Scotia Managed Companies Administration, on behalf of the Europe Blue-Chip Dividend & Growth Fund, has announced the fund’s completed an IPO of 7.5 million units, at a price of $10.00 per unit.
Gross proceeds will be $75 million, and the units of the fund have been listed on the TSX.
The Fund’s investment objectives are to:
- provide stable quarterly distributions;
- provide the opportunity for capital appreciation; and
- mitigate the impact of foreign exchange exposure through the use of currency hedging strategies.
The fund invests in an equally weighted portfolio that’s comprised of the 20 highest yielding equity securities included in the Europe Dow, a regional index of the Dow Jones Industrial Average.
The fund intends to make quarterly cash distributions to investors of record on the last business day of the following months: March, June, September and December. Those will be $0.1500 per unit, or $0.60 per annum.