CALGARY, Alberta, June 27, 2019 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of Digital Consumer Dividend Fund (the “Fund”), is pleased to announce that the Fund has completed its initial public offering of 6,000,000 units at a price of $10.00 per unit for gross proceeds of $60 million. The units are listed on the Toronto Stock Exchange under the symbol MDC.UN.
The Fund’s investment objectives are to provide holders of units with:
(i) stable monthly cash distributions, and
(ii) enhanced long-term total return through capital appreciation of the Fund’s investment portfolio
through a diversified, actively managed portfolio comprised primarily of dividend-paying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from developing products or services related to digital consumer themes, including streaming, digital content, cybersecurity, social networking, e-commerce and connectivity.
The initial target distribution yield for the Fund is 4% per annum based on the original subscription price (or $0.03333 per unit per month or $0.40 per unit per annum).
Middlefield Capital Corporation, the advisor, will provide investment management advice to the Fund. SSR LLC, an investment research firm based in Stamford, Connecticut, will act as an industry advisor to Middlefield and in such capacity will provide ongoing analysis regarding digital consumer themes.
The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities, National Bank Financial Inc., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Middlefield Capital Corporation, Desjardins Securities Inc. and Mackie Research Capital Corporation.
For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.
This offering was only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.