Brompton MVP Income Fund Closes IPO

On July 17, 2002, Brompton MVP Income Fund completed its initial public offering of 7.5 million trust units at $10 per unit for gross proceeds of $75 million. The offering was made through a syndicate of agents co-led by RBC Dominion Securities Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and including National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc., TD Securities Inc., Brompton Securities Limited, Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Research Capital Corporation, Yorkton Securities Inc. and Acadian Securities Incorporated.

The fund is designed to provide unitholders with monthly distributions targeted at $0.075 per unit, which represents a 9 per cent annual return based on the initial issue price of $10 per unit, through investing in a diversified portfolio of high income securities, including units of income funds, high yield debt and special situations. Brompton MVP Management Limited is the manager of the fund and has engaged Elliot & Page Limited, an investment counsel and portfolio manager and a member of the Manulife Financial group of companies, to implement the fund’s investment strategy and select and manage the fund’s investments.

Brompton was represented by Lawrence Chernin, Fraser McDonald and Ramandeep Grewal (securities) and Yvette Morelli (tax) of Goodman and Carr LLP. The agents were represented by Chris Hoffmann and Andrew Armstrong (securities) and Jim Morand (tax) of McCarthy Tétrault LLP.