Canada: Lakeport Brewing raised C$51.9 million in Income-Trust Sale
Canadian beer maker, Lakeport Brewing Corp., raised C$51.9 million ($41.5 million) in an initial public offering of units for its income fund. The offering is for 5,195,746 units, which will be sold at a price of $10 per unit.
Lakeport Brewing Income Fund filed a final prospectus with the securities regulatory authorities in all the provinces and territories of Canada in connection with the initial public offering of units of Lakeport Brewing Income Fund.
Based on the size and price of the offering, Lakeport said the units should produce an initial yield of 10.75 per cent annually through the payment of monthly distributions. The initial public offering is expected to close on or about June 21.
The Toronto Stock Exchange has conditionally approved the listing of the units under the symbol "TFR.UN," subject to Lakeport fulfilling all of the requirements before Aug. 31.
On closing, the fund will indirectly hold a 76.4 per cent interest in Lakeport Brewing Limited Partnership, rising to 80 per cent if certain options are exercised. It will own and operate the business and assets of Lakeport Brewing Corp., an Ontario-based brewer known for its buck-a-beer offerings.
The offering, which is expected to close around June 21, 2005, was underwritten by a syndicate of underwriters. The fund has proposed an over-allotment option to the underwriters. If the over-allotment option of 259,788 units is exercised during 30-day period following closing, the fund will hold a 80% interest in Lakeport Brewing Limited Partnership. However, on closing the fund will indirectly hold a 76.4% interest in the Lakeport Partnership, which will own and operate the business and assets of the Ontario brewery Lakeport Brewing Corporation.
Înapoi
(libra 3.2266 sec.)