Goodman Co., Investment Counsel Ltd. has filed a preliminary prospectus with securities regulators of for an initial public offering of trust units of diversiTrust Energy Income Fund.
The closed-end fund will allow investors to participate in returns on an actively managed and diversified portfolio of equity securities of energy trusts and, to a lesser extent energy shares.
The fund’s investment objectives are:
- to provide unitholders with a stable stream of tax-efficient monthly distributions targeted to be 8.3¢ per unit (approximately 10% per annum on the original $10 issue price);
- to return the original issue price of the units upon termination of the fund on Dec. 31, 2014; and
- to provide unitholders an opportunity for capital appreciation.
The Fund will at least on an annual basis, commencing in December 2005, determine and announce an indicative distribution for the following twelve months based upon the prevailing market conditions and the estimate of distributable cash flow for the year.
Ned Goodman and Dean Prodan will be responsible for investment decisions for the fund on behalf of Goodman Co., the manager of the fund. Ned Goodman has more than 40 years of investment experience as a securities analyst, portfolio manager and senior executive. Prodan is the owner of UTA Asset Management Corp. of Calgary, and has been appointed as sub-advisor to the fund. Prodan, with over 15 years of experience investing in the Canadian oil and gas, and capital markets was until recently the manager of the Dominion Equity Fund, a leading oil and gas mutual fund.
RBC Capital Markets, CIBC World Markets Inc., Dundee Securities Corp., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Canaccord Capital Corp., HSBC Securities (Canada) Inc., Berkshire Securities Inc., First Associates Investment Inc. and Raymond James Ltd. are agents for the offering.