On March 16, 2004, Fairway Diversified Income and Growth Trust (the Trust) completed an initial public offering in Canada of 12 million units (the Units), raising gross proceeds of $120 million. At the election of the purchasers, the price for each Unit purchased was paid either by cash or by an exchange of freely tradable securities of eligible issuers, at the applicable exchange ratio.
The Trust’s investment objectives are to (i) provide holders of Units with monthly distributions, (ii) preserve capital throughout the life of the Trust, and (iii) enhance total return through capital appreciation of its portfolio. The portfolio of securities will be actively managed by MFC Global Investment Management (Canada), a division of Elliott & Page Ltd., a Manulife company (MFC), the investment advisor of the Trust. Fairway Advisors Inc. (Fairway), is the manager and trustee of the Trust, and is a wholly-owned subsidiary of Fairway Capital Management Corp.
To meet its investment objectives, the Trust will invest the net proceeds of the offering, together with any borrowings under the Trust’s loan facility, in a broadly diversified portfolio of securities in multiple, income producing asset classes with low correlation to each other, consisting primarily of units of income trusts, high yield corporate bonds, preferred securities, common shares and convertible bonds. MFC will employ an “asset allocation” investment approach whereby MFC will underweight or overweight the Trust’s investments among the various asset classes comprising the portfolio of securities from time to time, as considered appropriate based on MFC’s view of current and anticipated market conditions.
MFC provides investment advisory and portfolio management services to institutional clients and investment funds. As of December 31, 2003, it had approximately $70 billion in assets under management.
Fairway, Fairway Capital Management Corp. and the Trust were represented by the McMillan Binch team of Margaret McNee, Kimberly Poster and Banu Unal (securities), and David Wentzell (tax). The syndicate of agents for the offering, led by TD Securities Inc. and CIBC World Markets Inc., were represented by Andrew Aziz and Minal Upadhyaya (securities) and Daniel MacIntosh and Timothy Hughes (tax) of Osler, Hoskin & Harcourt.
The Trust’s investment objectives are to (i) provide holders of Units with monthly distributions, (ii) preserve capital throughout the life of the Trust, and (iii) enhance total return through capital appreciation of its portfolio. The portfolio of securities will be actively managed by MFC Global Investment Management (Canada), a division of Elliott & Page Ltd., a Manulife company (MFC), the investment advisor of the Trust. Fairway Advisors Inc. (Fairway), is the manager and trustee of the Trust, and is a wholly-owned subsidiary of Fairway Capital Management Corp.
To meet its investment objectives, the Trust will invest the net proceeds of the offering, together with any borrowings under the Trust’s loan facility, in a broadly diversified portfolio of securities in multiple, income producing asset classes with low correlation to each other, consisting primarily of units of income trusts, high yield corporate bonds, preferred securities, common shares and convertible bonds. MFC will employ an “asset allocation” investment approach whereby MFC will underweight or overweight the Trust’s investments among the various asset classes comprising the portfolio of securities from time to time, as considered appropriate based on MFC’s view of current and anticipated market conditions.
MFC provides investment advisory and portfolio management services to institutional clients and investment funds. As of December 31, 2003, it had approximately $70 billion in assets under management.
Fairway, Fairway Capital Management Corp. and the Trust were represented by the McMillan Binch team of Margaret McNee, Kimberly Poster and Banu Unal (securities), and David Wentzell (tax). The syndicate of agents for the offering, led by TD Securities Inc. and CIBC World Markets Inc., were represented by Andrew Aziz and Minal Upadhyaya (securities) and Daniel MacIntosh and Timothy Hughes (tax) of Osler, Hoskin & Harcourt.
