On July 18, 2005, Brompton Tracker Fund, an investment trust, completed an initial public offering of 40 million units at $10 per unit for gross proceeds of $400 million. The offering was made through a syndicate of agents led by RBC Dominion Securities Inc., and included CIBC World Markets Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Desjardins Securities Inc., First Associates Investments Inc., Raymond James Ltd., Dundee Securities Corp., IPC Securities Corp., Research Capital Corp., Wellington West Capital Inc. and Acadian Securities Inc.
The net proceeds of the offering, together with an amount advanced under a loan facility provided by Royal Bank of Canada, will initially be invested, on an equally weighted basis, in a portfolio of income funds, which are anticipated to be included by S&P in the S&P/TSX Composite Index and which pay a regular distribution. After the introduction of the provisional Composite Index, the portfolio will be rebalanced to reflect additions or deletions to the Composite Index as announced by S&P.
Stikeman Elliott LLP acted for Brompton Tracker Fund with a team that included Joel Binder, Stacey Hoisak and Danielle Shields (securities/corporate), Mark McElheran (banking) and John Lorito (tax). The agents were represented by Davies Ward Phillips & Vineberg LLP with a team that included Shawn McReynolds and Darren Wasylucha (securities/corporate) and Ronald Wilson (tax). Richard Higa (corporate finance) of McMillan Binch Mendelsohn LLP acted for the Royal Bank of Canada.
The net proceeds of the offering, together with an amount advanced under a loan facility provided by Royal Bank of Canada, will initially be invested, on an equally weighted basis, in a portfolio of income funds, which are anticipated to be included by S&P in the S&P/TSX Composite Index and which pay a regular distribution. After the introduction of the provisional Composite Index, the portfolio will be rebalanced to reflect additions or deletions to the Composite Index as announced by S&P.
Stikeman Elliott LLP acted for Brompton Tracker Fund with a team that included Joel Binder, Stacey Hoisak and Danielle Shields (securities/corporate), Mark McElheran (banking) and John Lorito (tax). The agents were represented by Davies Ward Phillips & Vineberg LLP with a team that included Shawn McReynolds and Darren Wasylucha (securities/corporate) and Ronald Wilson (tax). Richard Higa (corporate finance) of McMillan Binch Mendelsohn LLP acted for the Royal Bank of Canada.
