Capital régional et coopératif Desjardins (CRCD), a retail fund managed by Canadian private equity firm Desjardins Capital de risque, will be restricted to raising a maximum of $63 million in 2014. The limitation is a result of requirements set out in the Québec budget tabled on June 4, and the fact that the fund’s capital ceiling of $1.25 billion has been reached. CRCD has been authorized by the government to raise $150 million in 2015. Based in Montréal, CRCD supports the growth of over 360 businesses, cooperatives and funds in various Québec industries.
New terms for the sale of shares of Capital régional et coopératif Desjardins for 2014 and 2015
Montréal, July 10, 2014 – Today, Capital régional et coopératif Desjardins (CRCD) confirms the new terms governing the sale of its shares as of its 2014 issue, consistently with the requirements set out in the Québec budget tabled on June 4, 2014.
· Given that its $1.25 billion capital limit has been reached and pursuant to its constituting act, for its 2014 issue, CRCD is limited to issuing an amount equal to the preceding year’s redemptions. Accordingly, the authorized amount for the 2014 issue will be $63 million.
· For the 2015 issue, CRCD has been exceptionally authorized by the Québec government to raise a maximum of $150 million.
· The rate of the Québec tax credit on the purchase of CRCD shares is now 45%.
· Sales of shares for the 2014 issue will begin on October 6, 2014 across the Desjardins caisse network. Sales for the 2015 issue will begin on April 13, 2015.
· Investors are now required to make an appointment to purchase CRCD shares, without which no shares can be sold by the caisse. The period to make an appointment starts two weeks before sales begin:
§ As of September 22, 2014 for the 2014 issue;
§ As of March 30, 2015 for the 2015 issue.
· To allow as many shareholders as possible to buy in, CRCD share purchases will be capped at $3,000 per investor for each of the 2014 and 2015 issues, for an annual tax credit of $1,350.
See 2014 and 2015 issue highlights here.
About Capital régional et coopératif Desjardins
With over 100,000 shareholders and $1,471 million in net assets, Capital régional et coopératif Desjardins (CRCD) is a public company managed by Desjardins Business Capital régional et coopératif. CRCD contributes to Québec economic development through several levers developed with its manager, with CRCD as the driving force. These levers form CRCD’s entrepreneurial ecosystem designed to value and nurture the best of Québec entrepreneurship. Directly or indirectly through its ecosystem, CRCD supports the growth of over 360 businesses, cooperatives and funds in various industries spanning all Québec regions, helping to create and retain 47,000 jobs. (www.capitalregional.com)
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