Dividend Select 15 Corp.
TSX : DS

Dividend Select 15 Corp.

November 18, 2010 09:46 ET

Dividend Select 15 Corp. Completes Initial Public Offering of $90,000,000

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2010) - Dividend Select 15 Corp. (the "Company") (TSX:DS) has completed its initial public offer of 9,000,000 equity shares at a price of $10.00 per share for aggregate proceeds of $90,000,000. The shares began trading on the Toronto Stock Exchange today under the symbol DS.

The net proceeds from the offering will be used by the Company to invest in a portfolio of 15 Canadian companies selected from the following 20 company universe which are among the highest Canadian dividend yielding stocks.

Bank of Montreal Great-West Lifeco Inc.   TELUS Corporation
       
BCE Inc. Husky Energy Inc.   The Bank of Nova Scotia
       
CIBC National Bank of Canada   The Toronto-Dominion Bank
       
CI Financial Corp. Power Corporation of Canada   Thomson Reuters Corporation
       
Enbridge Inc. Royal Bank of Canada   TMX Group Inc.
       
EnCana Corporation Shoppers Drug Mart Corporation   TransAlta Corporation
       
  Sun Life Financial Inc.   TransCanada Corporation

The investment objectives are to provide shareholders with i) monthly cash distributions and ii) the opportunity for capital appreciation.

The initial distribution target is to pay regular monthly distributions of $0.0583 per share to yield 7.00% per annum on the original issue price of the shares. Distributions are expected to be in the form of Canadian eligible dividends and/or capital gains dividends.

The portfolio weightings will be actively managed based on the Manager's assessment of which companies provide the most stable dividend yields and attractive growth potential. The Company will also engage in an active covered call writing program to provide an additional source of income to the portfolio and to capitalize on volatility in the underlying portfolio companies.

The syndicate of agents was co-led by Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Genuity Corp., Dundee Securities Corporation, Macquarie Capital Markets Canada Ltd., Wellington West Capital Markets Inc., Desjardins Securities Inc. and Manulife Securities Incorporated.

Contact Information

  • Dividend Select 15 Corp.
    Investor Relations
    416-304-4443 or Toll Free at 1-877-4-Quadra (1-877-478-2372)
    www.dividendselect15.com