Canadian Warrants - Canadian High Income Equity

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Canadian High Income Equity

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Address: 2930 - 181 Bay St
Toronto ON M5J 2T3
Phone: 416 642 6000
Fax: 416 642 6001
Website: https://www.bromptongroup.com

Warrant Symbol - CIQ.WT
Number Trading - 19,166,667
Expiration Date - April 15, 2011
Cusip - 136012 11 9
Exercise Price - $12.00

Warrants called to trade news:

Canadian High Income Equity to list on TSX Feb. 18

2010-02-16 18:22 MT - New Listing
TSX bulletin 2010-0189
An application has been granted for the original listing in the industrial category of up to 38,333,334 transferable, redeemable units of Canadian High Income Equity Fund of which up to 16,666,667 units will be issued and outstanding and up to 21,666,667 units will be reserved for issuance upon completion of an initial public offering. An application has also been granted for the listing of up to 19,166,667 transferrable warrants, of which up to 16,666,667 warrants will be issued and outstanding and up to 2.5 million warrants will be reserved for issuance.

The units and warrants will be sold to the public in the form of combined units at a price of $12 per combined unit. Each combined unit consists of one unit and one warrant. The combined units will separate immediately upon closing of the offering. Each warrant entitles the holder to purchase one unit at a subscription price of $12 on or before 5 p.m. (Toronto time) on April 15, 2011. Warrants not exercised by 5 p.m. (Toronto time) on the expiry date will be void and of no value.

Listing of the units and warrants will become effective at 5:01 p.m. on Wednesday, Feb. 17, 2010, in anticipation of the offering closing on Thursday, Feb. 18, 2010. The units and the warrants, other than those which have not been distributed to the public, will be posted for trading at the opening on Feb. 18, 2010.

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Registrations of interests in and transfers of units and warrants will be made only through the book-based system administered by CDS. Units and warrants must be purchased, exercised, converted, transferred and surrendered for redemption through a CDS participant. Upon purchase of any units and warrants, the unitholders or holder of warrants will receive only a customer confirmation from the registered dealer which is a CDS participant and from or through which the units and warrants are purchased.

The warrants will be governed by the terms of a warrant indenture to be dated the closing date of the offering, anticipated to be Feb. 18, 2010, between the fund and Equity Transfer & Trust Company as warrant agent. The warrant indenture provides for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.

Additional information on the units may be found in the final prospectus dated Jan. 27, 2010, which is available at SEDAR. Capitalized terms not otherwise defined are as defined in the prospectus.

units:

Stock symbol: CIQ.UN
Cusip No.: 136012 20 0
Trading currency: Canadian

warrants:

Stock symbol: CIQ.WT
Cusip No.: 136012 11 9
Trading currency: Canadian
Temporary market-maker: Mackie Research Capital Corp.

Other markets: None
Incorporation: The fund is an investment fund established under the laws of the Province of Ontario pursuant to a trust agreement dated as of Jan. 28, 2010.

Fiscal year-end: Dec. 31

Nature of business: The fund has been created to capitalize on the many undervalued high-income investment opportunities in the income trust sector and on the expanding high-income common equity market that the investment manager, Bloom Investment Counsel Inc., believes will emerge in 2011 and beyond. The investment strategy of the fund will be to actively manage a portfolio of publicly listed or traded Canadian securities, including income trusts, royalty trusts, real estate investment trusts, dividend-paying common equities, preferred securities and, to a lesser extent, debt securities, non-dividend-paying equities and foreign securities.

Transfer agent and registrar: Equity Transfer & Trust Company at its principal office in Toronto

Distributions: The fund initially intends to pay monthly distributions on all units in an amount equal to eight cents per unit of the fund, representing a yield of 8.0 per cent per annum on the subscription price. The initial distribution is payable to unitholders of record on March 31, 2010, and will be paid no later than 10 business days following such record date. The first distribution will be pro rated to reflect the period from the closing date to March 31, 2010. The fund will not have a fixed monthly distribution but will determine and announce each year, commencing in January, 2011, an expected distribution amount for the following 12 months. If the manager determines it is in the best interest of the unitholders, it may amend the distribution during the year.

Warrants:

Basic subscription privilege: A holder of warrants may subscribe for a whole number of units by instructing the CDS participant holding the subscriber's warrants to exercise all or a specified number of such warrants and forwarding the subscription price for each unit subscribed for in accordance with the terms of the offering and the warrant indenture to the CDS participant which holds the subscriber's warrants. The subscription price is payable in Canadian funds. The entire subscription price for units subscribed for must be paid at the time of subscription and must be received by the warrant agent prior to the date of the exercise of the warrants. Accordingly, a subscriber subscribing through a CDS participant must deliver its payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise the warrants on such subscriber's behalf. Holders of warrants are encouraged to contact their broker or other CDS participants as each CDS participant may have a different cut-off time.

Additional subscription privilege: Each holder of warrants that subscribes for units to which such holder is entitled pursuant to the basic subscription privilege may, at any time during the exercise period, subscribe for additional units pursuant to the additional subscription privilege, if applicable, at a price equal to the subscription price for each additional unit. Holders of warrants will not be required to fully exercise all of their warrants under the basic subscription privilege in order to be eligible for the additional subscription privilege. The number of additional units available for all additional subscriptions will be the difference, if any, between the total number of units issuable upon exercise of warrants and the total number of units subscribed and paid for prior to 5 p.m. (Toronto time) on the expiry date. To apply for additional units under the additional subscription privilege, a beneficial holder of warrants must forward their request to a CDS participant. Payment for additional units, in the same manner as for units, must accompany the request when it is delivered to the CDS participant, as the case may be. Any excess funds will be returned by mail or credited to a subscriber's account with its CDS participant, without interest or deduction. Payment in full of the subscription price must be received by the warrant agent prior to 5 p.m. (Toronto time) on the expiry date, failing which the subscriber's entitlement to such units will terminate. Accordingly, the subscriber must deliver payment and instructions sufficiently in advance of the expiry date to allow the CDS participant to properly exercise warrants on such subscriber's behalf and apply for additional units under the additional subscription privilege.

Warrant exercise fee: As soon as practicable following the exercise of a warrant, the fund will pay 18 cents per warrant exercised to the CDS participant whose client is exercising the warrant and 12 cents per warrant exercised to the agents.

Initial public offering: Pursuant to the terms of the prospectus, a maximum of 16,666,667 combined units at a price of $12 per combined unit, are being offered to the public by CIBC World Markets Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Financial Ltd., HSBC Securities (Canada) Inc., Raymond James Ltd., Desjardins Securities Inc., Dundee Securities Corp., Manulife Securities Inc., Research Capital Corp., Macquarie Capital Markets Canada Ltd. and Wellington West Capital Markets Inc., as agents.

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Warrant Terms

Expiration Date: The last day the warrants can be exercised. If warrants aren't going to be exercised then they must be sold the day before the expiry date. The longer the time to expiry the more valuable the warrants.

Leverage: A measure of how much you can increase your exposure to a share if you bought warrants instead of making a direct investment. It is the current share price divided by the current price of the warrant.

Intrinsic Value: The difference between the exercise price and the actual trading price of the common stock. Once the common has gone over the exercise price, the warrants are "In the Money."

Volatility: The higher the volatility rating, the higher the price of the warrant. Historical volatility is calculated by using the standard deviation of an underlying stock price over a specific period.

Time Value: The difference between the current warrant price and its intrinsic value. Interpreted as the consideration paid for the advantage the warrant buyer has over the direct investor.

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