Copernican Capital Corp.
TSX : ADC
TSX : ASC
TSX : FIT.UN
TSX : GBP.UN
TSX : CBK.UN
TSX : CIW.UN
TSX : CBW
TSX : CBW.PR.A
TSX : ASC.PR.A
TSX : CIR
TSX : CIR.PR.A

Copernican Capital Corp.

March 20, 2007 15:22 ET

Copernican International Financial Split Corp. Announces Closing of $150 Million initial Public Offering of Preferred Shares and Class A Shares

BURLINGTON, ONTARIO--(CCNMatthews - March 20, 2007) -

This press release is not for distribution in the United States.

Copernican Capital Corp. (TSX:ADC)(TSX:ASC)(TSX:ASC.PR.A)(TSX:GBP.UN)(TSX:FIT.UN)(TSX:CBK.UN)(TSX:CIW.UN)(TSX:CBW.PR.A)(TSX:CBW)(TSX:CIR)(TSX:CIR.PR.A), the Manager of Copernican International Financial Split Corp. (the "Company") is pleased to announce that the Company has completed its initial public offering of 7,500,000 preferred shares ("Preferred Shares") and 7,500,000 class A shares ("Class A Shares") of the Company at a price of $10.00 per Preferred Share and $10.00 per Class A Share for gross proceeds of $150,000,000. The Preferred Shares have been rated Pfd-2 (low) by Dominion Bond Rating Services Limited. The Company has granted the agents an over-allotment option to acquire up to 1,125,000 Preferred Shares and 1,125,000 Class A shares, which is exercisable at any time during the next 30 days.

The Preferred Shares and the Class A Shares commenced trading today on the Toronto Stock Exchange under the symbols "CIR.PR.A" and "CIR", respectively.

The Company is a mutual fund corporation whose investment objectives with respect to the Preferred Shares are:

(i) to provide holders of Preferred Shares with fixed cumulative preferential quarterly cash distributions in the amount of $0.125 per Preferred Share representing a yield on the issue price of the Preferred Shares of 5.0% per annum; and

(ii) to return the original issue price of the Preferred Shares at the time of redemption of such Shares on December 2, 2013; and

with respect to the Class A Shares are:

(i) to provide holders of Class A Shares with regular quarterly cash distributions targeted to be $0.20 per Class A Share representing a yield on the issue price of the Class A Shares of 8.0% per annum; and

(ii) to provide holders of the Class A Shares with the opportunity for leveraged growth in net asset value ("NAV") per Class A Share after the repayment of the original issue price of the Preferred Shares.

AIC Investment Services Inc. (the "Investment Manager") will be responsible for the Company's overall investment strategy. The Company was created to provide exposure to the world's leading retail bank, life insurance and investment management financial services companies based outside North America.

As at January 2, 2007, the Investment Manager's assets under management totalled approximately $9.0 billion of which approximately $4.5 billion was invested in the global financial services industry.

The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets and that included BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Berkshire Securities Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Bieber Securities Inc., Blackmont Capital Inc., Burgeonvest Securities Limited, Dundee Securities Corporation, Laurentian Bank Securities Inc. and Wellington West Capital Inc.

Contact Information

  • AIC Investment Services, Burlington ON
    Chris Lowe
    Senior Vice President and Portfolio Manager
    (905) 331-4242, ext. 4232 or 1-888-710-4242, ext. 4232
    Email: clowe@aic.com
    or
    Copernican Capital Corp., Burlington ON
    Chris Lowe
    Chief Executive Officer
    (905) 319-4922
    Email: clowe@copernican.com
    Website: www.copernicancapital.com
    or
    AIC Limited, Burlington ON
    Terri Oswald
    Director, Media Relations
    (905) 331-4242, ext. 4345 or 1-888-710-4242, ext. 4345
    Email: toswald@aic.com