Global Water Solutions Fund

February 27, 2015 08:26 ET

Global Water Solutions Fund Announces Closing of Initial Public Offering

TORONTO, ONTARIO--(Marketwired - Feb. 27, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Global Water Solutions Fund (the "Fund") is pleased to announce the closing of the initial public offering (the "Offering") of units of the Fund (the "Units") which raised gross proceeds of $27.5 million. The Fund has granted the agents an over-allotment option, exercisable for a period of 30 days from today's date, to purchase up to an additional 412,500 Units. The Units are listed on the Toronto Stock Exchange under the symbol HTO.UN.

Kleinwort Benson Investors International Ltd. (the "Portfolio Manager"), an institutional asset manager, is responsible for implementing the investment strategy of the Fund. BMO Nesbitt Burns Inc. is the promoter of the Fund, one of the agents in connection with the Offering and will act as the manager of the Fund.

The Fund has been established to provide holders of Units ("Unitholders") with an investment in an actively managed global portfolio (the "Portfolio") comprised primarily of publicly-listed equity securities of global companies across the water cycle that are providing solutions to water scarcity. The Fund's investment objectives are to provide Unitholders with (i) the opportunity for capital appreciation; and (ii) quarterly cash distributions.

The quarterly cash distributions to Unitholders are initially targeted to be $0.10 per Unit ($0.40 per annum per Unit) representing an annual yield of 4.0% on the issue price.

The Portfolio Manager is an institutional asset manager based in Dublin, Ireland, managing approximately $9 billion in assets as at November 30, 2014, including approximately $1.6 billion in water related strategies. The firm has been managing assets since 1980 and currently manages specialist equity strategies which are offered to institutional investors on both a segregated and unitized basis.

The syndicate of agents for the Offering is being co-led by BMO Capital Markets, CIBC and Scotiabank, and also includes GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities Inc., Burgeonvest Bick Securities Limited, Desjardins Securities Inc., Laurentian Bank Securities Inc., Mackie Research Capital Corporation, Manulife Securities Incorporated and PI Financial Corp.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund have not been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

The Offering is only made by prospectus. The prospectus contains important information relating to the Units being offered. Copies of the prospectus may be obtained from any of the agents listed above. Investors should read the prospectus before making an investment decision.

GLOBAL WATER SOLUTIONS FUND

Contact Information

  • BMO Capital Markets
    1.866.864.7760