TORONTO -- CI Investments Inc. has announced that it owns more than 12.5 percent of the outstanding income deposit securities of Royster-Clark Ltd. through its Signature Advisors portfolio management group, and that Signature Advisors will not be tendering its holdings to the unsolicited takeover bid made by Agrium Inc. for Royster-Clark securities.

"We believe that Agrium's offer significantly undervalues Royster-Clark," said Eric Bushell, chief investment officer of Signature Advisors. "In the absence of a materially higher bid, we are content with a continuing investment in a stand-alone Royster-Clark. We have confidence in the Royster-Clark management team and their ability to grow and strengthen the business."

Royster-Clark, with annual sales in excess of US$1 billion, is a distributor of agricultural fertilizer, seed and crop protection products, and a provider of agronomic services, such as product application and technical consulting services, to farmers mainly in the Southeast and Midwest United States.

CI's Signature Advisors manages more than $17.4 billion on behalf of Canadian investors in a wide variety of equity, fixed-income and balanced portfolios.

CI Investments Inc. is a wholly owned subsidiary of CI Financial Inc., an independent, Canadian-owned wealth management company with approximately $71.7 billion in fee-earning assets as of December 31, 2005.

SOURCE: CI news release and