Gluskin Sheff + Associates Inc. Complete $122 Million Secondary Offering and Elimination of Dual Class Share Structure

Goodmans represented Gluskin Sheff + Associates Inc. (“Gluskin Sheff”) in connection with the completion of a secondary offering of 6,400,000 million subordinate voting shares of Gluskin Sheff on October 16, 2013 by entities affiliated with Ira Gluskin and Gerald Sheff, as well as charitable foundations established by Ira Gluskin and Gerald Sheff (the “Selling Shareholders”), at a price of $19.00 per share for gross proceeds to the Selling Shareholders of approximately $122 million.

The offering was completed on a bought deal basis and was underwritten by a syndicate of underwriters that was co-led by RBC Capital Markets and TD Securities Inc. and included BMO Capital Markets, CIBC, GMP Securities L.P. and Scotiabank.
 
Concurrent with the closing of the offering, all of Gluskin Sheff’s multiple voting shares were converted into subordinate voting shares on a one-for-one basis, leaving Gluskin Sheff with only one class of issued and outstanding equity securities, entitling the holders to vote on all matters requiring shareholder approval.

Founded in 1984, Gluskin Sheff is one of Canada’s pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in Canada.