PRT Forest Regeneration Income Fund, the largest producer of container grown forest seedlings in North America, completed a $16.5 million public offering of trust units on May 15, 2002. As PRT did not qualify to use a short-form prospectus, a long form “fully marketed” prospectus was required. The offering of trust units was underwritten by CIBC World Markets Inc. and Raymond James Ltd. PRT was privatized in 1988 and issued trust units in an initial public offering in 1997 in one of the first applications of the income trust concept to British Columbia’s forest industry.
Davis & Company in Vancouver acted for PRT, with a team that included Al Hudec, Anne McGuckin and Michael Johnson (securities), Mary Ruhl (corporate) and Lorne Beiles (tax). The underwriters were represented by Farris, Vaughan, Wills & Murphy, with a team that included Mitchell Gropper, Q.C., Gil Malfair and Trevor Scott.