Faircourt Split Seven Completes IPO

On March 16, 2004, Faircourt Split Seven Trust, a closed-end investment trust, completed its initial public offering of units and 6.25 per cent preferred securities. Including the over-allotment, a total of 12,300,000 units were issued at a price of $15 per unit and a total of 12,300,000 preferred securities were issued at a price of $10 per preferred security for total gross proceeds of $307.5 million. The offering was led by CIBC World Markets Inc. and the syndicate included BMO Nesbitt Burns Inc., RBC Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Dundee Securities Corp., First Associates Investments Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Capital Corp., Desjardins Securities Inc. and Wellington West Capital Inc.

The net proceeds of the offering were invested in a portfolio of Canadian income trusts and funds, comprised primarily of business and industrial funds, commodity-based royalty trusts, real estate investment trusts and pipeline and power generation funds. The manager of the Trust is Faircourt Asset Management Inc. and the investment advisor to the Trust is Acuity Investment Management Inc.

The Trust and the manager of the Trust were represented by Stikeman Elliott, with a team that included Jennifer Northcote, Greg Hogan and Jill Lankin (securities/corporate), and Lianne Miller (tax).

The agents were represented by McCarthy T├ętrault, with a team that included Ron Schwass and Andrew Armstrong (securities/corporate), and Nigel Johnston (tax).

Lawyer(s)

Luc Poirier Lianne Miller Ronald R. Schwass Jill Lankin Nigel P.J. Johnston