Global Advantaged Telecom & Utilities Income Fund completes C$32.683 million initial public offering

Date Closed: 3/23/2011

Value: C$32.683 million

Global Advantaged Telecom & Utilities Income Fund (the Fund) completed an initial public offering on March 23, 2011 of 2,600,000 units of the Fund (Units) at a price of $12.00 per Unit for gross proceeds of $31,200,000. The Agents exercised their over-allotment option on April 6, 2011 to purchase an additional 123,662 Units. The exercise of the over-allotment option brought the aggregate gross proceeds of the public offering to $32,683,944. Effective on exercise of the over-allotment option, each Unit issued separated into one trust unit of the Fund (Trust Unit) and one trust unit purchase warrant (Warrant) and now trade on the Toronto Stock Exchange independently under the symbols HGI.UN and HGI.WT, respectively. Each Warrant entitles the holder to purchase one Trust Unit at the subscription price of $12.00 per Trust Unit before 5:00 p.m. (Toronto time) on and only on March 30, 2012.
 
The offering was made through a syndicate of agents co-led by BMO Nesbitt Burns Inc. and CIBC World Markets Inc., and included Scotia Capital Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., Raymond James Ltd., Wellington West Capital Markets Inc., Industrial Alliance Securities Inc., Mackie Research Capital Corporation and Macquarie Private Wealth Inc. (collectively, the Agents).

The Fund and the manager of the Fund, Harvest Portfolios Group Inc. were represented by BLG with a team that included Michael DeCosimo, Mark Lau and Carol Derk (corporate and securities) and Stephen Fyfe and Pierre Letourneau (tax).