TORONTO, April 19, 2010 - IA Clarington
Investments Inc. (the "Manager") is pleased to announce that IA
Clarington Aston Hill Tactical Yield Fund (the "Fund") has
completed its initial public offering (the "Offering") of
10,000,000 Units at a price of $10.00 per Unit for aggregate gross
proceeds of $100 million.
Each Unit consists of one transferable trust unit (a "Trust
Unit") and one Trust Unit purchase warrant (a "Warrant"). The Units
will separate into Trust Units and Warrants on or before the 30th
day following the closing of the Offering. Each Warrant entitles
the holder to purchase one Trust Unit at the subscription price of
$10.00 per Trust Unit on or before 5:00 p.m. (Toronto time) on
April 29, 2011.
The Fund's investment objectives are:
- to provide unitholders with monthly cash distributions,
initially targeted to be 6.0% per Trust Unit per annum on the
original offering price of $10.00 per Unit ($0.05 per Trust Unit
per month or $0.60 per Trust Unit per annum); and
- to maximize total returns for unitholders, consisting of both
cash distributions and capital appreciation, while reducing risk
and preserving capital.
The Fund's investment strategy is to invest in an actively
managed, diversified portfolio comprised primarily of:
- Canadian common and preferred equity securities and income
trust units that provide a consistent and stable source of current
income; and
- fixed income securities, including high yield corporate debt
securities, cash and cash equivalents.
Each of the equity portion and the fixed income portion
generally will represent between one-third and two-thirds of the
portfolio, with the allocation at any time being determined by the
portfolio manager based on its view of market opportunities at the
time of investment.
The Fund will be actively managed by Catapult Financial
Management Inc., and Ben Cheng will be the lead portfolio manager
responsible for the Fund. On or before April 30, 2012, the Fund
will either:
- convert to an open-ended mutual fund, or
- merge on a tax-deferred basis with an open-ended mutual fund to
be managed by the Manager or an affiliate of the Manager.
The syndicate of agents is co-led by CIBC World Markets Inc. and
RBC Capital Markets and includes BMO Capital Markets, National Bank
Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord
Financial Ltd., Desjardins Securities Inc., HSBC Securities
(Canada) Inc., Raymond James Ltd., Wellington West Capital Markets
Inc., Dundee Securities Corporation, Macquarie Capital Markets
Canada Ltd., Industrial Alliance Securities Inc. and Rothenberg
Capital Management Inc.
About IA Clarington Investments Inc.
IA Clarington Investments Inc., a subsidiary of Industrial
Alliance Insurance and Financial Services Inc., markets a wide
range of investment products, including mutual funds and segregated
funds managed by leading portfolio advisors. IA Clarington managed
more than $8.2 billion in assets as at March 31, 2010.
Catapult Financial Management Inc.
Catapult is a wholly-owned subsidiary of Aston Hill Financial
Inc. ("Aston Hill"), which is listed on the TSX Venture Exchange
under "AHF". As at March 31, 2010, Aston Hill had approximately
$1.8 billion in assets under management.
-30-
For more information contact:
Eric Frape
Senior Vice-President, Product and Business Development
IA Clarington Investments Inc.
416-860-9880
Toll-Free 1-888-860-9888
Email: eric.frape@iaclarington.com
www.iaclarington.com
The IA Clarington Funds and IA Clarington Target Click Funds are
managed by IA Clarington Investments Inc. IA Clarington and the IA
Clarington logo are trademarks of Industrial Alliance Insurance and
Financial Services Inc. and are used under license.