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.

February 28, 2007 17:40 ET

Copernican International Financial Split Corp. Files Final Prospectus for an Offering of up to $300 Million

BURLINGTON, ONTARIO--(CCNMatthews - Feb. 28, 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 filed and has received a receipt from the securities regulators of all the Canadian provinces and territories for a final prospectus dated February 26, 2007 for the initial public offering of up to 15,000,000 preferred shares (Preferred Shares") and up to 15,000,000 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. The Preferred Shares have been provisionally rated Pfd-2 (low) by Dominion Bond Rating Services Limited. It is anticipated that the offering will close on or about March 20, 2007. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Preferred Shares and the Class A Shares, subject to fulfillment of the requirements of the TSX on or before May 22, 2007. The Preferred Shares will be listed for trading under the symbol CIR.PR.A and the Class A Shares will be listed for trading under the symbol CIR.

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.

A syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes 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