(NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES)
TORONTO, Oct. 30 /CNW/ - Clarington Corporation (the "Corporation") today announced that it has filed a preliminary prospectus with the securities commissions of all provinces and territories of Canada for an initial public offering of its common shares by way of a secondary offering. The proposed offering is being underwritten by a syndicate of investment banks led by Scotia Capital Inc. and RBC Dominion Securities Inc., which includes BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc. and TD Securities Inc.
Clarington Corporation's principal business will be carried on through its wholly owned subsidiary, ClaringtonFunds Inc., a mutual fund management company incorporated in Ontario, which commenced operations in 1996. Clarington, founded by Terry Stone and Adrian Brouwers, currently has approximately $3.1 billion in assets under management in 35 mutual funds, and offices in Vancouver, Calgary, Toronto, Ottawa and Montreal. Clarington has retained well-known Canadian and international portfolio managers to provide investment management services to its mutual funds.
Terry Stone, Chairman, said: "We are excited to have this opportunity to increase our visibility in the marketplace. Since our start-up in September 1996, we have experienced excellent growth and acceptance of our mutual funds by the investing public. We believe access to the public capital markets will help to open up new opportunities for us to grow our business even faster."
The Corporation will not receive any proceeds from the sale of common shares pursuant to this offering, except in the event that the underwriters exercise their over-allotment option. In such event, the Corporation intends to use the net proceeds for general working capital purposes to facilitate the continued growth of the Corporation's business.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the shares in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The shares of Clarington Corporation have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements of U.S. securities laws.
/For further information: Salvatore Tino, CA, Executive Vice President and CFO, Clarington Corporation, T: (416) 860-9880/
© CNW Group
Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.
Discover a wealth of investment information and and exclusive features.
