C.A. Bancorp Inc.
TSX : BKP

C.A. Bancorp Inc.
C.A. Bancorp Canadian Realty Finance Corporation
TSX : RF.PR.A

July 24, 2008 08:30 ET

C.A. Bancorp Canadian Realty Finance Corporation Files Preliminary Prospectus for Tax-Efficient 7.6% Yielding Class A Shares and Warrants to Purchase Series 1, Preferred Shares

TORONTO, ONTARIO--(Marketwire - July 24, 2008) - C.A. Bancorp Inc. ("C.A. Bancorp") (TSX:BKP) and C.A. Bancorp Canadian Realty Finance Corporation (the "Corporation") (TSX:RF.PR.A) are pleased to announce that a preliminary prospectus had been filed with, and a receipt therefor issued by, the securities regulatory authorities in each of the provinces and territories of Canada.

The Offering

The Corporation is offering (the "Offering") units (the "Units") at a price of $10.00 per Unit. Each Unit consists of one Class A Share and one warrant (a "Warrant") to purchase one Series 1, Preferred Share (the "Preferred Shares"). Prospective purchasers may purchase Units by (i) cash payment, or (ii) an exchange (the "Exchange Option") of eligible securities of certain issuers ("Issuers") at the applicable exchange ratio. The Offering is for a minimum of 2,000,000 Units ($20,000,000) and a maximum of 10,000,000 Units ($100,000,000).

The Corporation's Class A Shares

The Corporation's investment objectives with respect to the Class A Shares are to:

i. Pay quarterly cash distributions, initially expected to be $0.19 per quarter per Class A Share or 7.6% per annum, based on the original issue price of $10.00 per Unit; and

ii. To preserve the net asset value of the Class A Shares.

Currently, C.A. Bancorp is the sole holder of Class A Shares and will continue to hold its Class A Shares. Any issuance of Class A Shares under this Offering will come from the Corporation's treasury.

The Warrants

Each Warrant will entitle the holder to purchase one Preferred Share at a subscription price of $24.50 at any time on or before 4:00 p.m. (Toronto time) on September 30, 2011.

The Preferred Shares

The Corporation's investment objectives with respect to the Preferred Shares are to:

i. Pay fixed cumulative preferential quarterly cash distributions in the amount of $0.4219 per Preferred Share representing a yield of 6.75% per annum on the original issue price of $25.00 per Preferred Share; and

ii. Return the original issue price of the Preferred Shares ($25.00 per Share) on March 31, 2018.

Impact of the Offering on the Outstanding Preferred Shares

The Preferred Shares are listed on the Toronto Stock Exchange ("TSX") and trade under the symbol RF.PR.A.

On March 24, 2008, the Corporation instituted a normal course issuer bid ("NCIB") in respect of the Preferred Shares. Pursuant to securities laws, the Corporation is not able to purchase the Preferred Shares during the Offering period or the period immediately preceding the filing of the preliminary prospectus. When permitted by law, subsequent to the completion of the Offering, the Corporation intends to utilize the NCIB.

Presently, the Corporation is primarily capitalized with Preferred Shares which rank in priority to the Class A Shares with respect to the payment of cash distributions and the repayment of capital on the dissolution, liquidation or winding up of the Corporation.

C.A. Bancorp Ltd. (the "Manager") views the Preferred Shares as a form of financial leverage to the Class A Shares as the Preferred Shares have a fixed term, fixed cash distributions and fixed maturity value.

The Manager uses the maturity value of the Preferred Shares issued and outstanding and compares that to the tangible net book value of the Class A Shares issued and outstanding as a measure of debt (the Preferred Shares) to equity (the Class A Shares) ratio of the Corporation (the "Leverage Ratio"). As at June 30, 2008, the Leverage Ratio was 8.8 to 1.

The Offering will, regardless of whether the minimum Offering size or maximum Offering size is completed, cause the debt to equity ratio or the Leverage Ratio of the Corporation to decrease.

Assuming a minimum raise of $20,000,000 the Manager estimates the Leverage Ratio will drop to 1.6 to 1 (assuming no exercise of the Warrants into Preferred Shares) or 3.9 to 1 (assuming all Warrants are exercised into Preferred Shares).

Assuming a maximum raise of $100,000,000 the Manager estimates the Leverage Ratio will drop to 0.4 to 1 (assuming no exercise of the Warrants into Preferred Shares) or 3.0 to 1 (assuming all Warrants are exercised into Preferred Shares).

Exchange Option Deposit Date and Closing

The Exchange Option will be open for acceptance by holders of eligible securities of the Issuers until 5:00 pm (Toronto time) on August 22, 2008.

