CALGARY, Alberta, March 11, 2020 (GLOBE NEWSWIRE) — Middlefield Group, on behalf of Sustainable Infrastructure Dividend 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 February 14, 2020.
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 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. In addition, the portfolio will be focused on sustainable infrastructure by investing in securities of issuers whose infrastructure 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 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 March 11, 2020 (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 |
| Power & Renewables Issuers | |||||
| American Electric Power Co Inc | AEP | 025537101 | US0255371017 | 130.9856 | 13.09855 |
| Atco Ltd/Canada | ACO/X | 046789400 | CA0467894006 | 48.5597 | 4.85597 |
| Atlantica Yield plc | AY | n/a | GB00BLP5YB54 | 37.1057 | 3.65421 |
| Boralex Inc | BLX | 09950M300 | CA09950M3003 | 28.9625 | 2.89625 |
| Brookfield Infrastructure Partners LP | BIP | n/a | BMG162521014 | 65.4087 | 6.54087 |
| Brookfield Renewable Partners LP | BEP-U | n/a | BMG162581083 | 67.1728 | 6.71728 |
| Canadian Utilities Ltd | CU | 136717832 | CA1367178326 | 39.0035 | 3.90035 |
| Capital Power Corp | CPX | 14042M102 | CA14042M1023 | 33.7883 | 3.37883 |
| Consolidated Edison Inc | ED | 209115104 | US2091151041 | 120.1903 | 12.01902 |
| Dominion Energy Inc | D | 25746U109 | US25746U1097 | 114.1667 | 11.41666 |
| DTE Energy Co | DTE | 233331107 | US2333311072 | 148.7390 | 14.73473 |
| Duke Energy Corp | DUK | 26441C204 | US26441C2044 | 131.0358 | 13.10357 |
| Eaton Corp PLC | ETN | n/a | IE00B8KQN827 | 121.6393 | 12.06358 |
| Edison International | EIX | 281020107 | US2810201077 | 88.1450 | 8.81450 |
| Emera Inc | EMA | 290876101 | CA2908761018 | 57.2420 | 5.72420 |
| Eversource Energy | ES | 30040W108 | US30040W1080 | 127.0096 | 12.70095 |
| Exelon Corp | EXC | 30161N101 | US30161N1019 | 42.9883 | 4.29883 |
| FirstEnergy Corp | FE | 337932107 | US3379321074 | 60.9574 | 6.09574 |
| Fortis Inc/Canada | FTS | 349553107 | CA3495531079 | 56.1418 | 5.61418 |
| Hydro One Ltd | H | 448811208 | CA4488112083 | 27.0699 | 2.70699 |
| Innergex Renewable Energy Inc | INE | 45790B104 | CA45790B1040 | 19.2841 | 1.92841 |
| Keyera Corp | KEY | 493271100 | CA4932711001 | 22.8824 | 2.28824 |
| Kinder Morgan Inc/DE | KMI | 49456B101 | US49456B1017 | 23.2410 | 2.32410 |
| NextEra Energy Inc | NEE | 65339F101 | US65339F1012 | 355.3236 | 35.53236 |
| Northland Power Inc | NPI | 666511100 | CA6665111002 | 30.2199 | 3.02199 |
| nVent Electric PLC | NVT | n/a | IE00BDVJJQ56 | 28.4546 | 2.84546 |
| ONEOK Inc | OKE | 682680103 | US6826801036 | 58.0082 | 5.80081 |
| Pattern Energy Group Inc | PEGI | 70338P100 | US70338P1003 | 36.3742 | 3.63742 |
| Pembina Pipeline Corp | PPL | 706327103 | CA7063271034 | 34.9416 | 3.49416 |
| Pinnacle Renewable Energy Inc | PL | 72349J107 | CA72349J1075 | 7.9288 | 0.77788 |
| Polaris Infrastructure Inc | PIF | 73106R100 | CA73106R1001 | 13.8723 | 1.38723 |
