Saxon Financial completes C$108 million initial public offering

On July 7, 2005, Saxon Financial Inc. completed a C$108 million initial public offering of common shares (C$119 million after the over-allotment option granted to the underwriters was exercised in full on July 26, 2005), principally by way of a secondary offering.

Saxon (TSX: SFI.TO) is an investment management firm with three principal lines of business and serves as the holding company for Saxon's operating subsidiaries: Saxon Funds Management Ltd., which manages and markets retail mutual funds; Howson Tattersall Investment Counsel Ltd., an institutional asset management business; and Howson Tattersall Private Asset Management Inc., a private client asset management business.

The offering was underwritten by a syndicate of underwriters led by BMO Nesbitt Burns and including CIBC World Markets, Scotia Capital and TD Securities.