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Stephen Pincus at the Strategy Institute's Income Securities Conference


Lawyer Jon Northup, Stephen Pincus
Area REITs and Income Securities


Monday, April 4, 2005
8:30 am:  Introduction of the Chairperson & Opening Remarks

Speaker:  Stephen Pincus, Goodmans LLP

8:45 am:  Product Overview: Income Securities

Speaker: Stephen Pincus, Goodmans LLP

How Are They Structured and Why Should You Care?
With seven Income Securities offerings completed since December 2003 and more deals in the pipeline, learn about the latest developments in this product: 

  • Key structural & valuation considerations for pricing
  • Characteristics of suitable businesses
  • Typical management incentive plans to align interests
  • Characteristics that make Income Securities attractive to investors
  • What are the unique issues and challenges for issuers and investors?W
  • Where is the Income Securities market heading

This session will prepare you to analyze Income Securities market developments by providing you with a comprehensive overview of the product characteristics.
11:00 am:  Tax and Structural Considerations

Speaker: Jon Northup,  Goodmans LLP

Comprehensive Analysis of the US & Canadian Tax Implications of Income Securities for the Issuer AND the Buy-Side! 
Considerable attention has been given to the treatment of the Income Securities structure for tax purposes – with the Big Four developing explicit guidelines for issuers. Understand the opportunities and challenges involved with this type of transaction for both the issuer and the purchaser.

  • Structural differences & similarities between Income Funds and Income Securities
  • How has the structure evolved since the first deals? What has been changed?
  • Key Canadian and US tax considerations: recent developments in Tax Policy
  • Classification of the notes as debt ­ requirements of the Big Four
  • Potential for secondary market in the “Bachelor Bonds”
  • Retained interest: structure and tax consequences

Tax consequences to investors of purchase, ownership and disposition
The tax efficiency of a financial transaction is a major consideration when choosing between offering vehicles for the issuer or investments for the buyer ­ understand how your bottom line would be impacted.

St. Andrew’s Club 
Toronto, Ontario