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Mavrix Fund Management has announced it will file an application with the Canadian Securities Administrators, seeking a 90-day extension for a required reduction in private investments held in the Mavrix Small Companies Fund. The original deadline was December 29, 2008.

Regulations require that the fund hold no more than 15% of its assets in private companies. The portion of assets held in private firms rose due to investor redemptions and deteriorating market conditions in September.

The private investments were illiquid compared to publicly traded assets and were therefore not sold to pay out the redemptions. By December 22, illiquid private investments made up 34% of the fund’s assets.

“The fund has been using reasonable commercial efforts to reduce its investments in private companies, but, as of December 29, 2008, such investments remain in excess of the 15% limit on illiquid securities in the fund,” Mavrix said in a statement.

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Great-West closes share offering

Great-West Lifeco has announced the close of its previously announced public offering of 28,920,000 common shares, raising gross proceeds of more than $600 million.

At the same time, Great-West closed the sale of just over 19 million shares to its corporate parent, Power Financial, raising just over $400 million. This deal gives Power Financial a 72.7% stake in Great-West.

The proceeds from the two share issues will be used for general corporate purposes and to shore up Great-West’s current liquidity position.

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CI completes unit issue

CI Financial Income Fund has completed its previously announced bought deal offering of 15 million units, raising $210 million.

The units will be redeemable for shares once CI converts back to a corporate structure. The offering was underwritten by a syndicate co-led by GMP Securities and TD Securities, and included Blackmont Capital and Genuity Capital Markets.

(12/30/08)