Sustainable Innovation & Health Dividend Fund Announces Exchange Ratios

CALGARY, Alberta, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of Sustainable Innovation & Health Dividend Fund (the “Fund”), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated July 23, 2020.

The Fund’s investment objectives are to provide holders of units of the Fund (“Units”) with:

1. stable monthly cash distributions, and
2. 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 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 number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on August 6, 2020 (the “Pricing Period”), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today’s Bank of Canada daily exchange rate. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

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.