Brascan SoundVest Diversified Income Fund Completes IPO

Brascan SoundVest Diversified Income Fund, a closed-end investment trust, completed an initial public offering of 6.5 million trust units on November 19, 2003, generating gross proceeds of $65 million. Pursuant to the exercise of an over-allotment option, the fund raised an additional $4.4 million on November 28. Net proceeds will be invested in a diversified portfolio of business trusts, power generation and pipeline trusts, oil and gas royalty trusts, and REITS. The fund will be managed by a subsidiary of Brascan Asset Management Inc., and SoundVest Capital Management Ltd., which is 50 per cent owned by Brascan Corporation, will act as the investment advisor and portfolio manager for the fund.

The offering was made through a syndicate of agents co-led by RBC Capital Markets Inc. and CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., National Bank Financial, Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, Raymond James Ltd., First Associates Investments Inc. and Trilon Securities Corporation.

The fund was represented by McCarthy T├ętrault LLP in Toronto, with a team that included Chris Hoffmann, Katherine Gurney and Keith Lau (securities) and Nigel Johnston (tax). The agents were represented by Torys LLP, with a team that included Patricia Koval, Andre Poles and Melinda Anderson (securities) and Corrado Cardarelli (tax).