Exchange Ratios

The number of Units issuable for an eligible security will be determined by dividing (i) the weighted average trading price of such security on the TSX during the three consecutive trading days ended on August 22, 2008 as adjusted to reflect distributions declared by an Issuer that will not be received by the Corporation; by (ii) $10.00. The exchange ratios will be rounded down to four decimal places.

Acceptance

The Exchange Option may be accepted only by means of a book-entry deposit through CDS Clearing and Depository Services Inc. ("CDS"). Holders of securities of an Issuer who wish to elect the Exchange Option must request their investment adviser, investment dealer, bank, trust company or other nominee to effect the transaction for them and should do so to ensure that their securities are included in the deposit to be made through CDS on August 22, 2008. Some nominees may require an earlier deadline for receiving instructions concerning a deposit.

Eligible Securities



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Name Ticker
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Canadian Common Shares Eligible for Exchange
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Agnico-Eagle Mines Ltd. AEM
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Agrium Inc. AGU
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Bank of Montreal BMO
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Bank of Nova Scotia, The BNS
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Barrick Gold Corporation ABX
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BCE Inc. BCE
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Biovail Corporation BVF
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Bombardier Inc. BBD.B
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Brookfield Asset Management Inc. BAM.A
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Cameco Corporation CCO
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Canadian Imperial Bank of Commerce CM
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Canadian National Railway Company CNR
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Canadian Natural Resources Ltd. CNQ
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Canadian Pacific Railway Ltd. CP
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Canadian Tire Corporation Limited CTC.A
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CanWest Global Communications Corp. CGS
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Celestica Inc. CLS
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CGI Group Inc. GIB.A
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Cott Corporation BCB
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Eldorado Gold Corp. ELD
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Enbridge Inc. ENB
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EnCana Corporation ECA
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First Calgary Petroleums Ltd. FCP
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First Quantum Minerals Ltd. FM
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FNX Mining Company Inc. FNX
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George Weston Limited WN
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Gildan Activewear Inc. GIL
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Goldcorp Inc. G
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Husky Energy Inc. HSE
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Imperial Oil Ltd. IMO
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Inmet Mining Corporation IMN
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Kinross Gold Corporation K
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Loblaw Companies Ltd. L
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Lundin Mining Corporation LUN
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Magna International Inc. MG.A
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Manulife Financial Corporation MFC
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MDS Inc. MDS
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National Bank of Canada NA
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Nexen Inc. NXY
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Nortel Networks Ltd. NT
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NOVA Chemicals Corporation NCX
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NuVista Energy Ltd. NVA
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Oilexco Incorporated OIL
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OPTI Canada Inc. OPC
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PetroBank Energy and Resources Ltd. PBG
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Petro-Canada PCA
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Potash Corporation of Saskatchewan Inc. POT
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QLT Inc. QLT
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Research In Motion Ltd. RIM
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Rogers Communications Inc. RCI.B
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RONA Inc. RON
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Royal Bank of Canada RY
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Shaw Communication Inc. SJR.B
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Shoppers Drug Mart Corporation SC
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Sino-Forest Corporation TRE
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SNC Lavalin Group Inc. SNC
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Sun Life Financial Inc. SLF
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Suncor Energy Inc. SU
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Talisman Energy Inc. TLM
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Teck Cominco Ltd. TCK.B
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TELUS Corporation T
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Thomson Reuters Corporation TRI
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Tim Hortons Inc. THI
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Toronto-Dominion Bank TD
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TransAlta Corporation TA
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TransCanada Corporation TRP
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TriStar Oil & Gas Ltd. TOG
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Uranium One Inc. UUU
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UTS Energy Corporation UTS
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Viterra Inc. VT
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WestJet Airlines Ltd. WJA
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Yamana Gold Inc. YRI
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Canadian Investment Grade Convertible Debentures Eligible for Exchange
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Cameco Corporation CCO.DB
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Pembina Pipeline Income Fund PIF.DB.B
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Canadian Investment Grade Preferred Shares Eligible for Exchange
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Alliance Split Income Trust Preferred ASI.PR.A
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ATCO Ltd. Preferred, Series 3 ACO.PR.A
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Bank of Montreal Class B Preferred, Series 10 BMO.PR.V
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Bank of Montreal Class B Preferred, Series 13 BMO.PR.J
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Bank of Montreal Class B Preferred, Series 14 BMO.PR.K
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Bank of Montreal Class B Preferred, Series 15 BMO.PR.L
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Bank of Montreal Class B Preferred, Series 5 BMO.PR.H
