Real Estate Split Corp. Completes Overnight Offering of Over $15 Million
12 Mai 2022 - 3:10PM
Middlefield Group, on behalf of Real Estate Split Corp. (TSX: RS
and RS.PR.A) (the “Company”), is pleased to announce the Company
has completed the overnight offering of class A and preferred
shares (the “Class A Shares” and “Preferred Shares”, respectively)
for aggregate gross proceeds of approximately $15.2 million. The
Class A Shares and Preferred Shares will trade on the Toronto Stock
Exchange under the existing symbols RS (Class A Shares) and RS.PR.A
(Preferred Shares).
The Class A Shares were offered at a price of
$18.00 per Class A Share to yield approximately 8.7% per annum and
the Preferred Shares were offered at a price of $10.10 per
Preferred Share to yield approximately 5.2% per annum. The Class A
Share and Preferred Share offering prices were determined so as to
be non-dilutive to the net asset value per unit of the Company on
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:
(i) provide holders
with 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.
Commissions, trailing commissions,
management fees and expenses all may be associated with mutual fund
investments. This offering was made by a prospectus supplement
dated May 5, 2022 to the Company’s short form base shelf prospectus
dated April 12, 2021 (the “Prospectus”). The Prospectus contains
important detailed information about the Class A Shares and
Preferred Shares 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. Mutual funds are
not guaranteed, their values change frequently, and past
performance may not be repeated. Please read the Company’s publicly
filed documents which are available at
www.sedar.com.
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