| Public Service Enterprise Group Inc | PEG | 744573106 | US7445731067 | 71.2945 | 7.12944 |
| Roper Technologies Inc | ROP | 776696106 | US7766961061 | 458.3487 | 45.83487 |
| Sempra Energy | SRE | 816851109 | US8168511090 | 180.8626 | 17.94262 |
| Southern Co/The | SO | 842587107 | US8425871071 | 86.8219 | 8.68219 |
| TC Energy Corp | TRP | 87807B107 | CA87807B1076 | 66.3904 | 6.63904 |
| Tesla Inc | TSLA | 88160R101 | US88160R1014 | 905.7581 | 90.57581 |
| TransAlta Corp | TA | 89346D107 | CA89346D1078 | 8.6226 | 0.86226 |
| TransAlta Renewables Inc | RNW | 893463109 | CA8934631091 | 15.3758 | 1.52974 |
| WEC Energy Group Inc | WEC | 92939U106 | US92939U1060 | 139.6961 | 13.96960 |
| Williams Cos Inc/The | WMB | 969457100 | US9694571004 | 22.3235 | 2.17737 |
| Xcel Energy Inc | XEL | 98389B100 | US98389B1008 | 68.2046 | 6.77746 |
| Water Utilities & Waste Treatment Issuers | |||||
| Algonquin Power & Utilities Corp | AQN | 015857105 | CA0158571053 | 20.4444 | 2.04444 |
| American States Water Co | AWR | 029899101 | US0298991011 | 114.6751 | 11.46750 |
| American Water Works Co Inc | AWK | 030420103 | US0304201033 | 186.8986 | 18.68985 |
| AquaVenture Holdings Ltd | WAAS | n/a | VGG0443N1078 | 36.9756 | 3.69755 |
| California Water Service Group | CWT | 130788102 | US1307881029 | 71.4960 | 7.14959 |
| Danaher Corp | DHR | 235851102 | US2358511028 | 197.3140 | 19.73140 |
| Ecolab Inc | ECL | 278865100 | US2788651006 | 260.4632 | 25.98171 |
| Essential Utilities Inc | WTRG | 29670G102 | US29670G1022 | 59.8112 | 5.98112 |
| Evoqua Water Technologies Corp | AQUA | 30057T105 | US30057T1051 | 25.4808 | 2.54807 |
| IDEX Corp | IEX | 45167R104 | US45167R1041 | 193.9564 | 19.39563 |
| Mueller Water Products Inc | MWA | 624758108 | US6247581084 | 14.4691 | 1.44690 |
| Pentair PLC | PNR | n/a | IE00BLS09M33 | 51.2966 | 5.12966 |
| Primo Water Corp (formerly Cott Corp) | PRMW | 74167P108 | CA74167P1080 | 19.7063 | 1.97063 |
| SJW Group | SJW | 784305104 | US7843051043 | 89.7066 | 8.97066 |
| Waste Connections Inc | WCN | 94106B101 | CA94106B1013 | 133.0864 | 13.30864 |
| Watts Water Technologies Inc | WTS | 942749102 | US9427491025 | 129.2298 | 12.92298 |
| Xylem Inc/NY | XYL | 98419M100 | US98419M1009 | 105.8034 | 10.58033 |
| Data Networks & Communications Issuers | |||||
| Alphabet Inc | GOOGL | 02079K305 | US02079K3059 | 1729.9398 | 172.99397 |
| Amazon.com Inc | AMZN | 023135106 | US0231351067 | 2557.8668 | 255.78668 |
| American Tower Corp | AMT | 03027X100 | US03027X1000 | 327.1223 | 32.71223 |
| Apple Inc | AAPL | 037833100 | US0378331005 | 385.2023 | 38.52022 |
| AT&T Inc | T | 00206R102 | US00206R1023 | 49.1125 | 4.91125 |
| BCE Inc | BCE | 05534B760 | CA05534B7604 | 60.0644 | 5.92319 |
| CenturyLink Inc | CTL | 156700106 | US1567001060 | 15.2634 | 1.52634 |
| Cisco Systems Inc | CSCO | 17275R102 | US17275R1023 | 53.0487 | 5.30486 |
| CoreSite Realty Corp | COR | 21870Q105 | US21870Q1058 | 147.4792 | 14.74791 |
