TORONTO, ONTARIO–(Marketwired – May 26, 2016) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Harvest Portfolios Group Inc. (the “Manager” or “Harvest”), the manager of Energy Leaders Plus Income Fund (TSX:HPF.UN) (the “Fund”), is pleased to announce that the Fund has completed the overnight marketing of 775,000 Class A Units of the Fund. Total proceeds of the offering are expected to be approximately $4.65 million. The Fund has granted the underwriters an option, exercisable at the offering price for a period of 30 days from the closing of the offering, to purchase up to an additional 116,250 Class A Units to cover over-allotments, if any. The syndicate of underwriters for the offering is being co-led by BMO Capital Markets, CIBC, Scotiabank and National Bank Financial Inc. and includes Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Global Securities Corporation, Industrial Alliance Securities Inc., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated. The sales period of the overnight offering has now ended. The closing of the offering is expected to be on or about June 10, 2016.
The Class A Units will be offered at a price of $6.00 per Class A Unit to yield 11.66% on the issue price. The last traded price of Class A Units on May 25, 2016 was $5.99 and the NAV per Unit was $5.7767 ($5.6744 on May 24, 2016).
The Fund’s investment objectives are to provide holders of units of the Fund with (i) monthly cash distributions; (ii) the opportunity for capital appreciation; and (iii) lower overall volatility of the Portfolio (as defined below) returns than would otherwise be experienced by owning equity securities of the Energy Leaders (as defined below) directly.
The Fund invests in a portfolio (the “Portfolio”) of equity securities of 20 issuers whose underlying business includes, but is not limited to, the exploration, extraction, refining, transportation, or marketing of oil and/or gas and related products that at the time of investment and immediately following each quarterly reconstitution and rebalancing: (i) have a market capitalization of at least $10 billion; (ii) are paying a dividend/distribution; (iii) have options in respect of their Equity Securities listed on a recognized options exchange; and (iv) have operations and/or offices in at least two countries (each an “Energy Leader”).
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Fund. The forward-looking statements are not historical facts but reflect the Fund’s or the Manager’s current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Fund and the Manager believe that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Fund and the Manager undertake no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
A preliminary short form prospectus containing important information relating to the Class A Units has been filed with securities commissions or similar authorities in all provinces and territories of Canada. The preliminary short form prospectus is still subject to completion or amendment. Copies of the preliminary short form prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. There will not be any sale or acceptance of an offer to buy the Class A Units until a receipt for the final short form prospectus has been issued.
An amended and restated preliminary prospectus will be filed on SEDAR under the Fund’s profile.
For further information: please visit Harvest Portfolios Group Inc. online at www.harvestportfolios.com; or for additional information or a copy of the prospectus, please contact your registered financial advisor.
