COMPASS Income Fund Completes IPO

COMPASS Income Fund, a closed-end investment trust whose objectives are to provide unitholders with a stable monthly income stream targeted at 9 per cent per annum as well as capital repayment, completed its initial public offering on April 16, 2002 and completed its over-allotment option closings on May 9 and May 16, respectively, to raise $148 million. The net proceeds of the offering will be invested in a broadly diversified managed portfolio of securities consisting primarily of units of ongoing business funds, pipeline/energy distribution funds, power generation funds and real estate investment trusts. The co-advisors to COMPASS are Middlefield Securities Limited and Guardian Capital Inc., who will be responsible for providing investment advice to the trust’s portfolio. COMPASS units were listed on the TSE at closing.

CIBC World Markets Inc. and RBC Capital Markets Inc. acted as co-lead agents of the offering. The other syndicate members were TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Yorkton Securities Inc., Middlefield Securities, Dundee Securities Corporation, Raymond James Ltd., Wellington West Capital Inc., Canaccord Capital Corporation and Research Capital Corporation.

COMPASS and Middlefield were represented by Fasken Martineau DuMoulin LLP in Toronto, with a team comprised of Stephen Erlichman, Joel Binder, Tracy Hooey and John Sabetti (securities), Douglas Cannon (tax) and Jon Holmstrom (banking).

The agents were represented by McCarthy Tétrault LLP in Toronto, with a team comprised of Christopher Hoffmann, Ronald Schwass and Andrew Armstrong (securities) and James Morand (tax).