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Global Healthcare Income & Growth Fund Announces Exchange Ratios
TORONTO, ONTARIO--(Marketwired - Sept. 17, 2015) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Global Healthcare Income & Growth Fund (the "Fund") has determined the exchange ratios for the exchange option (the "Exchange Option") with respect to its initial public offering. Under the Exchange Option, prospective purchasers could purchase units of the Fund by an exchange of freely tradable equity securities ("Exchange Securities") of the issuers listed in the table below (the "Exchange Eligible Issuers"). The Exchange Option deadline was 5:00 pm on August 20, 2015.
The Toronto Stock Exchange has conditionally approved the listing of the units, subject to the Fund fulfilling all customary requirements. Trading under the symbol HIG.UN is expected to commence on the closing date, September 24, 2015.
The initial distribution target for the Fund is $0.05 per unit per month representing an initial yield on the unit subscription price of 6.0% per annum.
The Fund has been created to provide investors with exposure to an equal-weight portfolio of equity securities of large capitalization global healthcare companies. To be considered for inclusion in the portfolio, at the time of investment and at the time of each periodic reconstitution and rebalancing, each healthcare company comprising the portfolio must (i) have a market capitalization of at least U.S.$5 billion, and (ii) have options in respect of their equity securities listed on a recognized options exchange. After applying the above mentioned criteria, the Manager will select global healthcare companies which represent attractive investment opportunities for the portfolio, giving consideration to the following metrics (among others, as applicable): (i) valuation; (ii) growth prospects; (iii) profitability; (iv) liquidity; (v) balance sheet strength; and (vi) dividend yield.
The Manager expects that between 20 and 30, but no less than 20, healthcare companies will comprise the portfolio. The initial indicative portfolio includes Abbott Laboratories, AbbVie Inc., Allergan plc, Amgen Inc., Anthem Inc., Bayer AG, Becton, Dickinson and Company, Cardinal Health Inc., Celgene Corporation, Gilead Sciences Inc., GlaxoSmithKline plc, Johnson & Johnson, McKesson Corporation, Merck & Co., Novartis AG, Pfizer Inc., Quest Diagnostics Inc., Roche Holding AG, Sanofi S.A., United Therapeutics Corporation, and UnitedHealth Group Inc.
The portfolio will be rebalanced and reconstituted at least semi-annually. The Manager will write covered call options from time to time on up to, but not more than, 33% of the portfolio, in order to earn option premiums and lower the overall volatility of returns associated with owning a portfolio of equity securities. The Manager will seek to hedge substantially all of the portfolio's foreign currency exposure back to the Canadian dollar.
The syndicate of agents is being led by RBC Capital Markets, CIBC and Scotiabank and includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., Industrial Alliance Securities Inc. and Mackie Research Capital Corporation.
The following table indicates the adjusted volume weighted average trading price and exchange ratio for the Exchange Securities of each Exchange Eligible Issuer as calculated in the manner described in the Company's prospectus dated August 24, 2015. The adjusted volume weighted average trading price and exchange ratios are rounded to four decimal places. Fractional units will not be issued.
