CI Financial Income Fund Acquires Rockwater Capital

On May 14, 2007, CI Financial Income Fund and Rockwater Capital Corporation completed the acquisition of all the outstanding common shares of Rockwater at $7.62 per share, valuing the transaction at approximately $251 million.

CI Financial Income Fund was represented by Michael J. Killeen, senior vice-president and general counsel and assisted by a team from Goodmans LLP that included Stephen Pincus, Neill May and Kari MacKay (corporate) and Carrie Smit (tax).

Rockwater was represented by general counsel Richard J. Wyruch and by a team from Cassels Brock & Blackwell LLP that included Paul Stein, Alexandra Iliopoulos and Sofia Tsakos (M&A); Peter Dunne (regulatory compliance) and Chris Norton (tax). Rockwater's special committee of the board of directors was represented by Sean Farrell of McMillan Binch Mendelsohn LLP.