John Carswell Announces Holdings in Canso Credit Income Fund
July 04 2024 - 8:15PM
John Carswell announced today that on July 3, 2024, Lysander Funds
Limited (“
Lysander”), a company which Mr. Carswell
beneficially owns, purchased additional Class A Units
(“
Class A Units”) of Canso Credit Income Fund
(TSX: PBY.UN) (the “
Issuer”) pursuant to a
Recirculation Agreement between the Issuer and RBC Dominion
Securities Inc. dated July 16, 2010, as amended, and through the
facilities of exchanges, including the Toronto Stock Exchange (the
“
Acquisition”). Mr. Carswell’s indirect ownership
of the Issuer increased by 408,655 Class A Units.
Prior to the Acquisition, Mr. Carswell
beneficially owned or controlled, directly or indirectly, 1,056,110
Class A Units and 340 Class F units of the Issuer (“Class F
Units”). Class F Units are convertible to Class A Units.
Accordingly, assuming all of the Class F Units beneficially owned
or controlled by Mr. Carswell were exercised for Class A Units (and
no other Class F Units were exercised), Mr. Carswell would have
beneficial ownership of or control over, directly or indirectly,
1,056,450 Class A Units, representing approximately 11.59% of the
9,116,425 issued and outstanding Class A Units on a
partially-diluted basis prior to the Acquisition.
As a result of the Acquisition, Mr. Carswell now
has beneficial ownership of or control over, directly or
indirectly, 1,464,765 Class A Units, representing approximately
16.07% of the 9,116,085 issued and outstanding Class A Units on a
non-diluted basis, and 340 Class F Units, representing
approximately 0.16% of the 214,325 issued and outstanding Class F
Units. Accordingly, assuming all of the Class F Units beneficially
owned or controlled by Mr. Carswell were exercised for Class A
Units (and no other Class F Units were exercised), Mr. Carswell
would have beneficial ownership of or control over, directly or
indirectly, 1,465,105 Class A Units, representing approximately
16.07% of the 9,116,425 issued and outstanding Class A Units on a
partially-diluted basis after the Acquisition.
The Class A Units beneficially owned or
controlled, directly or indirectly, by Mr. Carswell as a result of
the Acquisition are being held for investment purposes and to keep
the units surrendered for redemption and recirculation issued and
outstanding, rather than being redeemed by the Issuer. Mr. Carswell
may, depending on market, general economic, industry and other
conditions and considerations, and in compliance with applicable
securities laws, increase or decrease its respective ownership or
control of Class A Units for investment purposes and to keep the
Class A Units in circulation whether through market transactions,
private agreements, treasury issuances, exercise of convertible
securities or otherwise.
Mr. Carswell will file an early warning report
(the “Early Warning Report”) with the securities
regulators in each of the provinces of Canada with respect to the
foregoing matters pursuant to National Instrument 62-103 The Early
Warning System and Related Take-Over Bid and Insider Reporting
Issues. A copy of the Early Warning Report will appear on the
Issuer’s profile on SEDAR+ at www.sedarplus.ca.
Canso Credit Income Fund is located at 3080
Yonge Street, Suite 4000, Toronto, Ontario, M4N 3N1.
For further information or to obtain a copy of
the Early Warning Report filed in connection with this matter,
please contact:
Richard Usher-JonesPresidentLysander Funds
LimitedTel. No. 416-640-4275Fax No. 416-855-6515
For further information on Lysander, please
visit www.lysanderfunds.com, email manager@lysanderfunds.com or you
can reach Lysander at 1-877-308-6979.