Press Releases

First Asset Canadian Dividend Opportunity Fund II: Closes Initial Public Offering

TORONTO, February 17, 2012 - First Asset Canadian Dividend Opportunity Fund II (the "Fund") is pleased to announce the closing of its initial public offering. Pursuant to the offering, the Fund issued an aggregate of 6 million units (the "Units") at $10 per Unit, for gross proceeds of $60 million. The Units are listed on the Toronto Stock Exchange ("TSX") under the symbol DVF.UN.

The Fund will invest in an actively managed portfolio comprised primarily of dividend paying equity securities of Canadian Utility Issuers, Energy Issuers, Energy Infrastructure Issuers, REITs and Telecommunications and Cable Issuers that First Asset Investment Management Inc. (the "Manager" or "First Asset") believes will provide superior risk adjusted returns through a combination of dividend income and capital appreciation potential.

The Fund's investment objectives are to provide holders of Units with:

  1. monthly distributions; and
  2. the opportunity for capital appreciation.

The distributions are initially targeted to be 5% per annum on the subscription price of $10.00 per Unit ($0.0416 per Unit per month or $0.50 per annum).

First Asset paid all of the expenses of the offering as well as $0.225 per Unit of the Agents' fees.

The syndicate of agents for this offering was led by CIBC, co-led by National Bank Financial Inc. and RBC Capital Markets, and included TD Securities Inc., BMO Capital Markets, Scotia Capital Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Dundee Securities Ltd. and Macquarie Private Wealth Inc.

The Fund has granted the agents for the offering an over-allotment option to acquire additional units on the same terms exercisable at any time during the next thirty days.

For further information, please call Rob MacNiven, Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.