Addenda Capital Completes IPO

On December 14, 2004, Addenda Capital Inc. completed its initial public offering of common shares by way of secondary offering.

The 10 per cent over-allotment option granted to the underwriters was exercised in full on December 22, 2004. The selling shareholder, Caisse de dépôt et placement du Québec, sold a total of 6,730,850 shares under the initial public offering and the exercise of the over-allotment option for total gross proceeds of $114,424,450.

Addenda, now listed on the Toronto Stock Exchange, is an investment management firm specializing in the active management of fixed-income portfolios, primarily for institutional clients.

The offering was underwritten by a syndicate of underwriters co-led by CIBC World Markets Inc. and National Bank Financial Inc., and including Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc. and GMP Securities Ltd. André Bourbonnais, through Bourbonnais Capital Inc., acted as special advisor to Addenda LP, a shareholder of Addenda.
Addenda and the Caisse were represented by Fraser Milner Casgrain LLP with a team that included Michel Brunet, Vitale Santoro, Michel Jodoin, François Brais and Christopher Main (securities) and Mathilde Carrière and Richard Gauthier (corporate/tax). The Caisse was represented in-house by Claude Bergeron, vice-president, legal affairs, and, for certain matters relating to the pre-offering reorganization of Addenda, by Daniel Lacelle, Luc Lissoir and Marc Laflèche of Gowling Lafleur Henderson LLP. Addenda was represented in the US by Meredith Berkowitz, Meredith Deutsch and Sha Hua of Jones Day.

The underwriters were represented by Fasken Martineau DuMoulin LLP with a team that included Louis-François Hogue (corporate/securities), Pierre-Yves Châtillon (corporate/compliance), Frédéric Boucher (securities), Patricia Gagnon and Tasha Lackman (corporate) and Gilles Carli and Thomas Copeland (tax).