a subsidiary of Purpose Investments Inc.

Redwood Asset Management Announces Exchange Ratios for the Redwood Canadian Preferred Share Fund

Redwood Asset Management Inc. (“Redwood”) is pleased to announce the exchange ratios for the exchange offering for the ETF units of the Redwood Canadian Preferred Share Fund (the “ETF”, or “the Fund”). The offering closes on December 28, 2017 and the ETF units of the Fund trade under the ticker symbol RPS on the NEO Exchange.

The Exchange Ratio for eligible securities of Exchange Eligible Issuers was determined by dividing the weighted average trading price of the security during the period of five consecutive trading days ending on December 18, 2017 (the “Pricing Period”), as adjusted to reflect any distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by the net asset value of the Fund on the last day of the Pricing Period, which was $25.1784. The Exchange Ratio for any securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of the securities into Canadian dollars based on the 4:00 p.m. rate of exchange on the last day of the Pricing Period. Holders of securities of Exchange Eligible Issuers (“Exchange Eligible Holders”) who deposited securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of this Offering, and will be entitled to receive distributions in respect of Exchange Eligible Issuers securities up to but not including this date. Each Exchange Ratio will be rounded down to five decimal places. The Fund will not issue fractional Units pursuant to the Exchange Option. Entitlement to fractional Units will be determined on the basis of the aggregate number of securities of each Exchange Eligible Issuer acquired pursuant to the Exchange Option and the Fund will issue to CDS cash in lieu thereof. Allocations by CDS of cash in lieu of fractional Units to participants in CDS will be at the discretion of CDS and the allocation of cash in lieu of fractional Units to purchasers who have authorized the deposit of securities of Exchange Eligible Issuers through CDS will be at the discretion of the CDS participants.

The investment objective of the Fund is principally to provide a consistent stream of income with potential for capital appreciation by investing in Canadian income producing securities and Canadian equities.

The table below sets out the Exchange Eligible Issuers, the securities of which that were accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its VWAP during the Pricing Period and the Exchange Ratio.

 

Name Ticker Symbol CUSIP ISIN  

VWAP (Local)

