Business
CI Investments announces completion of $50 million offering of CIX Split Corp.
CI Investments announces completion of $50 million offering of CIX Split Corp..
About this update from Cmx Gold & Silver Corp
[{"type":"text","content":"\n\n\n\nTSX Symbol: CIX.UN\n\n\nTORONTO, June 19 /CNW/ - CI Investments Inc. ("CI"), the manager of CIX\nSplit Corp. (the "Company"), today announced that the Company has completed\nits initial public offering of two million Priority Equity Shares, at a price\nof $10 each, and two million Class A Shares, at a price of $15 each, for total\ngross proceeds of $50 million.\n\n\nThe Priority Equity Shares are now trading on the Toronto Stock Exchange\nunder the symbol CXC.PR.A and the Class A Shares under CXC.\n\n\nThe Company is an investment fund designed to provide tax-efficient\nexposure to trust units of CI Financial Income Fund through two classes of\nsecurities.\n\n\nThe investment objectives for the Priority Equity Shares are to provide\ntax-efficient fixed cumulative preferential monthly cash distributions of\n$0.04167 per share to yield approximately 5.0% annually on the original issue\nprice, and to pay shareholders the original issue price on or about\nJanuary 31, 2011.\n\n\nThe investment objectives for the Class A Shares are to provide regular\ntax-efficient monthly cash distributions targeted to be $0.0875 per share to\nyield 7.0% annually on the original issue price, and to pay shareholders at\nleast the original issue price on or about January 31, 2011.\n\n\nThe distributions on the two classes of the Company's shares will be\ntax-efficient through the use of a forward agreement, which provides for\ndistributions to be characterized primarily as return of capital and capital\ngains. The Company's termination date of January 2011 is designed to coincide\nwith the expected implementation of a federal proposal to tax existing income\ntrusts.\n\n\nCI Financial Income Fund (TSX: CIX.UN) is a diversified wealth management\ncompany with approximately $99.5 billion in fee-earning assets as of May 31,\n2007. It currently pays a monthly distribution of $0.18 per trust unit,\nrepresenting an annual yield of approximately 7.5%.\n\n\nCIBC World Markets Inc. and Blackmont Capital Inc. were the lead agents\nfor the offering, along with a syndicate of other investment dealers.\n\n\nCI Investments Inc., a corporation controlled by CI Financial Income\nFund, offers a broad range of investment products and services, including an\nindustry-leading selection of investment funds. CI is on the Web at\nwww.ci.com.\n\n\n"...