Global Water Solutions Fund

March 26, 2015 09:17 ET

Global Water Solutions Fund Announces Closing of Over-Allotment Option

TORONTO, ONTARIO--(Marketwired - March 26, 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 that the Fund has issued an additional 50,000 units of the Fund (the "Units") pursuant to the exercise of the over-allotment option by the syndicate of agents. In total, the Fund has issued 2,800,000 Units pursuant to its initial public offering (the "Offering"), yielding gross proceeds of $28 million. 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, was one of the agents in connection with the Offering and acts 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 was co-led by BMO Capital Markets, CIBC and Scotiabank, and also included 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.

Contact Information

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