On October 17, 2005, Sustainable Production Energy Trust completed its initial public offering of 8 million trust units for gross proceeds of $80 million. Of the total issuance, 7,739,648 trust units were issued for cash proceeds, while the remaining 260,352 trust units were issued in exchange for units of selected Canadian oil and gas trusts and shares of oil and gas corporations pursuant to an exchange option provided to prospective purchasers. The trust units of Sustainable Production were concurrently listed on the Toronto Stock Exchange. On November 3, 2005, Sustainable Production issued an additional 440,000 trust units for gross proceeds of $4,400,000 pursuant to the over-allotment option provided to the syndicate of agents.
Certain of the units of Canadian oil and gas trusts and shares of oil and gas corporations tendered to the offering pursuant to the exchange option form a portion of Sustainable Production's current portfolio, while the net cash proceeds of the offering have been subsequently used by Sustainable Production to acquire further portfolio securities in accordance with its investment objectives and investment strategy, and subject to its investment restrictions, to complement the existing portfolio.
The offering was made through a syndicate of agents co-led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities and TD Securities Inc. and included National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Dundee Securities Corp., Blackmont Capital Inc., Raymond James Ltd., Research Capital Corp., Wellington West Capital Inc., Bieber Securities Inc. and McFarlane Gordon Inc.
Sustainable Production was represented by Stikeman Elliott LLP with a team that consisted of Keith Chatwin (securities/corporate) and David Weekes (tax). Torys
LLP acted for the agents with a team that consisted of Pat Koval and Victoria Carrier (securities/corporate) and Ron Nobrega (tax).
Certain of the units of Canadian oil and gas trusts and shares of oil and gas corporations tendered to the offering pursuant to the exchange option form a portion of Sustainable Production's current portfolio, while the net cash proceeds of the offering have been subsequently used by Sustainable Production to acquire further portfolio securities in accordance with its investment objectives and investment strategy, and subject to its investment restrictions, to complement the existing portfolio.
The offering was made through a syndicate of agents co-led by CIBC World Markets Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities and TD Securities Inc. and included National Bank Financial Inc., Scotia Capital Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corp., Dundee Securities Corp., Blackmont Capital Inc., Raymond James Ltd., Research Capital Corp., Wellington West Capital Inc., Bieber Securities Inc. and McFarlane Gordon Inc.
Sustainable Production was represented by Stikeman Elliott LLP with a team that consisted of Keith Chatwin (securities/corporate) and David Weekes (tax). Torys
LLP acted for the agents with a team that consisted of Pat Koval and Victoria Carrier (securities/corporate) and Ron Nobrega (tax).
