Exchange Bulletin
US Buyback Leaders Fund (HUL.UN) To Trade On Toronto Stock Exchange
US Buyback Leaders Fund (the “Fund”) - An application has been granted for the original listing in the Industrial category of up to a maximum of 11,500,000 Class A Units ("Units"), of which up to 10,000,000 Units will be issued and outstanding, and up to 1,500,000 Units will be reserved for issuance upon completion of an initial public offering (the “Offering”).
Listing of the Units will become effective at 5:01 p.m. on Tuesday, March 24, 2015, in anticipation of the public offering closing on Wednesday, March 25, 2015. The Units, will be posted for trading at the opening on Wednesday, March 25, 2015 upon confirmation of closing.
Registrations of interests in and transfers of the Units will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. (“CDS”). Units must be purchased, transferred and surrendered for retraction only through a CDS Participant. Upon purchase of any Units, the owner will receive only the customary confirmation.
Additional information on the units may be found in the final prospectus dated February 25, 2015 (the “Prospectus”), which is available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the Prospectus.
| Stock Symbol: "HUL.UN" | CUSIP: 91733X 10 0 | Trading Currency: CDN$ |
| Temporary Market Maker: | Jones, Gable and Company Ltd. |
| Other Markets: | None |
| Head Office Address: | 710 Dorval Drive Suite 209 Oakville, ON L6K 3V7 |
| Email Address: | info@harvestportfolios.com |
| Website: | www.harvestportfolios.com |
| Head Office Telephone Number: | (416) 649-4541 |
| Fax Number: | (416) 649-4542 |
| Investor Relations: | Michael Kovacs (416) 402-6884 Email: mkovacs@harvestportfolios.com - and - Daniel Lazzer (416) 649-4541 Email: dlazzer@harvestportfolios.com |
| Chief Financial Officer: | David Lazzer |
| Corporate Secretary: | Michael Kovacs |
| Incorporation: | The Fund was established under the laws of the Province of Ontario pursuant to a declaration of trust dated February 25, 2015. |
| Manager of the Fund: | Harvest Portfolios Group Inc. |
| Fiscal Year End: | December 31 |
| Nature of Business: | The Fund has been created to provide investors with exposure to an equally-weighted Portfolio of Equity Securities of the 25 issuers with the highest Buyback Yield that meet the following criteria: (i) are included in the S&P 500 Index; (ii) have a market capitalization that is at least US$10 billion as determined at the time of investment; (iii) are incorporated in the United States of America; (iv) pay a dividend; and (v) have bought back their shares within the prior four quarters as determined at the time of investment. |
| Transfer Agent & Registrar: | Equity Financial Trust Company at its principal office in Toronto. |
| Distributions: | The Fund intends to make quarterly cash distributions to Unitholders of record on the last Business Day of each quarter and pay such cash distributions on or before the 15th day of the following month. Beginning in April 2016, the Fund will annually determine and announce the Indicative Distribution Amount for the following four quarters based upon the prevailing market conditions. The initial Indicative Distribution Amount will be $0.10 per Unit per quarter ($0.40 per annum representing an annual cash distribution of 4% based on the $10.00 per Unit issue price). The initial cash distribution will be pro-rated from the Closing Date and is anticipated to be payable on or before July 15, 2015 to Unitholders of record on June 30, 2015. |
| Class U Units: | In addition to the Units, the Fund is offering Class U Units under the Prospectus. The Class U Units are designed for investors who want to make their investment in U.S. dollars and will not be listed on a stock exchange. A holder of Class U Units may convert such Class U Units into Units on a monthly basis and it is expected that liquidity for the Class U Units will be obtained primarily by means of conversion into Units and the sale of such Units. Class U Units may be converted in any month on the first Business Day of such month (the “Conversion Date”) by delivering a notice and surrendering such Class U Units no later than 5:00 p.m. (Toronto time) at least fifteen Business Days prior to the applicable Conversion Date. For each Class U Unit so converted, a holder will receive that number of Units equal to the NAV per Class U Unit as at the close of trading on the Business Day immediately preceding the Conversion Date multiplied by the number of Class U Unit so converted divided by the Net Asset Value per Unit as at the close of trading on the Business Day immediately preceding the Conversion Date. No fraction of a Unit will be issued upon any conversion of Class U Units and any remaining fraction of a Class U Unit will be redeemed for cash payment at the NAV per Class U Unit as of the close of trading on the Business Day immediately preceding the Conversion Date. |
| Public Offering: | Pursuant to the terms of the Prospectus, up to a maximum of 11,500,000 Units and/or unlisted Class U Units (including the overallotment option of 1,500,000 Units) at a price of $10.00 per Unit and U.S.$10.00 per Class U Unit are being offered to the public by BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Global Securities Corporation, Industrial Alliance Securities Inc. and PI Financial Corp., as agents. |
