Global Agribusiness Trust
TSX : AGB.UN
TSX : AGB.WT

Global Agribusiness Trust

November 16, 2007 11:09 ET

Global Agribusiness Trust Completes Initial Public Offering

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2007) -

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Navina Capital Corp., the Manager of Global Agribusiness Trust (the "Trust") (TSX:AGB.UN)(TSX:AGB.WT), is pleased to announce that the Trust has completed its initial public offering of 4,000,000 units at $10.00 per unit, for gross proceeds of $40 million. Each unit consists of one redeemable, transferable trust unit ("Trust Unit") and a Trust Unit purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Trust Unit at a subscription price of $10.00 on or before 5:00 p.m. on November 30, 2010, as described in the prospectus. The Trust has granted the agents an over-allotment option to acquire up to 600,000 Trust Units and 600,000 Warrants exercisable at any time within the 30 days following the date hereof.

The Trusts Units and Warrants began trading Friday, November 16, 2007 on the Toronto Stock Exchange under the symbols AGB.UN and AGB.WT, respectively.

The Trust was created to provide unitholders with exposure to a portfolio comprised primarily of publicly listed businesses engaged in the demand and supply chains of the global agribusiness industry (the "Agribusiness Issuers"). The portfolio is expected to consist of 40-60 equity securities selected from among the world's largest Agribusiness Issuers by Lawrence Asset Management Inc.

The Trust's investment objectives are to (a) pay monthly cash distributions initially targeted to be $0.04167 per Trust unit ($0.50 per annum representing an annual yield of 5.0% based on the $10.00 per unit issue price); and (b) provide unitholders with long-term capital appreciation.

The offering is being made through a syndicate of agents led by CIBC World Markets Inc. that includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Adams, Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Desjardins Securities Inc., GMP Securities L.P., MGI Securities Inc., Rothenberg Capital Management Inc., Richardson Partners Financial Limited and Wellington West Capital Inc.

Contact Information

  • Navina Capital Corp.
    Andrew Bentley
    Chief Executive Officer
    (416) 601-2430 or 1-800-513-3868
    Website: www.navinacapital.com