TORONTO, Dec. 18, 2017 (GLOBE NEWSWIRE) — Redwood Asset Management Inc. (“Redwood”) is pleased to announce the exchange ratios for the exchange offering for the ETF units of the Redwood Canadian Preferred Share Fund (the “ETF”, or “the Fund”). The offering closes on December 28, 2017 and the ETF units of the Fund trade under the ticker symbol RPS on the NEO Exchange.
The Exchange Ratio for eligible securities of Exchange Eligible Issuers was determined by dividing the weighted average trading price of the security during the period of five consecutive trading days ending on December 18, 2017 (the “Pricing Period”), as adjusted to reflect any distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by the net asset value of the Fund on the last day of the Pricing Period, which was $25.1784. The Exchange Ratio for any securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of the securities into Canadian dollars based on the 4:00 p.m. rate of exchange on the last day of the Pricing Period. Holders of securities of Exchange Eligible Issuers (“Exchange Eligible Holders”) who deposited securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of this Offering, and will be entitled to receive distributions in respect of Exchange Eligible Issuers securities up to but not including this date. Each Exchange Ratio will be rounded down to five decimal places. The Fund will not issue fractional Units pursuant to the Exchange Option. Entitlement to fractional Units will be determined on the basis of the aggregate number of securities of each Exchange Eligible Issuer acquired pursuant to the Exchange Option and the Fund will issue to CDS cash in lieu thereof. Allocations by CDS of cash in lieu of fractional Units to participants in CDS will be at the discretion of CDS and the allocation of cash in lieu of fractional Units to purchasers who have authorized the deposit of securities of Exchange Eligible Issuers through CDS will be at the discretion of the CDS participants.
The investment objective of the Fund is principally to provide a consistent stream of income with potential for capital appreciation by investing in Canadian income producing securities and Canadian equities.
The table below sets out the Exchange Eligible Issuers, the securities of which that were accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its VWAP during the Pricing Period and the Exchange Ratio.
| Name | Ticker Symbol |
CUSIP | ISIN |
VWAP |
Exchange Ratio |
| Aimia Inc | AIM C | 00900Q400 | CA00900Q4007 | 13.09 | 0.51989 |
| AltaGas Ltd | ALA A | 021361209 | CA0213612090 | 20.53 | 0.81538 |
| Artis Real Estate Investment Trust | AX U | 04315L501 | CA04315L5018 | 24.60 | 1.25663 |
| Artis Real Estate Investment Trust | AX E | 04315L709 | CA04315L7097 | 20.24 | 0.80386 |
| Atlantic Power Preferred Equity Ltd | AZP B | 04878R200 | CA04878R2000 | 18.95 | 0.75263 |
| BCE Inc | BCE K | 05534B679 | CA05534B6796 | 18.14 | 0.72046 |
| BCE Inc | BCE A | 05534B794 | CA05534B7943 | 19.24 | 0.76415 |
| BCE Inc | BCE I | 05534B711 | CA05534B7117 | 18.01 | 0.71530 |
| BCE Inc | BCE M | 05534B646 | CA05534B6465 | 18.96 | 0.75303 |
| BCE Inc | BCE F | 05534B745 | CA05534B7455 | 18.79 | 0.74628 |
| Bank of Montreal | BMO Q | 063679203 | CA0636792032 | 22.61 | 0.89799 |
| Bank of Nova Scotia/The | BNS Z | 064149610 | CA0641496108 | 22.91 | 0.90991 |
| Bank of Nova Scotia/The | BNS R | 064149693 | CA0641496934 | 24.92 | 0.98974 |
| Brookfield Asset Management Inc | BAM Z | 112585666 | CA1125856668 | 23.96 | 0.95161 |
| Brookfield Asset Management Inc | BAM K | 112585872 | CA1125858722 | 14.48 | 0.57510 |
| Brookfield Asset Management Inc | BAM X | 112585690 | CA1125856908 | 17.23 | 0.68432 |
| Brookfield Asset Management Inc | BAM R | 112585740 | CA1125857401 | 19.57 | 0.77725 |
| Brookfield Office Properties Inc | BPO R | 112900782 | CA1129007821 | 21.99 | 0.87337 |
| Brookfield Office Properties Inc | BPO P | 112900816 | CA1129008167 | 20.48 | 0.81340 |
| Brookfield Office Properties Inc | BPO N | 112900832 | CA1129008324 | 20.26 | 0.80466 |
| Brookfield Office Properties Inc | BPO E | 112900642 | CA1129006427 | 25.14 | 0.99848 |
| Brookfield Renewable Power Preferred Equity Inc | BRF B | 11283Q305 | CA11283Q3052 | 21.05 | 0.83604 |
| Brookfield Renewable Power Preferred Equity Inc | BRF A | 11283Q206 | CA11283Q2062 | 21.13 | 0.83921 |
