June 22 - Global 45 Split Corp. is pleased to announce that the Corporation's syndicate of agents for its initial public offering, led by CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc., has exercised a portion of its overallotment option and acquired an additional 100,000 Preferred Shares and 100,000 Class A Shares. The shares are listed on the Toronto Stock Exchange ("TSX") under the symbols GFV.PR.A for the Preferred Shares and GFV for the Class A Shares.
The Company has invested the proceeds from its offering primarily in a portfolio comprised of common shares of the five largest companies by market capitalization in the world in each of the following nine industry sectors: Basic Materials, Communications, Consumer-Cyclical, Consumer Non-Cyclical, Energy, Financials, Industrial, Technology and Utilities. In order to be included in the portfolio, each of the 45 companies in the portfolio must have a long-term local currency credit rating of at least A- from Standard & Poor's Rating Services.
The Company's investment objectives with respect to the Preferred Shares are: (i) to provide holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.13125 per Preferred Share to yield 5.25% per annum on the original issue price of $10 per Preferred Share, and (ii) on or about September 30, 2011, pay to holders the original issue price per Preferred Share. The Preferred Shares have been rated Pfd-2 by Dominion Bond Rating Service Limited. The Company's investment objectives with respect to the Class A Shares are: (i) to provide holders with regular monthly cash distributions targeted to be $0.10 per Class A Share to yield 8% per annum on the original issue price of $15 per Class A Share, and (ii) on or about September 30, 2011, pay to holders the original issue price per Class A Share.
Portfolio management services are being performed by Principal Global Investors, LLC, a diversified asset management organization with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. First Asset Funds Inc., the manager of the Company, is a wholly-owned subsidiary of First Asset Management Inc. ("First Asset"). First Asset is an integrated wealth management company that has acquired top tier investment management firms in Canada, rapidly growing to become a leading Canadian asset management company.
For further information, please contact Tanya Carey, Investor Relations, First Asset Funds Inc. at 1-877-642-1289.