| Crown Castle International Corp | CCI | 22822V101 | US22822V1017 | 214.3705 | 21.27210 |
| CyrusOne Inc | CONE | 23283R100 | US23283R1005 | 80.1050 | 8.01050 |
| Digital Realty Trust Inc | DLR | 253868103 | US2538681030 | 183.6076 | 18.20681 |
| Equinix Inc | EQIX | 29444U700 | US29444U7000 | 821.1465 | 82.11465 |
| Iron Mountain Inc | IRM | 46284V101 | US46284V1017 | 41.8374 | 4.09873 |
| Keysight Technologies Inc | KEYS | 49338L103 | US49338L1035 | 128.1545 | 12.81545 |
| Microsoft Corp | MSFT | 594918104 | US5949181045 | 217.3064 | 21.73063 |
| Motorola Solutions Inc | MSI | 620076307 | US6200763075 | 233.9637 | 23.30839 |
| Netflix Inc | NFLX | 64110L106 | US64110L1061 | 497.1180 | 49.71180 |
| QTS Realty Trust Inc | QTS | 74736A103 | US74736A1034 | 76.4141 | 7.57680 |
| Quebecor Inc | QBR/B | 748193208 | CA7481932084 | 31.3927 | 3.13927 |
| Rogers Communications Inc | RCI/B | 775109200 | CA7751092007 | 61.7332 | 6.17332 |
| SBA Communications Corp | SBAC | 78410G104 | US78410G1040 | 385.9876 | 38.59876 |
| Shaw Communications Inc | SJR/B | 82028K200 | CA82028K2002 | 22.6530 | 2.25542 |
| Shopify Inc | SHOP | 82509L107 | CA82509L1076 | 607.0031 | 60.70031 |
| Sprint Corp | S | 85207U105 | US85207U1051 | 11.9008 | 1.19008 |
| TELUS Corp | T | 87971M103 | CA87971M1032 | 48.9445 | 4.89445 |
| T-Mobile US Inc | TMUS | 872590104 | US8725901040 | 117.1327 | 11.71326 |
| Verizon Communications Inc | VZ | 92343V104 | US92343V1044 | 76.7656 | 7.67655 |
| Other Issuers | |||||
| Bank of Montreal | BMO | 063671101 | CA0636711016 | 78.3205 | 7.83205 |
| Canadian Pacific Railway Ltd | CP | 13645T100 | CA13645T1003 | 301.2139 | 30.12139 |
| Dream Industrial Real Estate Investment Trust | DIR-U | 26153W109 | CA26153W1095 | 12.2125 | 1.22125 |
| Enbridge Inc | ENB | 29250N105 | CA29250N1050 | 45.5473 | 4.55473 |
| Firm Capital Property Trust | FCD-U | 318326105 | CA3183261054 | 6.3117 | 0.63117 |
| Granite Real Estate Investment Trust | GRT-U | 387437114 | CA3874371147 | 67.4941 | 6.74941 |
| H&R Real Estate Investment Trust | HR-U | 403925407 | CA4039254079 | 18.7926 | 1.86776 |
| Manulife Financial Corp | MFC | 56501R106 | CA56501R1064 | 20.6666 | 2.06666 |
| National Bank of Canada | NA | 633067103 | CA6330671034 | 58.4781 | 5.84781 |
| PRO Real Estate Investment Trust | PRV-U | 742694300 | CA7426943006 | 6.7613 | 0.67613 |
| Royal Bank of Canada | RY | 780087102 | CA7800871021 | 92.7571 | 9.27571 |
| Summit Industrial Income REIT | SMU-U | 866120116 | CA8661201167 | 12.8353 | 1.28353 |
| Toronto-Dominion Bank/The | TD | 891160509 | CA8911605092 | 61.8863 | 6.18863 |
| True North Commercial Real Estate Investment Trust | TNT-U | 89784Y209 | CA89784Y2096 | 7.0050 | 0.70050 |
| Westshore Terminals Investment Corp | WTE | 96145A200 | CA96145A2002 | 13.2737 | 1.32737 |
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., Manulife Securities Incorporated, Raymond James Ltd., Stifel Nicolaus Canada Inc., 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.