Lawrence Payout Ratio Trust Completes $120M IPO

On December 16, 2004, Lawrence Payout Ratio Trust (the Trust) completed an initial public offering of 12,000,000 trust units at $10 per trust unit for gross proceeds of $120 million. The syndicate of agents was led by CIBC World Markets Inc. and included National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., First Associates Investments Inc. and Raymond James Ltd. The agents were granted and exercised, on December 29, 2004, an option to purchase 1 million trust units for aggregate gross proceeds of $10 million.

The Trust and Lawrence Asset Management Inc., the manager and investment manager of the Trust, were represented by Stikeman Elliott LLP with a team that included Jennifer Northcote, Roberta Carano and Alethea Au (securities), John Lorito (tax) and Samantha Levy (banking).

The agents were represented by McCarthy T├ętrault LLP with a team that included Ronald Schwass, Andrew Armstrong and Katarzyna Szybiak (securities) and Nigel Johnston (tax).