First Asset

First Asset
Can-60 Income Corp.

Can-60 Income Corp.

September 16, 2010 13:44 ET

Can-60 Income Corp. Files Final Prospectus

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Can-60 Income Corp. (the "Company") announces that it has filed a final prospectus dated September 15, 2010 with the securities regulatory authorities of each of the Canadian provinces and territories for an initial public offering of up to 40 million non-voting equity shares (the "Shares") at a price of $10 per Share, for a maximum offering size of $400 million. The offering is scheduled to close on October 19, 2010. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Shares under the symbol CSY, subject to the fulfillment of TSX requirements.

The Company was created to invest on an equal weight basis in a portfolio (the "Portfolio") of the securities of the issuers comprising the S&P/TSX 60 Index, from time to time (the "Portfolio Issuers"). The S&P/TSX 60 Index is comprised of 60 of the largest Canadian issuers listed on the Toronto Stock Exchange as measured by market capitalization. The Portfolio will initially be approximately equal weighted, and each month First Asset Investment Management Inc. (the "Manager" or "First Asset") will employ a covered call option writing program on approximately, and not more than, 25% of the securities of each Portfolio Issuer, in order to seek to earn attractive tax effective income from dividends, distributions and call option premiums, lower the overall volatility of returns associated with owning a portfolio of these securities, and to generate capital appreciation for holders of Shares of the Company (the "Shareholders").

The objectives of the Company are to provide Shareholders with:

(a) quarterly distributions;
   
(b) the opportunity for capital appreciation; and
   
(c) lower overall volatility of Portfolio returns than would be experienced by owning a portfolio of the securities of the issuers that comprise the S&P/TSX 60 Index.

The Company will not have a fixed distribution, but intends to set periodic distribution targets. Based on the Manager's current estimates, the initial distribution target for the Company is expected to be $0.1625 per quarter ($0.65 per annum to yield 6.5% on the subscription price of $10 per Share).

First Asset is a Canadian wealth management company that manages and administers approximately $1.7 billion in assets.

Prospective purchasers may purchase Shares 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 September 23, 2010 in the manner described in the final prospectus.

Issuer CUSIP TSX Symbol
Agnico-Eagle Mines Ltd. 008474108 AEM
Agrium Inc. 008916108 AGU
ARC Energy Trust 001986108 AET.UN
Bank of Montreal 063671101 BMO
Bank of Nova Scotia (The) 064149107 BNS
Barrick Gold Corporation 067901108 ABX
BCE Inc. 05534B760 BCE
Biovail Corporation 09067J109 BVF
Bombardier Inc. 097751200 BBD.B
Brookfield Asset Management Inc. 112585104 BAM.A
Cameco Corporation 13321L108 CCO
Canadian Imperial Bank Of Commerce 136069101 CM
Canadian National Railway Company 136375102 CNR
Canadian Natural Resources Limited 136385101 CNQ
Canadian Oil Sands Trust 13642L100 COS.UN
Canadian Pacific Railway Limited 13645T100 CP
Canadian Tire Corporation, Limited 136681202 CTC.A
Cenovus Energy Inc. 15135U109 CVE
Eldorado Gold Corporation 284902103 ELD
Enbridge Inc. 29250N105 ENB
EnCana Corporation 292505104 ECA
Enerplus Resources Fund 29274D604 ERF.UN
First Quantum Minerals Ltd. 335934105 FM
Fortis Inc. 349553107 FTS
George Weston Limited 961148509 WN
Gildan Activewear Inc. 375916103 GIL
Goldcorp Inc. 380956409 G
Husky Energy Inc. 448055103 HSE
IAMGOLD Corporation 450913108 IMG
Imperial Oil Limited 453038408 IMO
Inmet Mining Corporation 457983104 IMN
iShares S&P/TSX 60 Index Fund 46428D108 XIU
Kinross Gold Corporation 496902404 K
Loblaw Companies Limited 539481101 L
Magna International Inc. 559222401 MG.A
Manulife Financial Corporation 56501R106 MFC
Metro Inc. 59162N109 MRU.A
National Bank of Canada 633067103 NA
Nexen Inc. 65334H102 NXY
Penn West Energy Trust 707885109 PWT.UN
Potash Corporation of Saskatchewan Inc. 73755L107 POT
Power Corporation of Canada 739239101 POW
Research In Motion Limited 760975102 RIM
Rogers Communications Inc. 775109200 RCI.B
Royal Bank of Canada 780087102 RY
Saputo Inc. 802912105 SAP
Shaw Communications Inc. 82028K200 SJR.B
Shoppers Drug Mart Corporation 82509W103 SC
SNC-Lavalin Group Inc. 78460T105 SNC
Sun Life Financial Inc. 866796105 SLF
Suncor Energy Inc. 867224107 SU
Talisman Energy Inc. 87425E103 TLM
Teck Resources Limited 878742204 TCK.B
TELUS Corporation 87971M103 T
Thomson Reuters Corporation 884903105 TRI
Tim Hortons Inc. 88706M103 THI
Toronto-Dominion Bank (The) 891160509 TD
TransAlta Corporation 89346D107 TA
TransCanada Corporation 89353D107 TRP
Yamana Gold Inc. 98462Y100 YRI
Yellow Pages Income Fund 985569102 YLO.UN

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., Canaccord Genuity Corp., GMP Securities L.P., HSBC Securities (Canada) Inc., Wellington West Capital Markets Inc., Macquarie Private Wealth Inc., Raymond James Ltd., Dundee Securities Corporation, and Mackie Research Capital Corporation.

"S&P/TSX 60™ Index" is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the Company. The Company is not sponsored, endorsed, sold or promoted by Standard & Poor's or its third party licensors.

Contact Information

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