COMPASS Income Fund, a closed-end investment trust, whose objectives are to provide unitholders with a stable monthly income stream of at least 9 per cent per annum, as well as that of capital repayment, completed its initial public offering of 13.5 million units on April 16, 2002, generating gross proceeds of $135 million. The net proceeds of the offering will be invested in a broadly diversified managed portfolio of securities consisting primarily of units of ongoing business funds, pipeline/energy distribution funds, power generation funds and real estate investment trusts. The co-advisors to COMPASS are Middlefield Securities Limited and Guardian Capital Advisors Inc., who will be responsible for providing investment advice to the trust’s portfolio. The units of COMPASS were listed on the TSE at closing.
CIBC World Markets Inc. and RBC Capital Markets Inc. were co-lead agents for the offering. The other syndicate members were TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Yorkton Securities Inc., Middlefield Securities Limited, Dundee Securities Corporation, Raymond James Ltd., Wellington West Capital Inc., Canaccord Capital Corporation and Research Capital Corp.
COMPASS and Middlefield were represented by Fasken Martineau DuMoulin LLP, with a team comprised of Stephen Erlichman, Joel Binder, Tracy Hooey and John Sabetti (securities), Nigel Johnston (tax) and Jon Holmstrom (banking) in Toronto. The agents were represented by McCarthy Tétrault LLP, with a team comprised of Christopher Hoffmann, Ronald Schwass and Andrew Armstrong (securities) and James Morand (tax) in Toronto.