diveriTrust Income+ Fund Completes IPO

diversiTrust Income+ Fund completed its initial public offering of 18 million trust units on February 18, 2004, and closed its over allotment of 900,000 trust units on February 26, for total gross proceeds of $189 million. The fund is a closed-end fund and is managed by Goodman & Company, Investment Counsel Ltd. The fund’s investment objectives are: (i) to provide unitholders with a stable stream of monthly cash distributions targeted to be $0.067 per trust unit, approximately 8 per cent per annum based on the original $10 issue price; (ii) to return the original issue price of the trust units upon termination of the fund on December 31, 2014; and (iii) to provide the opportunity for capital appreciation. The fund will allow unitholders to participate in returns on an actively managed and diversified portfolio of high income securities, which may include business trusts, resource trusts, REITs, utility trusts, dividend paying equities and other high-yielding securities.

The syndicate of agents was led by RBC Dominion Securities Inc., and included CIBC World Markets Inc., Dundee Securities Corp., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial, TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Raymond James Ltd., Berkshire Securities Inc., First Associates Investments Inc. and Wellington West Capital Inc.

The fund and its manager, Goodman & Company, were represented by in-house counsel Benjamin Eggers; and by McCarthy Tétrault LLP, with a team that included Andrew Armstrong and Irene Lee (securities) and Jim Morand (tax). The agents were represented by Blake, Cassels & Graydon LLP, with a team that included Jeff Glass and Anoop Dogra (securities) and Chris Van Loan (tax).