Ontario-based Canso Select Opportunities Fund raises $90 mln for IPO

Canso Select Opportunities Fund debuted its IPO today on the Toronto Stock Exchange. The fund raised $90 million, offering 8,210,844 Class A shares and 789,156 Class F shares at $10 per share. The stock is trading under the ticker symbol “SCW.UN.” RBC Capital Markets is the lead underwriter. Canso Select Opportunities Fund is an Ontario-based investment fund. It is managed by Lysander Funds Limited.


TORONTO, Oct. 22, 2013 /CNW/ – Lysander Funds Limited (“Lysander”) is pleased to announce that Canso Select Opportunities Fund (the “Fund”) has completed its initial public offering of 8,210,844 Class A units and 789,156 Class F units (collectively, the “Units”) at a price of $10.00 per Unit. The Class A units commence trading on the Toronto Stock Exchange on October 22, 2013 under the symbol SCW.UN. The Class F units are designed for fee-based and/or institutional accounts and will not be listed on a stock exchange, but are convertible into Class A units on a monthly basis.
The Fund will seek to achieve the following investment objectives: (i) maximize long-term total returns to holders of Units (“Unitholders”); and (ii) provide Unitholders with attractive monthly cash distributions, initially targeted at $0.50 per Unit per annum (5.0% yield on issue price), by investing in an actively managed, diversified portfolio consisting primarily of Canadian and global debt and equity securities (the “Portfolio”).
The Portfolio will be actively managed by Canso Investment Counsel Ltd. (“Canso”). Canso was founded by John Carswell in 1997 and has over $10 billion in assets currently under management.
The Fund has granted the agents for the offering an over-allotment option to acquire up to an additional 15% of the Class A units issued at a price of $10.00 per Class A unit exercisable anytime during the next thirty days.
The syndicate of agents for the offering is being led by RBC Capital Markets and includes CIBC, Scotiabank, GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc. and Raymond James Ltd.