By Staff | April 4, 2007 | Last updated on April 4, 2007
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(April 4, 2007) Rockwater Capital Corp. has announced changes at the top, following the completion of CI Financial’s takeover of the firm.

Gerald C. Throop, head of capital markets for Blackmont Capital Inc., has been replaced by Wayne D. Adlam, current executive vice-president of capital markets at Blackmont, effective immediately.

Throop will remain in his other role as president of Blackmont to assist in the transition to CI control. He will step down from that position on June 30, 2007. Adlam has held the EVP position since May 2006.

CI announced today that more than 90% of Rockwater Capital shares have been deposited to CI’s purchase offer.

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Sprott to offer molybdenum pure-play

(April 4, 2007) When it comes to focused investment products, the market would be hard-pressed to outdo the latest offering from Sprott — the Sprott Molybdenum Participation Corporation.

The final prospectus is yet to be approved by regulators, but the investment plans to use “substantially all of the net proceeds of the offering to acquire securities of private and public companies that explore for, mine and/or process molybdenum and to acquire physical molybdenum.”

Molybdenum is an element used in the production of steel to enhance the “hardenability,” according to the U.S. Geological Survey website.

The offering will be issued on the TSX, with each unit consisting of one common share in the capital of the corporation and one-half of one common share purchase warrant. The IPO has been priced at $5 per share, with 36 million shares slated to hit the market.

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S&P to launch preferred share index

(April 4, 2007) Standard & Poor’s has announced the launch of a new index that will track the performance of TSX-listed preferred shares in real time.

The S&P/TSX Preferred Share Index requires preferred shares to meet criteria based on market capitalization, liquidity, and issuer rating, and will launch on Tuesday, April 10, 2007. Historical data will be calculated back to July 2002.

“We are very pleased with the evolution and growth of investment products being developed for the Canadian market,” said Eric Sinclair, senior vice-president at TSX Datalinx. “Indices like this one help enhance and expand visibility to the market for investors. This index provides yet another option for income investors.”

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HSBC offers low-fee banking

(April 4, 2007) The market for high-interest/low-fee savings accounts just got a little more crowded, as HSBC Bank has announced it has joined the fray.

Offering unlimited free access to deposits, HSBC has entered the market with an offering of 3.5% interest. Depositors can access their funds online or through HSBC’s network of branches and ATMs, as well as BMO ATMs.

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(04/04/07) staff


The staff of have been covering news for financial advisors since 1998.