TORONTO, ONTARIO--(Marketwired - Nov. 17, 2017) -
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES.
Faircourt Asset Management Inc., as manager of Faircourt Split Trust (the "Trust") (TSX:FCS.UN)(TSX:FCS.PR.C) is pleased to announce it has completed the overnight offering of 302,100 6.00% preferred securities ("Preferred Securities") and 302,100 trust units ("Units") of the Trust (the "Offering"). Total proceeds of the Offering were approximately $5 million, bringing the Trust's net assets to approximately $20 million.
The Preferred Securities were offered at a price of $10.08 per Preferred Security, which represented par value ($10.00) plus accrued interest ($0.08), and will form part of the same series as the Trust's existing 6.00% preferred securities. The Preferred Securities have been rated Pfd-3 (low) by DBRS Limited. The Units were offered at a price of $6.50 per Unit.
The offering was co-led by National Bank Financial Inc., CIBC, BMO Nesbitt Burns Inc. and TD Securities Inc. and includes Canaccord Genuity Corp., GMP Securities L.P., Raymond James, Desjardins Securities Inc., Echelon Wealth Partners, Industrial Alliance Securities Inc., Mackie Research Capital Corporation and Manulife Securities.
The net proceeds will be used to purchase additional portfolio securities in accordance with the investment objectives and investment strategies of the Trust.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
Certain statements contained in this news release constitute forward-looking information. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Trust, to the future outlook of the Trust and anticipated events or results and may include statements regarding the future financial performance of the Trust. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
For further information about the Offering, please contact: Faircourt Asset Management Inc. at (416) 364- 8989 or 1-800-831-0304 or visit our website at www.faircourtassetmgt.com.
You will usually pay brokerage fees to your dealer if you purchase or sell Units or Preferred Securities on the Toronto Stock Exchange or other alternative Canadian trading system (an "exchange"). If Units or Preferred Securities are purchased or sold on an exchange, investors may pay more than the current net asset value when buying Units or Preferred Securities and may receive less than the current net asset value when selling them.
There are ongoing fees and expenses associated with owning securities of an investment fund. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.