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Bank of Montreal Class B Preferred, Series 6 BMO.PR.I
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The Bank of Nova Scotia Preferred, Series 12 BNS.PR.J
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The Bank of Nova Scotia Preferred, Series 13 BNS.PR.K
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The Bank of Nova Scotia Preferred, Series 14 BNS.PR.L
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The Bank of Nova Scotia Preferred, Series 15 BNS.PR.M
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The Bank of Nova Scotia Preferred, Series 16 BNS.PR.N
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The Bank of Nova Scotia Preferred, Series 17 BNS.PR.O
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The Bank of Nova Scotia Preferred, Series 18 BNS.PR.P
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The Bank of Nova Scotia Preferred, Series 20 BNS.PR.Q
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BCE Inc. 1st Preferred, Series AA BCE.PR.A
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BCE Inc. 1st Preferred, Series AB BCE.PR.B
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BCE Inc. 1st Preferred, Series AC BCE.PR.C
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BCE Inc. 1st Preferred, Series AD BCE.PR.D
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BCE Inc. 1st Preferred, Series AF BCE.PR.F
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BCE Inc. 1st Preferred, Series AG BCE.PR.G
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BCE Inc. 1st Preferred, Series AH BCE.PR.H
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BCE Inc. 1st Preferred, Series AI BCE.PR.I
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BCE Inc. 1st Preferred, Series R BCE.PR.R
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BCE Inc. 1st Preferred, Series S BCE.PR.S
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BCE Inc. 1st Preferred, Series T BCE.PR.T
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BCE Inc. 1st Preferred, Series Y BCE.PR.Y
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BCE Inc. 1st Preferred, Series Z BCE.PR.Z
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Big 8 Split Inc. Preferred BIG.PR.A
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BPO Properties Ltd. Preferred, Series G BPP.PR.G
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BPO Properties Ltd. Preferred, Series J BPP.PR.J
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BPO Properties Ltd. Preferred, Series M BPP.PR.M
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Brascan SoundVest Rising Distribution Split Trust Preferred BSD.PR.A
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Brookfield Asset Management Inc. Class A Preferred, Series 10 BAM.PR.H
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Brookfield Asset Management Inc. Class A Preferred, Series 11 BAM.PR.I
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Brookfield Asset Management Inc. Class A Preferred, Series 12 BAM.PR.J
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Brookfield Asset Management Inc. Class A Preferred, Series 13 BAM.PR.K
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Brookfield Asset Management Inc. Class A Preferred, Series 17 BAM.PR.M
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Brookfield Asset Management Inc. Class A Preferred, Series 18 BAM.PR.N
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Brookfield Asset Management Inc. Class A Preferred, Series 2 BAM.PR.B
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Brookfield Asset Management Inc. Class A Preferred, Series 4 BAM.PR.C
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Brookfield Asset Management Inc. Class A Preferred, Series 8 BAM.PR.E
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Brookfield Asset Management Inc. Class A Preferred, Series 9 BAM.PR.G
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Brookfield Properties Corporation Class AAA Preferred, Series F BPO.PR.F
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Brookfield Properties Corporation Class AAA Preferred, Series G BPO.PR.U
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Brookfield Properties Corporation Class AAA Preferred, Series H BPO.PR.H
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Brookfield Properties Corporation Class AAA Preferred, Series I BPO.PR.I
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Brookfield Properties Corporation Class AAA Preferred, Series J BPO.PR.J
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Brookfield Properties Corporation Class AAA Preferred, Series K BPO.PR.K
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Canada Life Financial Corporation Class A Preferred, Series 1 CL.PR.B
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Canadian General Investments, Limited Class A Preferred, Series 1 CGI.PR.A
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Canadian General Investments, Limited Class A Preferred, Series 2 CGI.PR.B
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Canadian General Investments, Limited Class A Preferred, Series 3 CGI.PR.C
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Canadian Imperial Bank of Commerce Class A Preferred, Series 18 CM.PR.P
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Canadian Imperial Bank of Commerce Class A Preferred, Series 19 CM.PR.R
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Canadian Imperial Bank of Commerce Class A Preferred, Series 23 CM.PR.A
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Canadian Imperial Bank of Commerce Class A Preferred, Series 26 CM.PR.D
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Canadian Imperial Bank of Commerce Class A Preferred, Series 27 CM.PR.E
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Canadian Imperial Bank of Commerce Class A Preferred, Series 29 CM.PR.G
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Canadian Imperial Bank of Commerce Class A Preferred, Series 30 CM.PR.H
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Canadian Imperial Bank of Commerce Class A Preferred, Series 31 CM.PR.I
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Canadian Imperial Bank of Commerce Class A Preferred, Series 32 CM.PR.J
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Canadian Utilities Limited 2nd Preferred, Series W CU.PR.A
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Canadian Utilities Limited 2nd Preferred, Series X CU.PR.B
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Co-operators General Insurance Company Class E Preferred,
Series C CCS.PR.C
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CU Inc. Preferred, Series 1 CIU.PR.A
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Dundee Corporation 1st Preferred, Series 1 DC.PR.A
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Dundee Wealth Management Inc. 1st Preferred, Series 1 DW.PR.A
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E-L Financial Corporation Limited 1st Preferred ELF.PR.F
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E-L Financial Corporation Limited Preferred, Series 2 ELF.PR.G
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Enbridge Inc. Preferred, Series A ENB.PR.A
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Energy Split Corp. II Inc. Preferred EN.PR.A
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Falconbridge Limited Preferred, Series 3 FAL.PR.B
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Fortis Inc. 1st Preferred, Series C FTS.PR.C
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Fortis Inc. 1st Preferred, Series E FTS.PR.E
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Fortis Inc. 1st Preferred, Series F FTS.PR.F
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Fortis Inc. 1st Preferred, Series G FTS.PR.G
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George Weston Limited Preferred, Series 1 WN.PR.A
