Thursday May 30th, 2013
Purpose Investments Inc. (“Purpose”) is pleased to announce that it has filed a final prospectus dated May 28, 2013 with the securities regulatory authorities of all of the Canadian provinces and territories for the Limited Duration Investment Grade Preferred Securities Fund (the “Fund”). The Fund is offering Class A and Class F units at a price of $25.00 per unit (collectively the “Units”) and is expected to close on June 20, 2013. The Toronto Stock Exchange has conditionally approved the listing of the Class A units under the ticker “PFD”. The Fund will be managed by Purpose and the portfolio will be actively managed by Nuveen Asset Management, LLC.
The Fund’s investment objectives are to provide unitholders with: (i) a stable stream of monthly distributions; (ii) to preserve the net asset value per Unit; and (iii) to reduce the risk of rising interest rates by managing portfolio duration. The initial distribution target for the Fund is $0.125 per Unit per month ($1.50 per annum to yield 6.0% on the subscription price of $25.00 per Unit).
The Fund is being offered on a best efforts agency basis in each of the provinces and territories of Canada through a syndicate of investment dealers co-led by TD Securities Inc., CIBC, RBC Capital Markets and including BMO Capital Markets, Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Scotiabank, Macquarie Capital Markets Canada Ltd., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Ltd., Manulife Securities Inc., and Rothenberg Capital Management Inc.
A final prospectus containing important information relating to these securities has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. Copies of the final prospectus may be obtained from one of the agents noted above. Investors should read the final prospectus before making an investment decision.