Maximum $125 Million – Closing August 14, 2020
Initial Distribution Record Date – October 31, 2020
CALGARY, Alberta, July 23, 2020 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of Sustainable Innovation & Health Dividend Fund (the “Fund”), is pleased to announce that it has filed a final prospectus in relation to an initial public offering of units at a price of $10.00 per unit. The maximum amount of the offering is $125 million.
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 technology and healthcare companies, including initially those which the Advisor (as defined below) believes are positioned to benefit long-term from the trends and changing consumer behaviours resulting from the COVID-19 global pandemic (collectively, “Innovative Technology & Healthcare Issuers”). The Advisor believes Innovative Technology & Healthcare Issuers will generate attractive risk-adjusted returns for the Fund as the technology and healthcare sectors have a history of developing long-lasting innovative solutions to address major social and economic challenges. In addition, the portfolio will focus on sustainable technology and healthcare companies with assets the Advisor believes have been developed and operated taking into account environmental, social and governance considerations.
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). The initial distribution is expected to be declared payable to unitholders of record on October 31, 2020.
Middlefield Capital Corporation (the “Advisor”) will provide investment management advice to the Fund. Mr. Paul Sagawa and Dr. Richard Evans will act as industry consultants to Middlefield and in such capacity will provide ongoing analysis regarding innovative technology & healthcare themes.
Prospective purchasers investing in the Fund have the option of paying for units in cash or by exchanging securities of issuers listed in the final prospectus. Prospective purchasers under the exchange option are required to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on July 28, 2020, in the manner described in the final prospectus.
The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities, National Bank Financial Inc., Raymond James Ltd., Richardson GMP, Manulife Securities Incorporated, Hampton Securities Limited, Middlefield Capital Corporation, Echelon Wealth Partners 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 is 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.