Real Estate Split Corp. Announces Overnight Offering
04 Mai 2022 - 9:18PM
Middlefield Group, on behalf of Real Estate Split Corp. (TSX: RS
and RS.PR.A) (the “Company”), is pleased to announce that the
Company is undertaking an overnight treasury offering of class A
and preferred shares (the “Class A Shares” and “Preferred Shares”,
respectively).
The sales period for this overnight offering
will end at 9:00 a.m. (ET) on Thursday, May 5, 2022. The offering
is expected to close on or about May 12, 2022 and is subject to
certain closing conditions including approval by the Toronto Stock
Exchange (“TSX”).
The Class A Shares will be offered at a price of
$18.00 per Class A Share to yield 8.7% and the Preferred Shares
will be offered at a price of $10.10 per Preferred Share to yield
5.2%. The closing price on the TSX for each of the Class A Shares
and Preferred Shares on May 3, 2022 was $18.40 and $10.29,
respectively. The Class A Share and Preferred Share offering prices
were determined so as to be non-dilutive to the most recently
calculated net asset value per unit of the Company (calculated as
at May 3, 2022), as adjusted for dividends and certain expenses to
be accrued prior to or upon settlement of the offering.
The Company has been designed to provide
investors with a diversified, actively managed, high conviction
portfolio comprised of securities of leading North American real
estate companies.
The Company’s investment objectives for the:
Class A Shares are to provide holders with: |
(i) non-cumulative monthly cash distributions; and |
(ii) the opportunity for capital appreciation through
exposure to the portfolio |
Preferred Shares are to provide holders with: |
(i) fixed cumulative preferential quarterly cash
distributions; and |
(ii) return the original issue price of $10.00 to holders
upon maturity. |
Middlefield Capital Corporation provides
investment management advice to the Company.
The syndicate of agents for the offering is
being co-led by CIBC Capital Markets and RBC Capital Markets.
For further information, please visit our
website at www.middlefield.com or contact Nancy Tham in our Sales
and Marketing Department at 1.888.890.1868.
A short form base shelf prospectus
containing important detailed information about the securities
being offered has been filed with securities commissions or similar
authorities in each of the provinces of Canada. Copies of the short
form base shelf prospectus may be obtained from a member of the
syndicate. The Company intends to file a supplement to the short
form base shelf prospectus, and investors should read the short
form base shelf prospectus and the prospectus supplement before
making an investment decision. There will not be any sale or any
acceptance of an offer to buy the securities being offered until
the prospectus supplement has been filed with the securities
commissions or similar authorities in each of the provinces of
Canada.
Real Estate Split (TSX:RS)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Real Estate Split (TSX:RS)
Historical Stock Chart
Von Apr 2023 bis Apr 2024