Brompton Equal Weight Income Fund Completes IPO

Brompton Equal Weight Income Fund, completed an initial public offering of 42 million units at $10 per unit for gross proceeds of $420 million, including the exercise by the agents of the over allotment option. The deal closed on July 16, 2003. The offering was made through a syndicate of agents led by RBC Dominion Securities Inc., CIBC World Markets Inc. and BMO Nesbitt Burns Inc., and included Scotia Capital Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Dundee Securities Corporation, First Associates Investments Inc., Newport Securities Inc., Research Capital Corporation and Acadian Securities Inc. Net proceeds of the offering, together with an amount advanced under a loan facility provided by CIBC, will be invested in a portfolio, which will comprise an approximate equal dollar amount of securities of each income fund listed on the TSX having a float capitalization of at least $200 million at the time of investment. Investors were provided with the opportunity to subscribe for units either in cash or by depositing units of the underlying income funds that will form the trust portfolio pursuant to an exchange option.

The fund was represented by Stikeman Elliott LLP, with a team that included Joel Binder and Steven Portelli (securities/corporate), Mark McElheran and Samantha Levy (banking) and John Lorito (tax). The agents were represented by Davies Ward Phillips & Vineberg LLP, with a team that included Shawn McReynolds and Philippe Rousseau (securities/corporate) and Siobhan Monaghan (tax). CIBC was represented by Blake, Cassels & Graydon LLP, with a team that included Michael Harquail and Chris Marshall (financial services).


K. A. Siobhan Monaghan Samantha Levy Joel E. Binder Mark E. McElheran Chris H. Marshall D. Shawn McReynolds Steve Portelli John G. Lorito


Stikeman Elliott LLP Davies Ward Phillips & Vineberg LLP Blake, Cassels & Graydon LLP