Casurina Performance Fund, an investment trust managed by Front Street Capital and advised by Tuscarora Investment Management, completed an initial public offering of 1.924 million trust units for gross proceeds of approximately $38.5 million on May 14, 2002. On July 11, 2002, the agents for the offering exercised the over-allotment option in respect of 158,551 trust units for additional gross proceeds of approximately $3.2 million.
The offering was co-led by National Bank Financial Inc. and RBC Capital Markets Inc. The other members of the syndicate were CIBC World Markets Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Canaccord Capital Corporation, Dundee Securities Corporation, Trilon Securities Corporation and Yorkton Securities Inc.
Blake, Cassels & Graydon LLP acted for the fund, with a team comprised of Jeff Lloyd, Mike Sharp, David Simpson and Kym Zelinski (securities/corporate) and Jeff Trossman and Peter Lee (tax). Stikeman Elliott acted for the agents, with a team comprised of Darin Renton and Justin McKellar (securities/corporate) and John Lorito and Julie Muirhead (tax).