Goodman & Company, Investment Counsel Ltd.

Goodman & Company, Investment Counsel Ltd.

July 28, 2005 17:02 ET

diversiYield Income Fund Announces Exercise of Over-Allotment for Gross Proceeds of $8.25 million

TORONTO, ONTARIO--(CCNMatthews - July 28, 2005) - Goodman & Company, Investment Counsel Ltd. ("Goodman & Company"), the manager of diversiYield Income Fund (the "Fund") is pleased to announce that the agents of the previously announced initial public offering of trust units ("Trust Units") have exercised their over-allotment option and have purchased 825,000 additional Trust Units.

The exercise of the over-allotment increases the size of the IPO to 11,825,000 Trust Units for aggregate gross proceeds of $118,250,000 ($10 per unit). The Trust Units are listed on the Toronto Stock Exchange under the symbol (TSX:DYI.UN).

The Fund's investment objectives are i) to provide unitholders with monthly distributions initially targeted at $0.0604 per Trust Unit (approximately 7.25% per annum); ii) to return the original issue price to unitholders upon the termination of the Fund on December 31, 2015; and iii) to provide unitholders with an opportunity for capital appreciation.

The Fund will allow unitholders to participate in returns on an actively managed portfolio comprised initially of 50% income trusts and 50% high yield debt securities. To enhance returns, the Fund may use leverage up to a maximum of 25% of total assets.

The Fund is managed by Goodman & Company and sub-advised by Marret Asset Management Inc. Ned Goodman & Oscar Belaiche have combined, over 60 years investment experience and are responsible for managing the income trust portion of the Fund. Barry Allan and Greg Foss of Marret Asset Management will manage the high yield debt portion of the Fund. Active asset allocation of income trusts and high yield debt securities will be a consultative effort by the manager and sub-advisor based on their views of economic and market conditions.

RBC Capital Markets, CIBC World Markets Inc., Dundee Securities Corporation, Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Capital Corporation, HSBC Securities (Canada) Inc., First Associates Investments Inc. and Raymond James Ltd. were the agents for the offering.

Goodman & Company is a leading Canadian investment firm tracing its portfolio management roots back over 45 years, with approximately $16 billion in assets under management. Goodman & Company, including Dynamic Mutual Funds and its affiliates, offers a wide range of wealth management solutions through registered financial advisors, including mutual funds; fee-based programs (Viscount and Marquis), limited partnerships (CMP and Canada Dominion), a labour-sponsored fund, hedge funds and a high net-worth investment counsel (Goodman Private Wealth Management). Goodman & Company, Investment Counsel Ltd. is a subsidiary of Dundee Wealth Management Inc. (DW - TSX).

Contact Information

  • Goodman & Company, Investment Counsel Ltd.
    Customer Relations Centre
    1(800) 268-8186
    Website: www.diversifunds.com
    or
    Goodman & Company, Investment Counsel Ltd.
    Trevor Hampden
    Media Relations
    (416) 365-5002