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George Weston Limited Preferred, Series 2 WN.PR.B
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George Weston Limited Preferred, Series 5 WN.PR.E
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Great-West Life Assurance Company Preferred, Series O GWL.PR.O
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Great-West Lifeco Inc. Preferred, Series D GWO.PR.E
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Great-West Lifeco Inc. Preferred, Series E GWO.PR.X
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Great-West Lifeco Inc. Preferred, Series F GWO.PR.F
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Great-West Lifeco Inc. Preferred, Series G GWO.PR.G
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Great-West Lifeco Inc. Preferred, Series H GWO.PR.H
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Great-West Lifeco Inc. Preferred, Series I GWO.PR.I
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HSBC Bank Canada Preferred, Series C HSB.PR.C
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HSBC Bank Canada Preferred, Series D HSB.PR.D
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IGM Financial Inc. 1st Preferred, Series A IGM.PR.A
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Industrial Alliance Insurance and Financial Services Inc. Class
A, Series B IAG.PR.A
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Laurentian Bank of Canada Preferred, Series 10 LB.PR.E
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Laurentian Bank of Canada Preferred, Series 9 LB.PR.D
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Manulife Financial Corporation Preferred, Series 1 MFC.PR.A
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Manulife Financial Corporation Preferred, Series 2 MFC.PR.B
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Manulife Financial Corporation Preferred, Series 3 MFC.PR.C
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Multi Select Income Trust Preferred MST.PR.A
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National Bank of Canada 1st Preferred, Series 15 NA.PR.K
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National Bank of Canada 1st Preferred, Series 16 NA.PR.L
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National Bank of Canada 1st Preferred, Series 20 NA.PR.M
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Nova Scotia Power Incorporated 1st Preferred, Series C NSI.PR.C
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Nova Scotia Power Incorporated 1st Preferred, Series D NSI.PR.D
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Oil Sands Split Trust Preferred OST.PR.A
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Pacific Northern Gas Ltd., Pref PNG.PR.A
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Power Corporation of Canada 1st Preferred, First Preferred 1986
Series POW.PR.F
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Power Corporation of Canada 1st Preferred, Series A POW.PR.A
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Power Corporation of Canada 1st Preferred, Series B POW.PR.B
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Power Corporation of Canada 1st Preferred, Series C POW.PR.C
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Power Corporation of Canada 1st Preferred, Series D POW.PR.D
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Power Financial Corporation Preferred, Series A PWF.PR.A
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Power Financial Corporation Preferred, Series C PWF.PR.D
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Power Financial Corporation Preferred, Series D PWF.PR.E
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Power Financial Corporation Preferred, Series E PWF.PR.F
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Power Financial Corporation Preferred, Series G PWF.PR.G
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Power Financial Corporation Preferred, Series H PWF.PR.H
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Power Financial Corporation Preferred, Series I PWF.PR.I
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Power Financial Corporation Preferred, Series K PWF.PR.K
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Power Financial Corporation Preferred, Series L PWF.PR.L
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Power Financial Corporation, Series J PWF.PR.J
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Prime Dividend Corp Preferred PDV.PR.A
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Prime Rate Plus Corp. Preferred PPL.PR.A
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Royal Bank of Canada Preferred, Series AA RY.PR.A
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Royal Bank of Canada Preferred, Series AB RY.PR.B
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Royal Bank of Canada Preferred, Series AC RY.PR.C
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Royal Bank of Canada Preferred, Series AD RY.PR.D
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Royal Bank of Canada Preferred, Series AE RY.PR.E
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Royal Bank of Canada Preferred, Series AF RY.PR.F
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Royal Bank of Canada Preferred, Series AG RY.PR.G
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Royal Bank of Canada Preferred, Series AH RY.PR.H
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Royal Bank of Canada Preferred, Series N RY.PR.K
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Royal Bank of Canada Preferred, Series W RY.PR.W
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Sentry Select 40 Split Income Trust Preferred SFO.PR.A
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Strata Income Fund Preferred STW.PR.A
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Sun Life Financial Inc. Preferred, Series 2 SLF.PR.B
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Sun Life Financial Inc. Preferred, Series 3 SLF.PR.C
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Sun Life Financial Inc. Preferred, Series 4 SLF.PR.D
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Sun Life Financial Inc. Preferred, Series 5 SLF.PR.E
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Sun Life Financial Inc. Pref., Series 1 SLF.PR.A
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The Toronto-Dominion Bank Preferred, Series M TD.PR.M
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The Toronto-Dominion Bank Preferred, Series N TD.PR.N
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The Toronto-Dominion Bank Preferred, Series O TD.PR.O
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The Toronto-Dominion Bank Preferred, Series P TD.PR.P
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The Toronto-Dominion Bank Preferred, Series Q TD.PR.Q
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The Toronto-Dominion Bank Preferred, Series R TD.PR.R
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The Toronto-Dominion Bank Preferred, Series S TD.PR.S
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Thomson Reuters Preferred, Series 2 TOC.PR.B
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TransCanada Pipelines Limited Preferred, Series U TCA.PR.X
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TransCanada Pipelines Limited Preferred, Series Y TCA.PR.Y
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Union Gas Limited Preferred, Series A UNG.PR.C
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Union Gas Limited Preferred, Series B UNG.PR.D
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Westcoast Energy Inc. 1st Preferred, Series 8 W.PR.J
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YPG Holdings Inc. Preferred, Series 1 YPG.PR.A
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Agents