| Brookfield Renewable Power Preferred Equity Inc | BRF F | 11283Q701 | CA11283Q7012 | 22.28 | 0.88489 |
| Brookfield Renewable Power Preferred Equity Inc | BRF E | 11283Q602 | CA11283Q6022 | 22.18 | 0.88092 |
| Canaccord Genuity Group Inc | CF C | 134801604 | CA1348016041 | 17.70 | 0.70298 |
| Canaccord Genuity Group Inc | CF A | 134801307 | CA1348013071 | 14.60 | 0.57986 |
| Capital Power Corp | CPX E | 14042M706 | CA14042M7061 | 21.11 | 0.83842 |
| Capital Power Corp | CPX A | 14042M300 | CA14042M3003 | 15.97 | 0.63427 |
| Dividend Growth Split Corp | DGS A | 25537Y203 | CA25537Y2033 | 10.07 | 0.39995 |
| Dundee Corp | DC B | 264901703 | CA2649017035 | 12.15 | 0.48256 |
| Emera Inc | EMA A | 290876309 | CA2908763097 | 17.81 | 0.70735 |
| Enbridge Inc | ENB FU | 29250N790 | CA29250N7909 | 23.84 | 1.21771 |
| Enbridge Inc | ENB V | 29250N717 | CA29250N7172 | 23.99 | 1.22566 |
| Enbridge Inc | ENB F | 29250N865 | CA29250N8659 | 19.86 | 0.78877 |
| Enbridge Inc | ENB FC | 29250N592 | CA29250N5929 | 20.69 | 0.82174 |
| Enbridge Inc | ENB FA | 29250N626 | CA29250N6265 | 20.71 | 0.82253 |
| Fairfax Financial Holdings Ltd | FFH K | 303901821 | CA3039018211 | 23.58 | 0.93652 |
| Fairfax Financial Holdings Ltd | FFH I | 303901847 | CA3039018476 | 20.53 | 0.81538 |
| Fairfax Financial Holdings Ltd | FFH J | 303901839 | CA3039018393 | 20.21 | 0.80267 |
| Fairfax Financial Holdings Ltd | FFH G | 303901862 | CA3039018625 | 19.79 | 0.78599 |
| Fairfax Financial Holdings Ltd | FFH F | 303901870 | CA3039018708 | 17.66 | 0.70140 |
| Great-West Lifeco Inc | GWO N | 39138C791 | CA39138C7917 | 18.24 | 0.72443 |
| Great-West Lifeco Inc | GWO M | 39138C817 | CA39138C8170 | 25.73 | 1.02191 |
| Industrial Alliance Insurance & Financial Services Inc | IAG G | 455871806 | CA4558718066 | 23.68 | 0.94049 |
| Intact Financial Corp | IFC A | 45823T304 | CA45823T3047 | 19.44 | 0.77209 |
| Intact Financial Corp | IFC C | 45823T601 | CA45823T6016 | 22.64 | 0.89918 |
| Manulife Financial Corp | MFC G | 56501R833 | CA56501R8333 | 24.47 | 0.97187 |
| Northland Power Inc | NPI C | 666511605 | CA6665116050 | 24.23 | 0.96233 |
| Northland Power Inc | NPI B | 666511506 | CA6665115060 | 18.87 | 0.74945 |
| Partners Value Split Corp | PVS B | 70214J301 | CA70214J3010 | 25.27 | 1.00364 |
| Pembina Pipeline Corp | PPL O | 706327830 | CA7063278302 | 23.02 | 0.91428 |
| Pembina Pipeline Corp | PPL E | 706327111 | CA7063271117 | 23.85 | 0.94724 |
| Pembina Pipeline Corp | PPL C | 706327400 | CA7063274004 | 22.17 | 0.88052 |
| Power Financial Corp | PWF Q | 73927C761 | CA73927C7614 | 17.20 | 0.68313 |
| Power Financial Corp | PWF R | 73927C753 | CA73927C7531 | 25.40 | 1.00880 |
| Power Financial Corp | PWF O | 73927C787 | CA73927C7879 | 25.87 | 1.02747 |
| Royal Bank of Canada | RY Z | 78012G411 | CA78012G4117 | 23.04 | 0.91507 |
| Royal Bank of Canada | RY E | 780102760 | CA7801027607 | 25.37 | 1.00761 |
| Thomson Reuters Corp | TRI B | 884903303 | CA8849033037 | 16.10 | 0.63944 |
| Toronto-Dominion Bank/The | TD FA | 891145690 | CA8911456900 | 23.12 | 0.91825 |
| Toronto-Dominion Bank/The | TD FD | 891145633 | CA8911456330 | 24.34 | 0.96670 |
| Toronto-Dominion Bank/The | TD FC | 891145658 | CA8911456587 | 22.74 | 0.90316 |
| TransAlta Corp | TA D | 89346D768 | CA89346D7687 | 13.77 | 0.54690 |
| TransAlta Corp | TA F | 89346D735 | CA89346D7356 | 17.72 | 0.70378 |
| TransCanada Corp | TRP A | 89353D404 | CA89353D4049 | 19.64 | 0.78003 |
| TransCanada Corp | TRP F | 89353D305 | CA89353D3058 | 19.14 | 0.76018 |
| iShares S&P/TSX Canadian Preferred Share Index | CPD CN | 46431G205 | CA46431G2053 | 14.21 | 0.56437 |
About Redwood Asset Management
Redwood Asset Management is a Toronto-based investment fund manager, focused on delivering unique investment solutions managed by boutique global investment managers to Canadian investors. Redwood Asset Management is a wholly owned subsidiary of Purpose Investments Inc., which has over $4.9 billion in assets under management. More information about Redwood’s product offerings is available at www.redwoodasset.com.
For more information please contact:
Peter Shippen
President & CEO, Redwood Asset Management
T: 416.583.3850
[email protected]
For further information, please visit our website at www.redwoodasset.com.
Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.