Pro-AMS Trust\'s $1.13B IPO

Pro-AMS Trust completed an initial public offering in Canada for $1.13 billion of units of the trust on March 2, 2001. The trust’s investment objectives are: (i) to return the original issue price of $25 to unitholders upon termination of the trust in December 2012; (ii) to provide monthly distributions targeted to be at least $0.1875 or 8.75 per cent on the original issue price; and (iii) to provide unitholders with capital appreciation above the original issue price. This offering follows a similar offering by another trust managed by Mulvihill Capital Management Inc., Pro-AMS US Trust. Pro-AMS US Trust completed its initial public offering of $570.5 million of trust units in October 2000.

Andrew W. Aziz, Andrew McGuffin and Katy Waugh of Osler, Hoskin & Harcourt LLP represented both trusts in their respective offerings and Mulvihill Capital Management Inc. Shawn McReynolds and Patrick Moyer (corporate) and Ronald Wilson (tax) of Davies Ward Phillips & Vineberg LLP represented the underwriting syndicate led by RBC Dominion Securities Inc.