Dividend 15 Completes $210M IPO

Dividend 15 Split Corp., a mutual fund corporation, completed, on March 16, 2004, an initial public offering of 8 million preferred shares at a price of $10 per preferred share and 8 million class A shares at a price of $15 per class A share for gross proceeds of $200 million. On April 6, the agents exercised an over-allotment option in respect of 400,000 preferred shares and 400,000 class A shares for additional gross proceeds of $10 million. Dividend 15, through its investment manager, Quadravest Capital Management Inc., invests primarily in a portfolio of high dividend-yielding stocks in the S&P/TSX 60 Index. The syndicate of agents included CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., TD Securities Inc., National Bank Financial Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc., HSBC Securities (Canada) Inc., Raymond James Ltd. and Bieber Securities Inc.

Dividend 15 was represented by Blake, Cassels & Graydon, with a team that included Michael Sharp, Jennifer Tindale and Stacy McLean (securities/corporate) and Jeff Trossman and Leslie Morgan (tax).

The agents were represented by Osler, Hoskin & Harcourt, with a team that included Linda Currie, Ali Kermalli (securities/corporate), Daniel MacIntosh and Timothy Hughes (tax).


Linda Gail Currie Timothy Hughes Stacy McLean Michael W. Sharp Jennifer Tindale Jeffrey C. Trossman Abbasali (Ali) Y. Kermalli Daniel R. MacIntosh