(February 23 – 12:35 ET) – Digital World Trust has completed its initial public offering of 7,500,000 trust units for aggregate gross proceeds of $112,500,000.
The Trust will invest the net proceeds of the offering primarily in a diversified portfolio of Common Shares issued by leading “digitally-based” companies. These will be companies listed on a major North American stock exchange or quoted on NASDAQ with a market capitalization in excess of US$5.0 billion which are operating within the sectors of telecommunication services; telecommunication equipment suppliers; enabling hardware and software; and related digital commerce, services and products.
In order to generate additional returns above the dividend income earned on its portfolio, the Trust may, from time to time, write covered call options in respect of all or part of the securities in the portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest. The portfolio will be actively managed by the Trust’s investment manager, Mulvihill Capital Management Inc.
The Units of the Trust trade under the symbol DWT.UN on the Toronto Stock Exchange. Lead agent for the issue is RBC Dominion Securities Inc. The other members of the syndicate are Nesbitt Burns Inc., Scotia Capital Inc., TD Securities Inc., Merrill Lynch Canada Inc., CIBC World Markets Inc., National Bank Financial Inc., Canaccord Capital Inc., Goepel McDermid Inc., HSBC Securities (Canada) Inc. and Trilon Securities Corporation.
-IE Staff