MSP Maxxum Trust Completes IPO

On December 17, 2004, MSP Maxxum Trust completed its initial public offering of $100 million of trust units, with approximately $8 million of additional units sold on January 13, 2005 under the agents’ over-allotment option. The Trust’s investment objectives are to maximize total return for unitholders and to provide unitholders with monthly distributions worth approximately 7 per cent per year. The Trust will have a broadly diversified portfolio of securities of North American issuers, comprised primarily of common shares and other equity securities of Canadian corporations, income trusts and convertible debentures. In addition, up to 40 per cent of the portfolio may be invested in fixed income securities, cash and/or cash equivalents.

CIBC World Markets Inc. and RBC Dominion Securities Inc. acted as co-lead agents for the offering, as part of a syndicate that included BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., Dundee Securities Corp., Raymond James Ltd., First Associates Investments Inc., Richardson Partners Financial Ltd. and Wellington West Capital Inc.

The Trust and its manager, Mackenzie Financial Corp., were represented by in-house counsel Eric Adelson, and by Borden Ladner Gervais LLP with a team that included Carol Derk and Derek Smith (securities) and Stephen Fyfe (tax).

The agents were represented by Blake, Cassels & Graydon LLP with a team that included Jeff Glass, Anoop Dogra and Michael Bunn (securities) and Leslie Morgan (tax).