Copernican World Banks Split Inc.

November 30, 2006 12:16 ET

Copernican World Banks Split Inc. Announces Closing of $90 Million Initial Public Offering of Preferred Shares and Class A Shares

BURLINGTON, ONTARIO--(CCNMatthews - Nov. 30, 2006) -


Copernican Capital Corp., the Manager of Copernican World Banks Split Inc. (TSX:CBW) (TSX:CBW.PR.A) (the "Company") is pleased to announce that the Company has completed its initial public offering of 4,500,000 preferred shares ("Preferred Shares") and 4,500,000 class A shares ("Class A Shares") of the Company at a price of $10.00 per Preferred Shares and $10.00 per Class A Share for gross proceeds of $90,000,000. 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 675,000 Preferred Shares and 675,000 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 "CBW.PR.A" and "CBW", 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 $0.13125 per Preferred Share representing a yield on the issue price of the Preferred Shares of 5.25% 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 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 will invest in an actively managed diversified portfolio consisting of equity securities of some of the world's leading global bank-based financial services companies.

As at October 31, 2006, the Investment Manager's assets under management aggregated to approximately $8.5 billion of which approximately $4.2 billion was invested in the global financial services industry.

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

AIC commenced operations in 1985 and has grown to become one of Canada's largest privately held mutual fund companies with assets under management of approximately $9 billion.

Contact Information