Real Estate Split Corp. Announces Successful Overnight Offering
05 Mai 2022 - 3:39PM
Middlefield Group, on behalf of Real Estate Split Corp. (TSX: RS
and RS.PR.A) (the “Company”), is pleased to announce a successful
overnight treasury offering of class A and preferred shares (the
“Class A Shares” and “Preferred Shares”, respectively). Gross
proceeds of the offering are expected to be approximately
$15.2 million.
The offering is expected to close on or about
Thursday, May 12, 2022 and is subject to certain closing conditions
including approval by the Toronto Stock Exchange.
The Class A Shares were offered at a price of
$18.00 per Class A Share to yield 8.7% and the Preferred Shares
were offered at a price of $10.10 per Preferred Share to yield
5.2%. 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 was
co-led by CIBC Capital Markets and RBC Capital Markets, and
included Hampton Securities Limited, National Bank Financial Inc.,
Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., Raymond
James Ltd., TD Securities Inc., iA Private Wealth Inc., Richardson
Wealth Limited, Manulife Securities Inc., Desjardins Securities
Inc., Middlefield Capital Corporation and Research Capital
Corporation.
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.
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