Artemis Floating & Variable Rate Preferred Fund

January 09, 2015 11:24 ET

Artemis Floating & Variable Rate Preferred Fund Files Preliminary Prospectus for Initial Public Offering

TORONTO, ONTARIO--(Marketwired - Jan. 9, 2015) - Artemis Floating & Variable Rate Preferred Fund (the "Fund") is pleased to announce that it has filed and received a receipt for its preliminary prospectus from the securities regulatory authority in each of the provinces and territories of Canada. The Fund is offering Class A Units at a price of $25.00 per unit and Class U Units at a price of US$25.00 per unit.

The Fund's investment objectives are to provide holders of units with (a) the opportunity for long-term capital appreciation and (b) quarterly cash distributions.

In order to achieve its investment objectives, the Fund will seek to replicate, to the extent possible, the performance of Wells Fargo Hybrid & Preferred Securities Floating & Variable Rate Index (the "Index"), net of expenses.

The Index is a market capitalization-weighted index designed to track the performance of preferred stock, as well as certain types of hybrid securities that are considered functionally equivalent to preferred stock, that are publicly issued or listed in the U.S. by U.S. or foreign issuers and that pay a floating or variable rate dividend or coupon. As of December 9, 2014, the Index was comprised of 89 securities from 52 issuers with a weighted average credit rating of BB+.

The Fund's manager will be Artemis Investment Management Limited ("Artemis"). Artemis is a Canadian-based investment manager that seeks to provide investors with the opportunity to achieve world-class portfolio allocation by facilitating efficient access to alternative investment opportunities. Artemis' mandate is to provide access to long-term superior investment returns generated by leading managers of alternative investment funds.

The syndicate of agents for the offering is being led by TD Securities Inc., RBC Capital Markets and Scotiabank and includes CIBC, BMO Capital Markets, National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Industrial Alliance Securities Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated, Dundee Securities Ltd., Mackie Research Capital Corporation, Rothenberg Capital Management Inc. and Sherbrooke Street Capital (SSC) Inc.

A copy of the preliminary prospectus is available on SEDAR (www.sedar.com) and may also be obtained from any of the agents.

The preliminary prospectus contains important information relating to these securities, but remains subject to completion or amendment. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Contact Information

  • Artemis Floating & Variable Rate Preferred Fund
    Investor relations
    647 477-4885