Company Name (Exchange Ticker Symbol) | CUSIP | ISIN | Adjusted Volume | Exchange | |
Healthcare Companies | |||||
Abbott Laboratories (ABT) | 002824100 | US0028241000 | $57.4023 | 5.7402 | |
AbbVie Inc. (ABBV) | 00287Y109 | US00287Y1091 | $77.8317 | 7.7832 | |
Aetna Inc. (AET) | 00817Y108 | US00817Y1082 | $154.0849 | 15.4085 | |
Agilent Technologies Inc. (A) | 00846U101 | US00846U1016 | $47.4519 | 4.7452 | |
Alexion Pharmaceuticals Inc. (ALXN) | 015351109 | US0153511094 | $221.4418 | 22.1442 | |
Align Technology Inc. (ALGN) | 016255101 | US0162551016 | $73.8209 | 7.3821 | |
Alkermes Plc (ALKS) | N/A | IE00B56GVS15 | $93.4993 | 9.3499 | |
Allergan plc (AGN) | N/A | IE00BY9D5467 | $396.3036 | 39.6304 | |
Alnylam Pharmaceuticals Inc. (ALNY) | 02043Q107 | US02043Q1076 | $140.6567 | 14.0657 | |
AmerisourceBergen Corp. (ABC) | 03073E105 | US03073E1055 | $138.7046 | 13.8705 | |
Amgen Inc. (AMGN) | 031162100 | US0311621009 | $199.0997 | 19.9100 | |
Anthem Inc. (ANTM) | 036752103 | US0367521038 | $195.4305 | 19.5431 | |
AstraZeneca PLC (AZN) | N/A | GB0009895292 | $88.2198 | 8.8220 | |
Baxter International Inc. (BAX) | 071813109 | US0718131099 | $47.5845 | 4.7585 | |
Becton, Dickinson and Co. (BDX) | 075887109 | US0758871091 | $180.3425 | 18.0343 | |
Biogen Inc. (BIIB) | 09062X103 | US09062X1037 | $418.7382 | 41.8738 | |
Biomarin Pharmaceutical Inc. (BMRN) | 09061G101 | US09061G1013 | $171.9158 | 17.1916 | |
bluebird bio Inc. (BLUE) | 09609G100 | US09609G1004 | $173.2973 | 17.3297 | |
Boston Scientific Corp. (BSX) | 101137107 | US1011371077 | $22.3824 | 2.2382 | |
Bristol-Myers Squibb Co. (BMY) | 110122108 | US1101221083 | $79.6986 | 7.9699 | |
Brookdale Senior Living Inc. (BKD) | 112463104 | US1124631045 | $35.5374 | 3.5537 | |
Cardinal Health Inc. (CAH) | 14149Y108 | US14149Y1082 | $111.7504 | 11.1750 | |
Celgene Corp. (CELG) | 151020104 | US1510201049 | $162.3337 | 16.2334 | |
Centene Corp. (CNC) | 15135B101 | US15135B1017 | $83.4272 | 8.3427 | |
Cerner Corp. (CERN) | 156782104 | US1567821046 | $82.5381 | 8.2538 | |
Cigna Corp. (CI) | 125509109 | US1255091092 | $185.1783 | 18.5178 | |
Community Health Systems Inc. (CYH) | 203668108 | US2036681086 | $67.2064 | 6.7206 | |
C R Bard Inc. (BCR) | 067383109 | US0673831097 | $254.6999 | 25.4700 | |
DENTSPLY International Inc. (XRAY) | 249030107 | US2490301072 | $70.3111 | 7.0311 | |
DexCom Inc. (DXCM) | 252131107 | US2521311074 | $127.0129 | 12.7013 | |
Edwards Lifesciences Corp. (EW) | 28176E108 | US28176E1082 | $184.2592 | 18.4259 | |
Eli Lilly and Co. (LLY) | 532457108 | US5324571083 | $109.2634 | 10.9263 | |
Endo International PLC (ENDP) | N/A | IE00BJ3V9050 | $102.2173 | 10.2217 | |
Express Scripts Holding Co. (ESRX) | 30219G108 | US30219G1085 | $111.2211 | 11.1221 | |
Gilead Sciences Inc. (GILD) | 375558103 | US3755581036 | $145.1811 | 14.5181 | |
HCA Holdings Inc. (HCA) | 40412C101 | US40412C1018 | $112.2059 | 11.2206 | |
Hologic Inc. (HOLX) | 436440101 | US4364401012 | $53.8563 | 5.3856 | |
