YPG Holdings Inc. Series 1 984246207 YPG.PR.A 4.25
YPG Holdings Inc. Series 2 984246306 YPG.PR.B 5.00

Equity Securities

Issuer CUSIP TSX Symbol Distribution (%)
Bank of Montreal 063671101 BMO 5.40
Bank of Nova Scotia 064149107 BNS 4.30
Canadian Imperial Bank of Commerce 136069101 CM 5.50
Laurentian Bank of Canada 51925D106 LB 3.60
National Bank of Canada 633067103 NA 4.30
Royal Bank of Canada 780087102 RY 3.80
Toronto-Dominion Bank 891160509 TD 3.90
Ag Growth International Inc. 001181106 AFN 5.80
Armtec Infrastructure Income Fund 041900101 ARF.UN 9.10
Bird Construction Income Fund 090762105 BDT.UN 5.70
Black Diamond Group Ltd. 09202D207 BDI 6.20
CanWel Holdings Corporation 13874W105 CWX 10.20
Chemtrade Logistics Income Fund 16387P103 CHE.UN 10.30
Cineplex Galaxy Income Fund 172453102 CGX.UN 7.00
CML Healthcare Income Fund 12582P105 CLC.UN 8.20
GENIVAR Income Fund 372301101 GNV.UN 5.70
Groupe Aeroplan Inc. 399453109 AER 4.60
IBI Income Fund 449213107 IBG.UN 10.20
Jazz Air Income Fund 47214X100 JAZ.UN 14.70
Just Energy Income Fund 48213T108 JE.UN 8.70
Morneau Sobeco Income Fund 61767T101 MSI.UN 9.70
New Flyer Industries Inc. 64438R306 NFI.UN 11.00
Parkland Income Fund 70137Q101 PKI.UN 10.30
Superior Plus Corp. 86828P103 SPB 11.90
TransForce Inc. 89366H103 TFI 4.90
Westshore Terminals Income Fund 960911105 WTE.UN 11.20
Yellow Pages Income Fund 985569102 YLO.UN 15.30
BCE Inc. 05534B760 BCE 6.10
Bell Aliant Regional Communications Income Fund 07786J103 BA.UN 11.50
Manitoba Telecom Services Inc. 563486109 MBT 8.30
Rogers Communications Inc. 775109200 RCI.B 3.50
Shaw Communications Inc. 82028K200 SJR.B 4.50
TELUS Corporation 87971M103 T 5.80
AGF Management Limited 001092105 AGF.B 6.10
IGM Financial Inc. 449586106 IGM 5.00
TMX Group Inc. 87261X108 X 5.30
Great-West Lifeco Inc. 39138C106 GWO 4.70
Power Corporation of Canada 739239101 POW 4.20
Power Financial Corporation 73927C100 PWF 4.60
Sun Life Financial Inc. 866796105 SLF 4.70
Algonquin Power & Utilities Corp. 015857105 AQN 5.50
AltaGas Income Trust 021360102 ALA.UN 11.90
Atlantic Power Corporation 04878Q863 ATP 9.10
Boralex Power Income Fund 09951T106 BPT.UN 9.20
Brookfield Renewable Power Fund 112834130 BRC.UN 6.30
Capital Power Income L.P. 14042N100 CPA.UN 11.00
Consumers' Waterheater Income Fund (The) 210724100 CWI.UN 13.20
Enbridge Income Fund 29251D106 ENF.UN 9.40
Fort Chicago Energy Partners L.P. 346921109 FCE.UN 9.90
Gaz Metro Limited Partnership 36827K100 GZM.UN 7.70
Innergex Power Income Fund 45771K107 IEF.UN 8.90
Inter Pipeline Fund 45833P102 IPL.UN 8.00
Keyera Facilities Income Fund 493272108 KEY.UN 7.50
Macquarie Power & Infrastructure Income Fund 556084101 MPT.UN 10.60
Northland Power Income Fund 666910104 NPI.UN 8.90
Pembina Pipeline Income Fund 706329109 PIF.UN 8.80
Allied Properties Real Estate Investment Trust 019456102 AP.UN 6.90
Artis Real Estate Investment Trust 04315L105 AX.UN 9.50
Boardwalk Real Estate Investment Trust 096631106 BEI.UN 4.60
Brookfield Properties Corporation 112900105 BPO 4.40
Calloway Real Estate Investment Trust 131253205 CWT.UN 8.00
Canadian Apartment Properties Real Estate Investment Trust 134921105 CAR.UN 7.40
Canadian Real Estate Investment Trust 13650J104 REF.UN 5.00
Chartwell Seniors Housing Real Estate Investment Trust 16140U100 CSH.UN 7.30
Cominar Real Estate Investment Trust 199910100 CUF.UN 7.70
Crombie Real Estate Investment Trust 227107109 CRR.UN 7.80
Dundee Real Estate Investment Trust 265270207 D.UN 8.80
Extendicare Real Estate Investment Trust 302251103 EXE.UN 9.20
First Capital Realty Inc. 31943B100 FCR 5.90
H & R Real Estate Investment Trust 404428203 HR.UN 4.40
InnVest Real Estate Investment Trust 45771T108 INN.UN 8.60
Morguard Real Estate Investment Trust 617914106 MRT.UN 6.60
Northern Property Real Estate Investment Trust 665624102 NPR.UN 6.40
Primaris Retail Real Estate Investment Trust 74157U109 PMZ.UN 7.00
RioCan Real Estate Investment Trust 766910103 REI.UN 7.20
ARC Energy Trust 001986108 AET.UN 5.90
Baytex Energy Trust 073176109 BTE.UN 7.20
Bonavista Energy Trust 098536105 BNP.UN 8.10
Bonterra Energy Corp. 098546104 BNE 6.30
Canadian Oil Sands Trust 13642L100 COS.UN 5.00
Crescent Point Energy Corp. 22576C101 CPG 7.20
Daylight Resources Trust 239600109 DAY.UN 8.50
Enerplus Resources Fund 29274D604 ERF.UN 9.50
Husky Energy Inc. 448055103 HSE 4.40
NAL Oil & Gas Trust 628949109 NAE.UN 8.40
Paramount Energy Trust 699219101 PMT.UN 12.10
Pengrowth Energy Trust 706902509 PGF.UN 7.70
Penn West Energy Trust 707885109 PWT.UN 9.70
Peyto Energy Trust 717045108 PEY.UN 11.30
Provident Energy Trust 74386K104 PVE.UN 8.70
Trilogy Energy Trust 89619Y101 TET.UN 7.10
Vermilion Energy Trust 923728109 VET.UN 7.10
Canadian Utilities Limited 136717832 CU 3.50
Capital Power Corporation 14042M102 CPX 5.90
Emera Incorporated 290876101 EMA 4.60
Enbridge Inc. 29250N105 ENB 3.60
Fortis Inc. 349553107 FTS 4.10
TransAlta Corporation 89346D107 TA 5.20
TransCanada Corporation 89353D107 TRP 4.40

The syndicate of agents for this offering is being led by CIBC World Markets Inc., National Bank Financial Inc. and RBC Capital Markets, and includes BMO Capital Markets, Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Canaccord Financial Ltd., GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.

Contact Information

  • First Asset
    Rob MacNiven
    Investor Relations
    416-642-1289 or 1-877-642-1289
    www.firstasset.com