CALGARY, Alberta, Nov. 14, 2019 (GLOBE NEWSWIRE) — Middlefield Group, on behalf of Middlefield Global Real Asset Fund (the âFundâ), 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 October 11, 2019.
The Fundâs investment objectives are to provide holders of units of the Fund (âUnitsâ) with:
- stable monthly cash distributions, and
- enhanced long-term total return through capital appreciation of the Fundâs 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 physical real estate or infrastructure assets, which the advisor believes will generate attractive risk-adjusted returns for the Fund due to the tangible, difficult to replicate, long-term nature of such assets and their ability to shape and support global economic activity.
The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per Unit per month or $0.50 per Unit per annum).
The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the âExchange Ratioâ) 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 November 14, 2019 (the âPricing Periodâ), 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 todayâs 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.
| Name | Ticker | CUSIP | ISIN | VWAP | Exchange Ratio |
| Global Real Estate Issuers | |||||
| Alexandria Real Estate Equities Inc. | ARE | 015271109 | US0152711091 | 205.8547 | 20.58547 |
| Allied Properties Real Estate Investment Trust | AP-U | 019456102 | CA0194561027 | 53.4903 | 5.34903 |
| Artis Real Estate Investment Trust | AX-U | 04315L105 | CA04315L1058 | 11.6202 | 1.16202 |
| AvalonBay Communities Inc. | AVB | 053484101 | US0534841012 | 279.5066 | 27.95066 |
| Boardwalk Real Estate Investment Trust | BEI-U | 096631106 | CA0966311064 | 44.0236 | 4.40236 |
| Boston Properties Inc. | BXP | 101121101 | US1011211018 | 181.9409 | 18.19408 |
| Brookfield Property Partners LP | BPY-U | n/a | BMG162491077 | 25.0758 | 2.50758 |
| Canadian Apartment Properties REIT | CAR-U | 134921105 | CA1349211054 | 53.6453 | 5.36453 |
| CBRE Group Inc. | CBRE | 12504L109 | US12504L1098 | 73.0265 | 7.30265 |
| Choice Properties Real Estate Investment Trust | CHP-U | 17039A106 | CA17039A1066 | 13.3956 | 1.33956 |
| Colliers International Group Inc. | CIGI | 194693107 | CA1946931070 | 92.5656 | 9.25656 |
| Cominar Real Estate Investment Trust | CUF-U | 199910100 | CA1999101001 | 13.9742 | 1.39742 |
| Crombie Real Estate Investment Trust | CRR-U | 227107109 | CA2271071094 | 15.7479 | 1.57479 |
| Crown Castle International Corp | CCI | 22822V101 | US22822V1017 | 174.5673 | 17.45672 |
| CT Real Estate Investment Trust | CRT-U | 126462100 | CA1264621006 | 15.0315 | 1.50315 |
| CyrusOne Inc. | CONE | 23283R100 | US23283R1005 | 86.2322 | 8.62321 |
| Dream Global Real Estate Investment Trust | DRG-U | 26154A106 | CA26154A1066 | 16.7143 | 1.67143 |
| Dream Industrial Real Estate Investment Trust | DIR-U | 26153W109 | CA26153W1095 | 13.5226 | 1.35226 |
| Dream Office Real Estate Investment Trust | D-U | 26153P104 | CA26153P1045 | 29.2086 | 2.92086 |
| Duke Realty Corp | DRE | 264411505 | US2644115055 | 46.2023 | 4.62022 |
| Equinix Inc. | EQIX | 29444U700 | US29444U7000 | 712.4018 | 70.91403 |
| Equity Residential | EQR | 29476L107 | US29476L1070 | 112.0215 | 11.20214 |