IDEXX Laboratories Inc. (IDXX) | 45168D104 | US45168D1046 | $100.1851 | 10.0185 | |
Illumina Inc. (ILMN) | 452327109 | US4523271090 | $270.5457 | 27.0546 | |
Incyte Corp. (INCY) | 45337C102 | US45337C1027 | $170.6724 | 17.0672 | |
Intercept Pharmaceuticals Inc. (ICPT) | 45845P108 | US45845P1084 | $250.8447 | 25.0845 | |
Intuitive Surgical Inc. (ISRG) | 46120E602 | US46120E6023 | $675.1587 | 67.5159 | |
Isis Pharmaceuticals Inc. (ISIS) | 464330109 | US4643301090 | $71.8421 | 7.1842 | |
Jazz Pharmaceuticals PLC (JAZZ) | N/A | IE00B4Q5ZN47 | $211.4169 | 21.1417 | |
Johnson & Johnson (JNJ) | 478160104 | US4781601046 | $123.7764 | 12.3776 | |
Laboratory Corporation of America Holdings (LH) | 50540R409 | US50540R4092 | $156.9189 | 15.6919 | |
Mallinckrodt Plc (MNK) | N/A | IE00BBGT3753 | $108.8997 | 10.8900 | |
McKesson Corp. (MCK) | 58155Q103 | US58155Q1031 | $265.0829 | 26.5083 | |
Medivation Inc. (MDVN) | 58501N101 | US58501N1019 | $64.2824 | 6.4282 | |
Medtronic PLC (MDT) | N/A | IE00BTN1Y115 | $91.5095 | 9.1510 | |
Merck & Co Inc. (MRK) | 58933Y105 | US58933Y1055 | $70.1027 | 7.0103 | |
Mylan NV (MYL) | N/A | NL0011031208 | $64.7476 | 6.4748 | |
Patterson Companies Inc. (PDCO) | 703395103 | US7033951036 | $59.5767 | 5.9577 | |
Pfizer Inc. (PFE) | 717081103 | US7170811035 | $43.4950 | 4.3495 | |
Qiagen NV (QGEN) | N/A | NL0000240000 | $35.8233 | 3.5823 | |
Quest Diagnostics Inc. (DGX) | 74834L100 | US74834L1008 | $88.2239 | 8.8224 | |
Regeneron Pharmaceuticals Inc. (REGN) | 75886F107 | US75886F1075 | $707.0906 | 70.7091 | |
Seattle Genetics Inc. (SGEN) | 812578102 | US8125781026 | $62.2908 | 6.2291 | |
St. Jude Medical Inc. (STJ) | 790849103 | US7908491035 | $90.7622 | 9.0762 | |
Stryker Corp. (SYK) | 863667101 | US8636671013 | $131.3548 | 13.1355 | |
Tenet Healthcare Corp. (THC) | 88033G407 | US88033G4073 | $61.5473 | 6.1547 | |
Thermo Fisher Scientific Inc. (TMO) | 883556102 | US8835561023 | $163.9132 | 16.3913 | |
United Therapeutics Corp. (UTHR) | 91307C102 | US91307C1027 | $202.1438 | 20.2144 | |
UnitedHealth Group Inc. (UNH) | 91324P102 | US91324P1021 | $157.2375 | 15.7238 | |
Universal Health Services Inc. (UHS) | 913903100 | US9139031002 | $178.4878 | 17.8488 | |
Valeant Pharmaceuticals International Inc. (VRX) | 91911K102 | CA91911K1021 | $300.8930 | 30.0893 | |
Vertex Pharmaceuticals Inc. (VRTX) | 92532F100 | US92532F1003 | $177.0569 | 17.7057 | |
Zimmer Biomet Holdings Inc. (ZBH) | 98956P102 | US98956P1021 | $131.1779 | 13.1178 | |
Zoetis Inc. (ZTS) | 98978V103 | US98978V1035 | $58.6766 | 5.8677 | |
Healthcare-Related Companies | |||||
Empire Company Ltd. (EMP.A) | 291843407 | CA2918434077 | $80.8593 | 8.0859 | |
George Weston Ltd. (WN) | 961148509 | CA9611485090 | $107.8595 | 10.7860 | |
Great-West Lifeco Inc. (GWO) | 39138C106 | CA39138C1068 | $32.7172 | 3.2717 | |
Loblaw Companies Ltd. (L) | 539481101 | CA5394811015 | $68.0926 | 6.8093 | |
Manulife Financial Corp. (MFC) | 56501R106 | CA56501R1064 | $20.6133 | 2.0613 | |
Metro Inc. (MRU) | 59162N109 | CA59162N1096 | $34.6198 | 3.4620 | |
