November 21, 2014 - First Asset Hamilton Capital European Bank Fund (the "Fund") announces the closing of its initial public offering. Pursuant to the offering, the Fund issued three million units (the "Units") at $10 per Unit, for gross proceeds of $30 million. The Units are listed on the Toronto Stock Exchange under the symbol EB.UN. The Fund has granted the agents of the offering an over-allotment option to acquire up to 450,000 additional Units at a price of $10 per Unit exercisable at any time during the next thirty days.
The Fund's investment objective is to seek long-term total returns consisting of long-term capital appreciation and regular dividend income from an actively managed portfolio comprised primarily of equity securities of European banks (the "Portfolio").
The Portfolio will be managed by Hamilton Capital Partners Inc. First Asset Investment Management Inc. ("First Asset" or the "Manager") will act as the promoter, manager and trustee of the Fund and will provide all administrative and management services required by the Fund.
The Fund will, subject to receipt of unitholder approval and all approvals required under applicable laws, merge (the "Merger") into First Asset Hamilton Capital European Bank ETF (the "ETF") if, after November 30, 2015, for a period of 10 consecutive trading days, the daily weighted average trading price (or, in the event there has been no trading on a particular day, the average of the closing bid and ask prices) of the Units is at a discount greater than 2% of the net asset value per Unit for that day.
The syndicate of agents for this offering was led by CIBC, co-led by RBC Capital Markets, National Bank Financial Inc. and TD Securities Inc., and included BMO Capital Markets, Scotiabank, Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc. and Manulife Securities Incorporated.
For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.
This offering is only made by prospectus. The prospectus contains important information relating to these securities and has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the prospectus may be obtained from any of the Agents listed above. Investors should read the prospectus before making an investment decision.
Not for dissemination to U.S. Newswire Services or for dissemination in the United States of America.