On July 18, 2005, Core IncomePlus Fund, a closed-end investment trust, completed a $275 million initial public offering of units, which were listed on the Toronto Stock Exchange at closing ($281,500,000 after the over allotment option granted to the underwriters was exercised on July 28, 2005). The trust is designed to provide investors with stable monthly distributions and the potential for capital appreciation by investing in an actively managed, broadly diversified portfolio of securities comprised primarily of income trust securities. The initial portfolio is comprised of income trust issuers with an emphasis on large-capitalization business trusts, oil and gas royalty trusts, and real estate investment trusts. The trust is co-advised by Guardian Capital LP and Middlefield Capital Corp., who are responsible for providing investment advice to the trust's portfolio.
The syndicate was led by CIBC World Markets Inc. and RBC Capital Markets and included BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Wellington West Capital Inc., Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc., Raymond James Ltd., Acadian Securities Inc., Berkshire Securities Inc., Middlefield Capital Corp. and Research Capital Corp.
Core IncomePlus Fund was represented by Fasken Martineau DuMoulin LLP in Toronto, with a team that included Stephen Erlichman, John Sabetti, Jeffrey Klam and Dan Rankin (corporate/securities) and Mitchell Thaw (tax). The agents were represented by Osler, Hoskin & Harcourt LLP in Toronto, with a team that included Andrew Aziz and Jennifer Mann (corporate/securities) and Andrew McGuffin (tax).