Acuity Focused Total Return Trust completes initial public offering   

Date Closed: 2/16/2005

Value: $700 million

On February 16, 2005, Acuity Focused Total Return Trust (the Trust), an investment trust, completed its initial public offering of 70 million Trust units at a $10 per Trust unit for gross proceeds of $700 million. On March 7, the agents for the offering exercised the over-allotment option in respect of 4,040,000 Trust units for additional gross proceeds to the Trust of $40,400,000. This offering is the largest initial public offering of a closed-end fund investing in income trusts in Canada.

The Trust and Acuity Funds Ltd., the manager of the Trust, were represented by BLG with a team that included Lynn McGrade, Michael DeCosimo and Sarah Gardiner (securities/corporate) and Stephen Fyfe and Stephanie Wong (tax).