An anonymous director reports
MANULIFE U.S. REGIONAL BANK TRUST FILES FINAL PROSPECTUS
A final prospectus for Manulife Financial Corp.'s Manulife U.S. Regional Bank Trust
has been filed and receipted by the securities regulatory
authorities of all the Canadian provinces and territories for an
initial public offering of Class A units and Class U
units of the fund at a price of $10.00 per
Class A unit and $10.00 (U.S.) per Class U unit.
The maximum amount of the offering is $200-million or 20 million units.
The offering is expected to close on or about July 23, 2014. The
Toronto Stock Exchange (TSX) has conditionally approved the
listing of the Class A units under the symbol MBK.UN, subject to the
fulfilment of TSX requirements. The Class U units will not be listed
on an exchange.
The fund's investment objectives are to:
-
Maximize total return through capital appreciation and distributions;
-
Provide holders of the units with monthly distributions.
The fund has been created to invest in an actively managed portfolio
comprising primarily securities of U.S. regional
banks and lending companies, including commercial banks and industrial
banks, savings and loan associations, and bank and financial holding
companies. Manulife Asset Management Ltd. will act
as trustee, manager and investment manager of the fund. The portfolio
will be actively managed by Manulife Asset Management (U.S.) LLC.
The manager has agreed to pay the expenses of the offering and a portion
of the agents' fees, and as a result, the initial net asset value per
unit for the Class A units and Class U units will be $9.70 and $9.70 (U.S.),
respectively.
The fund's initial target distribution amount is expected to be 4.16
cents per Class A unit per month (or 50 cents per annum), and 4.16 U.S. cents per
Class U unit per month (or 50 U.S. cents per annum), representing an initial
yield on the original unit issue price of 5.00 per cent per annum.
The offering is being conducted by a syndicate of agents co-led by RBC
Capital Markets and CIBC World Markets Inc., that also includes Scotia
Capital Inc., TD Securities Inc., BMO Capital Markets, National Bank
Financial Inc., GMP Securities LP, Manulife Securities Inc.,
Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities
Inc., Dundee Securities Ltd. and Mackie Research Capital
Corp.
The offering is only made by a prospectus dated June 25, 2014. The prospectus contains important information relating
to the securities being offered. Copies of the prospectus may be
obtained from any of the agents. Investors should read the prospectus
before making an investment decision.
We seek Safe Harbor.
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