| Essex Property Trust Inc. | ESS | 297178105 | US2971781057 | 414.7029 | 41.47029 |
| European Residential Real Estate Investment Trust | ERE-U | 29880W103 | CA29880W1032 | 4.8973 | 0.48973 |
| FirstService Corp | FSV | 33767E202 | CA33767E2024 | 119.2631 | 11.92631 |
| Granite Real Estate Investment Trust | GRT-U | 387437114 | CA3874371147 | 66.3897 | 6.63897 |
| H&R Real Estate Investment Trust | HR-U | 403925407 | CA4039254079 | 21.7940 | 2.16790 |
| Healthpeak Properties Inc | PEAK | 42250P103 | US42250P1030 | 44.6478 | 4.46477 |
| InterRent Real Estate Investment Trust | IIP-U | 46071W205 | CA46071W2058 | 15.9098 | 1.59098 |
| Killam Apartment Real Estate Investment Trust | KMP-U | 49410M102 | CA49410M1023 | 19.4915 | 1.94915 |
| Northview Apartment Real Estate Investment Trust | NVU-U | 667185102 | CA6671851021 | 29.3075 | 2.93075 |
| NorthWest Healthcare Properties Real Estate Investment Trust | NWH-U | 667495105 | CA6674951059 | 11.8480 | 1.18480 |
| Prologis Inc. | PLD | 74340W103 | US74340W1036 | 116.3370 | 11.63369 |
| Realty Income Corp | O | 756109104 | US7561091049 | 101.6682 | 10.16681 |
| RioCan Real Estate Investment Trust | REI-U | 766910103 | CA7669101031 | 26.3202 | 2.63202 |
| SBA Communications Corp | SBAC | 78410G104 | US78410G1040 | 229.8459 | 22.94759 |
| Sienna Senior Living Inc. | SIA | 82621K102 | CA82621K1021 | 18.7393 | 1.87393 |
| Simon Property Group Inc. | SPG | 828806109 | US8288061091 | 204.6619 | 20.18777 |
| SmartCentres Real Estate Investment Trust | SRU-U | 83179X108 | CA83179X1087 | 31.6056 | 3.16056 |
| Summit Industrial Income REIT | SMU-U | 866120116 | CA8661201167 | 12.5830 | 1.25830 |
| Tricon Capital Group Inc. | TCN | 89612W102 | CA89612W1023 | 10.9215 | 1.09215 |
| Ventas Inc. | VTR | 92276F100 | US92276F1003 | 78.2982 | 7.82981 |
| Welltower Inc. | WELL | 95040Q104 | US95040Q1040 | 110.1155 | 11.01155 |
| Weyerhaeuser Co | WY | 962166104 | US9621661043 | 38.8665 | 3.88664 |
| WPT Industrial Real Estate Investment Trust | WIR/U | 92937G109 | CA92937G1090 | 13.6334 | 1.36334 |
| Global Infrastructure Issuers | |||||
| Algonquin Power & Utilities Corp | AQN | 015857105 | CA0158571053 | 17.9848 | 1.79848 |
| American Electric Power Co Inc. | AEP | 025537101 | US0255371017 | 118.4382 | 11.84382 |
| American States Water Co | AWR | 029899101 | US0298991011 | 112.4241 | 11.20197 |
| American Water Works Co Inc. | AWK | 030420103 | US0304201033 | 154.3235 | 15.43235 |
| Aqua America Inc. | WTR | 03836W103 | US03836W1036 | 57.6266 | 5.73159 |
| AT&T Inc. | T | 00206R102 | US00206R1023 | 51.9002 | 5.19001 |
| BCE Inc. | BCE | 05534B760 | CA05534B7604 | 63.8121 | 6.38121 |
| Boralex Inc. | BLX | 09950M300 | CA09950M3003 | 22.8604 | 2.28604 |
| Brookfield Infrastructure Partners LP | BIP | n/a | BMG162521014 | 67.8316 | 6.78316 |
| Brookfield Renewable Partners LP | BEP-U | n/a | BMG162581083 | 57.7963 | 5.77963 |
| California Water Service Group | CWT | 130788102 | US1307881029 | 66.8875 | 6.68875 |
| Canadian National Railway Co | CNR | 136375102 | CA1363751027 | 123.7924 | 12.37924 |
| Canadian Pacific Railway Ltd. | CP | 13645T100 | CA13645T1003 | 312.5860 | 31.25860 |
| Capital Power Corp | CPX | 14042M102 | CA14042M1023 | 31.9039 | 3.19039 |
