Aberdeen SCOTS Trust, an investment trust, completed an initial public offering of 9.4 million trust units at a price of $25 per trust unit for gross proceeds of $235 million on June 28, 2001. The agents exercised the over-allotment option in respect of 370,585 trust units for additional gross proceeds of $9,264,625 on July 11, 2001. The syndicate of agents was led by CIBC World Markets Inc. and TD Securities Inc. and also included RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Raymond James Financial Ltd., Canaccord Capital Corporation, Yorkton Securities Inc. and Trilon Securities Corporation.
Stikeman Elliott acted for the trust and Aberdeen Asset Managers (C.I.) Limited, the investment manager of the trust, with a team that included William Braithwaite, Jennifer Northcote, Robert Mason and Chris Flood (securities/corporate), Margaret Grottenthaler (forward and securities lending) and Lianne Miller (tax). Blake, Cassels & Graydon LLP acted for the agents with a team that included Jeff Glass and Anoop Dogra (securities/corporate), Stephen Ashbourne and Aaron Palmer (forward and securities lending) and Ron Richler (tax). Torys acted for State Street trust Company Canada, the trustee of the trust, with a team that included Karen Malatest, John Unger (tax), Dawn Scott and Michael Akkawi.