The syndicate of agents is co-led by Canaccord Capital Corporation, CIBC World Markets Inc., and National Bank Financial Inc., and includes TD Securities Inc., Blackmont Capital Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Inc., Dundee Securities Corporation, GMP Securities L.P., Industrial Alliance Securities Inc., Jory Capital Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated, Desjardins Securities Inc., Research Capital Corporation and Richardson Partners Financial Limited.

C.A. Bancorp Canadian Realty Finance Corporation

The Corporation is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Corporation was created to obtain exposure to the investment performance of an actively managed portfolio of secured loans and investments in the Canadian commercial real estate sector on a tax efficient basis.

C.A. Bancorp Inc.

C.A. Bancorp (TSX:BKP) is a publicly traded Canadian merchant bank and alternative asset manager that provides investors with access to a range of private equity and other alternative asset class investment opportunities. C.A. Bancorp is focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

C.A Bancorp Inc. manages the Corporation through its wholly-owned subsidiary C.A. Bancorp Ltd.

Certain statements included in this news release constitute forward-looking statements including those identified by the expressions, "will", "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions. The forward looking statements are not historical facts but represent C.A. Bancorp's, the Manager's or the Corporation'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, including the matters discussed in the "Risk Factors" and others sections of the preliminary prospectus of the Corporation dated July 21, 2008 and including without limitation, interest rate fluctuations, the availability of investments, competition, levels of return earned on the underlying portfolio of investments, change in financial position of the Corporation or C.A. Bancorp, reliance on key personnel, ability of the Corporation to meet its investment objectives, the ability of the Corporation to pay quarterly distributions, utilization of the NCIB, leverage ratios, and the ability of C.A. Bancorp to subscribe for or obtain subscriptions for Class A shares of the Corporation. Due to the many risks and uncertainties, C.A. Bancorp cannot assure that the forward-looking statements contained in this news release will be realized. C.A. Bancorp 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.

A preliminary prospectus dated July 21, 2008 relating to these securities has been filed with the securities regulatory authority in each of the provinces and territories of Canada but has not yet become final for the purpose of a distribution to the public. Important information concerning this offering is contained in the prospectus. Obtain a copy from your financial advisor or on SEDAR at www.sedar.com and read the prospectus before investing.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or an acceptance of an offer to buy the securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or other similar authority in such province or territory.



C.A. Bancorp Inc.
The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 214-5985
Fax: (416) 861-8166

Contact Information