| Consolidated Edison Inc. | ED | 209115104 | US2091151041 | 115.6457 | 11.56456 |
| Duke Energy Corp | DUK | 26441C204 | US26441C2044 | 117.3776 | 11.61247 |
| Emera Inc. | EMA | 290876101 | CA2908761018 | 52.6333 | 5.26333 |
| Enbridge Inc. | ENB | 29250N105 | CA29250N1050 | 50.2611 | 4.95231 |
| FedEx Corp | FDX | 31428X106 | US31428X1063 | 211.3358 | 21.13358 |
| Fortis Inc./Canada | FTS | 349553107 | CA3495531079 | 52.7399 | 5.22624 |
| Gibson Energy Inc. | GEI | 374825206 | CA3748252069 | 25.4071 | 2.54071 |
| Hydro One Ltd | H | 448811208 | CA4488112083 | 23.8692 | 2.38692 |
| Innergex Renewable Energy Inc. | INE | 45790B104 | CA45790B1040 | 16.7718 | 1.67718 |
| Inter Pipeline Ltd. | IPL | 45833V109 | CA45833V1094 | 21.5938 | 2.14513 |
| Keyera Corp | KEY | 493271100 | CA4932711001 | 33.3811 | 3.32211 |
| Kinder Morgan Inc./DE | KMI | 49456B101 | US49456B1017 | 26.7146 | 2.67146 |
| Macquarie Infrastructure Corp | MIC | 55608B105 | US55608B1052 | 54.6337 | 5.46336 |
| NextEra Energy Inc. | NEE | 65339F101 | US65339F1012 | 298.3491 | 29.83491 |
| Northland Power Inc. | NPI | 666511100 | CA6665111002 | 26.6885 | 2.66885 |
| Northland Power Inc. | NPI/R | 666511118 | CA6665111184 | 26.7663 | 2.67663 |
| Northwest Natural Holding Co | NWN | 66765N105 | US66765N1054 | 86.2176 | 8.62175 |
| NorthWestern Corp | NWE | 668074305 | US6680743050 | 91.3321 | 9.13321 |
| Pattern Energy Group Inc. | PEGI | 70338P100 | US70338P1003 | 36.4208 | 3.64207 |
| Pembina Pipeline Corp | PPL | 706327103 | CA7063271034 | 47.3861 | 4.71861 |
| Southern Co/The | SO | 842587107 | US8425871071 | 81.4989 | 8.06769 |
| Southwest Gas Holdings Inc. | SWX | 844895102 | US8448951025 | 101.8831 | 10.11605 |
| TC Energy Corp | TRP | 87807B107 | CA87807B1076 | 67.0899 | 6.70899 |
| Tidewater Midstream and Infrastructure Ltd. | TWM | 886453109 | CA8864531097 | 1.0294 | 0.10294 |
| TransAlta Corp | TA | 89346D107 | CA89346D1078 | 8.7096 | 0.87096 |
| TransAlta Renewables Inc. | RNW | 893463109 | CA8934631091 | 14.5926 | 1.45142 |
| Union Pacific Corp | UNP | 907818108 | US9078181081 | 232.7964 | 23.27964 |
| Westshore Terminals Investment Corp | WTE | 96145A200 | CA96145A2002 | 23.1789 | 2.31789 |
| Williams Cos Inc./The | WMB | 969457100 | US9694571004 | 29.3169 | 2.93168 |
| Other Issuers | |||||
| Amazon.com Inc. | AMZN | 023135106 | US0231351067 | 2345.2412 | 234.52411 |
| Bank of Nova Scotia/The | BNS | 064149107 | CA0641491075 | 76.2849 | 7.62849 |
| Blackstone Group Inc./The | BX | 09260D107 | US09260D1072 | 68.9942 | 6.89942 |
| Brookfield Asset Management Inc. | BAM/A | 112585104 | CA1125851040 | 75.5332 | 7.55332 |
| JPMorgan Chase & Co | JPM | 46625H100 | US46625H1005 | 171.3856 | 17.13856 |
| KKR & Co Inc. | KKR | 48251W104 | US48251W1045 | 39.0520 | 3.90519 |
| Morgan Stanley | MS | 617446448 | US6174464486 | 64.7069 | 6.47068 |
| Royal Bank of Canada | RY | 780087102 | CA7800871021 | 108.2446 | 10.82446 |
| Shopify Inc. | SHOP | 82509L107 | CA82509L1076 | 404.9817 | 40.49817 |
| Toronto-Dominion Bank/The | TD | 891160509 | CA8911605092 | 76.5283 | 7.65283 |
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., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., 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.