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Client Work

Horizons AlphaPro Income Plus Fund closes US$29.5 million IPO

Fasken
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Overview

Client

AlphaPro Management Inc.

On December 9, 2009, Jovian Capital Corporation (JOV:TSX) and its subsidiary AlphaPro Management Inc. announced the closing of the initial public offering of 2.5 million Class A units and approximately 0.5 million Class F units of the Horizons AlphaPro Income Plus Fund, for gross proceeds of more than $29.5 million. The Class A units began trading on the Toronto Stock Exchange on that date under the symbol HAP.A. The Fund has been created to provide investors with both semi-annual distributions and the opportunity for capital appreciation in periods of inflation and deflation by tactically allocating its exposure amongst U.S. Treasury bonds and Treasury Inflation-Protected Securities, commodities and money market securities. The Fund will seek to hedge its foreign currency exposure at all times. Barclays Capital Inc., through its investment advisory unit, Barclays Capital Fund Solutions - Americas, has been retained by JovInvestment Management Inc., the portfolio manager of the Fund, to act as the investment sub-advisor of the Fund.The Fund is expected to automatically convert, subject to regulatory approval, into an actively managed exchange traded fund between January 31, 2011, and May 31, 2011.Fasken Martineau assisted AlphaPro with certain aspects of this transaction with a team that included Garth Foster, Tracy Hooey, Tina Chun and Louise Kennedy (investment/securities), Mitchell Thaw (tax) and Jon Holmstrom and Aaron Stefan (derivatives).

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