Real Estate Split Corp. Announces Overnight Offering
21 Juni 2023 - 9:20PM
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, June 22, 2023. The offering
is expected to close on or about June 29, 2023 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
$14.25 per Class A Share to yield 10.9% and the Preferred Shares
will be offered at a price of $9.35 per Preferred Share to yield
8.1% to maturity of December 31, 2025. The closing price on the TSX
for each of the Class A Shares and Preferred Shares on June 20,
2023 was $14.57 and $9.41, 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 June 20, 2023), 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 is
being co-led by CIBC Capital Markets, RBC Capital Markets and
Scotiabank.
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 and territories 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 and
territories of Canada.
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