Power Corporation of Canada (POW) | 739239101 | CA7392391016 | $27.9090 | 2.7909 | |
Power Financial Corp. (PWF) | 73927C100 | CA73927C1005 | $31.6347 | 3.1635 | |
Sun Life Financial Inc (SLF) | 866796105 | CA8667961053 | $42.8633 | 4.2863 | |
Additional Exchange Eligible Issuers | |||||
Agnico Eagle Mines Ltd. (AEM) | 008474108 | CA0084741085 | $29.8912 | 2.9891 | |
ARC Resources Ltd. (ARX) | 00208D408 | CA00208D4084 | $17.3537 | 1.7354 | |
Barrick Gold Corp. (ABX) | 067901108 | CA0679011084 | $8.4933 | 0.8493 | |
BlackBerry Ltd. (BB) | 09228F103 | CA09228F1036 | $9.9059 | 0.9906 | |
Cameco Corp. (CCO) | 13321L108 | CA13321L1085 | $18.2757 | 1.8276 | |
Canadian Natural Resources Ltd. (CNQ) | 136385101 | CA1363851017 | $26.8842 | 2.6884 | |
Canadian Pacific Railway Ltd. (CP) | 13645T100 | CA13645T1003 | $192.7885 | 19.2789 | |
Canadian Utilities Ltd. (CU) | 136717832 | CA1367178326 | $35.1612 | 3.5161 | |
Cenovus Energy Inc. (CVE) | 15135U109 | CA15135U1093 | $17.8270 | 1.7827 | |
Crescent Point Energy Corp. (CPG) | 22576C101 | CA22576C1014 | $16.6052 | 1.6605 | |
Encana Corporation (ECA) | 292505104 | CA2925051047 | $9.6956 | 0.9696 | |
First Quantum Minerals Ltd. (FM) | 335934105 | CA3359341052 | $7.3158 | 0.7316 | |
Franco-Nevada Corp. (FNV) | 351858105 | CA3518581051 | $54.8424 | 5.4842 | |
Goldcorp Inc. (G) | 380956409 | CA3809564097 | $17.0958 | 1.7096 | |
Husky Energy Inc. (HSE) | 448055103 | CA4480551031 | $21.2022 | 2.1202 | |
Imperial Oil Ltd. (IMO) | 453038408 | CA4530384086 | $41.5010 | 4.1501 | |
Inter Pipeline Ltd. (IPL) | 45833V109 | CA45833V1094 | $24.5841 | 2.4584 | |
Methanex Corp. (MX) | 59151K108 | CA59151K1084 | $49.3773 | 4.9377 | |
Open Text Corp. (OTC) | 683715106 | CA6837151068 | $60.9647 | 6.0965 | |
Pembina Pipeline Corp. (PPL) | 706327103 | CA7063271034 | $33.6704 | 3.3670 | |
Potash Corporation of Saskatchewan Inc. (POT) | 73755L107 | CA73755L1076 | $33.0492 | 3.3049 | |
Silver Wheaton Corp. (SLW) | 828336107 | CA8283361076 | $15.4077 | 1.5408 | |
Suncor Energy Inc. (SU) | 867224107 | CA8672241079 | $33.9955 | 3.3996 | |
Teck Resources Ltd. (TCK) | 878742204 | CA8787422044 | $8.5785 | 0.8579 | |
Tourmaline Oil Corp. (TOU) | 89156V106 | CA89156V1067 | $31.9830 | 3.1983 | |
TransCanada Corp. (TRP) | 89353D107 | CA89353D1078 | $43.2867 | 4.3287 | |
About Brompton Funds
Brompton Funds is a member of the Brompton Group, a provider of investment management and portfolio advisory services to TSX-listed investment funds since 2002 with total assets under management of approximately $2.2 billion as of June 30, 2015. Brompton's investment solutions include TSX listed closed-end funds, mutual funds, hedge funds and flow-through limited partnerships. Brompton currently manages over $1.0 billion of assets for funds that employ covered call strategies.
For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000, (toll-free at 1-866-642-6001), e-mail info@bromptongroup.com or visit our website at www.bromptongroup.com.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