Exchange Ratio
Aimia Inc AIM C 00900Q400 CA00900Q4007 13.09 0.51989
AltaGas Ltd ALA A 021361209 CA0213612090 20.53 0.81538
Artis Real Estate Investment Trust AX U 04315L501 CA04315L5018 24.60 1.25663
Artis Real Estate Investment Trust AX E 04315L709 CA04315L7097 20.24 0.80386
Atlantic Power Preferred Equity Ltd AZP B 04878R200 CA04878R2000 18.95 0.75263
BCE Inc BCE K 05534B679 CA05534B6796 18.14 0.72046
BCE Inc BCE A 05534B794 CA05534B7943 19.24 0.76415
BCE Inc BCE I 05534B711 CA05534B7117 18.01 0.71530
BCE Inc BCE M 05534B646 CA05534B6465 18.96 0.75303
BCE Inc BCE F 05534B745 CA05534B7455 18.79 0.74628
Bank of Montreal BMO Q 063679203 CA0636792032 22.61 0.89799
Bank of Nova Scotia/The BNS Z 064149610 CA0641496108 22.91 0.90991
Bank of Nova Scotia/The BNS R 064149693 CA0641496934 24.92 0.98974
Brookfield Asset Management Inc BAM Z 112585666 CA1125856668 23.96 0.95161
Brookfield Asset Management Inc BAM K 112585872 CA1125858722 14.48 0.57510
Brookfield Asset Management Inc BAM X 112585690 CA1125856908 17.23 0.68432
Brookfield Asset Management Inc BAM R 112585740 CA1125857401 19.57 0.77725
Brookfield Office Properties Inc BPO R 112900782 CA1129007821 21.99 0.87337
Brookfield Office Properties Inc BPO P 112900816 CA1129008167 20.48 0.81340
Brookfield Office Properties Inc BPO N 112900832 CA1129008324 20.26 0.80466
Brookfield Office Properties Inc BPO E 112900642 CA1129006427 25.14 0.99848
Brookfield Renewable Power Preferred Equity Inc BRF B 11283Q305 CA11283Q3052 21.05 0.83604
Brookfield Renewable Power Preferred Equity Inc BRF A 11283Q206 CA11283Q2062 21.13 0.83921
Brookfield Renewable Power Preferred Equity Inc BRF F 11283Q701 CA11283Q7012 22.28 0.88489
Brookfield Renewable Power Preferred Equity Inc BRF E 11283Q602 CA11283Q6022 22.18 0.88092
Canaccord Genuity Group Inc CF C 134801604 CA1348016041 17.70 0.70298
Canaccord Genuity Group Inc CF A 134801307 CA1348013071 14.60 0.57986
Capital Power Corp CPX E 14042M706 CA14042M7061 21.11 0.83842
Capital Power Corp CPX A 14042M300 CA14042M3003 15.97 0.63427
Dividend Growth Split Corp DGS A 25537Y203 CA25537Y2033 10.07 0.39995
Dundee Corp DC B 264901703 CA2649017035 12.15 0.48256
Emera Inc EMA A 290876309 CA2908763097 17.81 0.70735
Enbridge Inc ENB FU 29250N790 CA29250N7909 23.84 1.21771
Enbridge Inc ENB V 29250N717 CA29250N7172 23.99 1.22566
Enbridge Inc ENB F 29250N865 CA29250N8659 19.86 0.78877
Enbridge Inc ENB FC 29250N592 CA29250N5929 20.69 0.82174
Enbridge Inc ENB FA 29250N626 CA29250N6265 20.71 0.82253
Fairfax Financial Holdings Ltd FFH K 303901821 CA3039018211 23.58 0.93652
Fairfax Financial Holdings Ltd FFH I 303901847 CA3039018476 20.53 0.81538
Fairfax Financial Holdings Ltd FFH J 303901839 CA3039018393 20.21 0.80267
Fairfax Financial Holdings Ltd FFH G 303901862 CA3039018625 19.79 0.78599
Fairfax Financial Holdings Ltd FFH F 303901870 CA3039018708 17.66 0.70140
Great-West Lifeco Inc GWO N 39138C791 CA39138C7917 18.24 0.72443
Great-West Lifeco Inc GWO M 39138C817 CA39138C8170 25.73 1.02191
Industrial Alliance Insurance & Financial Services Inc IAG G 455871806 CA4558718066 23.68 0.94049
Intact Financial Corp IFC A 45823T304 CA45823T3047 19.44 0.77209
Intact Financial Corp IFC C 45823T601 CA45823T6016 22.64 0.89918
Manulife Financial Corp MFC G 56501R833 CA56501R8333 24.47 0.97187
Northland Power Inc NPI C 666511605 CA6665116050 24.23 0.96233
Northland Power Inc NPI B 666511506 CA6665115060 18.87 0.74945
Partners Value Split Corp PVS B 70214J301 CA70214J3010 25.27 1.00364
Pembina Pipeline Corp PPL O 706327830 CA7063278302 23.02 0.91428
Pembina Pipeline Corp PPL E 706327111 CA7063271117 23.85 0.94724
Pembina Pipeline Corp PPL C 706327400 CA7063274004 22.17 0.88052
Power Financial Corp PWF Q 73927C761 CA73927C7614 17.20 0.68313
Power Financial Corp PWF R 73927C753 CA73927C7531 25.40 1.00880
Power Financial Corp PWF O 73927C787 CA73927C7879 25.87 1.02747
Royal Bank of Canada RY Z 78012G411 CA78012G4117 23.04 0.91507
Royal Bank of Canada RY E 780102760 CA7801027607 25.37 1.00761
Thomson Reuters Corp TRI B 884903303 CA8849033037 16.10 0.63944
Toronto-Dominion Bank/The TD FA 891145690 CA8911456900 23.12 0.91825
Toronto-Dominion Bank/The TD FD 891145633 CA8911456330 24.34 0.96670
Toronto-Dominion Bank/The TD FC 891145658 CA8911456587 22.74 0.90316
TransAlta Corp TA D 89346D768 CA89346D7687 13.77 0.54690
TransAlta Corp TA F 89346D735 CA89346D7356 17.72 0.70378
TransCanada Corp TRP A 89353D404 CA89353D4049 19.64 0.78003
TransCanada Corp TRP F 89353D305 CA89353D3058 19.14 0.76018
iShares S&P/TSX Canadian Preferred Share Index CPD CN 46431G205 CA46431G2053 14.21 0.56437

 

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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