REIT INDEXPLUS Income Fund Announces Exchange Ratios

TORONTO, April 7 /CNW/ - Middlefield Group, on behalf of REIT INDEXPLUS Income Fund ("REIT INDEXPLUS" or the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus for the Fund dated March 25, 2011.

REIT INDEXPLUS has been designed to provide investors with low-cost exposure to the real estate sector through a combination of indexing and active portfolio management. At least 50% and up to 80% of the Fund's assets will be invested in a diversified portfolio of securities which is designed to track, to the extent practicable, the S&P®/TSX™ Capped REIT Index. The remainder of the Fund's assets will be invested in an actively managed diversified portfolio of issuers operating primarily in the Canadian real estate sector, including the securities of REITs and other real estate issuers not in the Index as well as the securities of global REITs and real estate companies. Middlefield Capital Corporation will act as the investment advisor to the Fund.

The Fund's investment objectives are to:

(i) provide holders of units with stable monthly cash distributions; and

(ii) outperform the S&P®/TSX™ Capped REIT Index on a total return basis.

Based on current estimates, the initial target distribution yield for the Fund is expected to be 6.5% per annum based on the original subscription price of $12.00 per unit (or $0.065 per unit per month or $0.78 per unit per annum).

The number of Units issuable for each class of security of an Exchange Eligible Issuer (the "Exchange Ratio") was determined (i) for common shares, income trust units and preferred shares, by dividing the weighted average trading price of such security on the Toronto Stock Exchange ("TSX") (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on April 7, 2011 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $12.00, and (ii) for convertible debentures, for each $1,000 principal amount of convertible debentures, by dividing the weighted average trading price of such principal amount of convertible debentures on the TSX (or such other exchange or market on which such security is then listed) during the Pricing Period, plus accrued interest calculated in accordance with market practice, up to but not including the date of the closing of the Offering, by $12.00. 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 this Offering and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers 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 Ratios.

Name Ticker CUSIP ISIN VWAP Exchange
Ratio
Real Estate Investment Trusts          
Allied Properties Real Estate Investment Trust AP-U 019456102 CA0194561027 22.1892 1.84910
Artis Real Estate Investment Trust AX-U 04315L105 CA04315L1058 13.9617 1.16347
Boardwalk Real Estate Investment Trust BEI-U 096631106 CA0966311064 47.5126 3.95938
Brookfield Office Properties Canada BOX-U 112823109 CA1128231091 22.0218 1.83515
Calloway Real Estate Investment Trust CWT-U 131253205 CA1312532056 25.2252 2.10210
Canadian Apartment Properties REIT CAR-U 134921105 CA1349211054 18.9596 1.57996
Canadian Real Estate Investment Trust REF-U 13650J104 CA13650J1049 33.7228 2.81023
Chartwell Seniors Housing REIT CSH-U 16140U100 CA16140U1003 8.7653 0.73044
Cominar Real Estate Investment Trust CUF-U 199910100 CA1999101001 22.5174 1.87645
Crombie Real Estate Investment Trust CRR-U 227107109 CA2271071094 12.7960 1.06633
Dundee Real Estate Investment Trust D-U 265270207 CA2652702077 32.2156 2.68463
Extendicare Real Estate Investment Trust EXE-U 302251103 CA3022511032 12.8307 1.06922
H&R Real Estate Investment Trust HR-U 404428203 CA4044282032 21.3837 1.77537
Homburg Canada Real Estate Investment Trust HCR-U 436870109 CA4368701096 12.3660 1.03050
InnVest Real Estate Investment Trust INN-U 45778F101 CA45778F1018 6.9697 0.58080
Morguard Real Estate Investment Trust MRT-U 617914106 CA6179141065 14.7302 1.22751
Northern Property Real Estate Investment Trust NPR-U 66562P105 CA66562P1053 29.6221 2.46850
NorthWest Healthcare Properties REIT NWH-U 667495105 CA6674951059 11.8701 0.98917
Partners Real Estate Investment Trust PAR-U 70214B100 CA70214B1004 1.7899 0.14915
Primaris Retail Real Estate Investment Trust PMZ-U 74157U109 CA74157U1093 21.0947 1.75789
Pure Industrial Real Estate Trust AAR-U 74623T108 CA74623T1084 4.3046 0.35871
Retrocom Mid-Market REIT RMM-U 761298108 CA7612981083 5.8926 0.49105
RioCan Real Estate Investment Trust REI-U 766910103 CA7669101031 24.7372 2.06143
Scott's Real Estate Investment Trust SRQ-U 810205203 CA8102052039 7.1867 0.59889
Temple Real Estate Investment Trust TR-U 880018106 CA8800181064 4.4843 0.37369
Transglobe Apartment Real Estate Investment Trust TGA-U 89367A107 CA89367A1075 11.3050 0.94208
Whiterock Real Estate Investment Trust WRK-U 965531700 CA9655317001 13.7533 1.14610
           
Equity Securities          
A&W Revenue Royalties Income Fund AW-U 000255109 CA0002551095 21.7966 1.80663
AGF Management Ltd. AGF/B 001092105 CA0010921058 19.5830 1.61025
Altus Group Limited AIF 02215R107 CA02215R1073 11.0607 0.92172
Bank of Montreal BMO 063671101 CA0636711016 63.3673 5.28060
Bank of Nova Scotia BNS 064149107 CA0641491075 59.0943 4.92452
BCE Inc. BCE 05534B760 CA05534B7604 35.4043 2.95035
Boston Pizza Royalties Income Fund BPF-U 101084101 CA1010841015 14.2794 1.18995
Brookfield Asset Management Inc. BAM/A 112585104 CA1125851040 31.3822 2.61518
Brookfield Properties Corp BPO 112900105 CA1129001055 17.5803 1.46502
Brookfield Real Estate Services Inc. BRE 11283T101 CA11283T1012 15.4190 1.28491
Brookfield Renewable Power Fund BRC-U 112834130 CA1128341304 22.7641 1.89700
Canadian Imperial Bank of Commerce CM 136069101 CA1360691010 84.6605 7.05504
Canadian Tire Corporation, Limited CTC/A 136681202 CA1366812024 63.6668 5.30556
Canadian Western Bank CWB 13677F101 CA13677F1018 30.4212 2.53510
CI Financial Corp. CIX 125491100 CA1254911003 22.9688 1.91406
Davis & Henderson Income Corporation DH 239057102 CA2390571024 20.3564 1.69636
DirectCash Payments Inc. DCI 25456A103 CA25456A1030 22.9741 1.91450
Firm Capital Mortgage Investment Corporation FC 318323102 CA3183231024 12.5100 1.04250
First Capital Realty Inc. FCR 31943B100 CA31943B1004 16.1882 1.34901
First National Financial Corporation FN 33564P103 CA33564P1036 18.2755 1.52295
Great-West Lifeco Inc. GWO 39138C106 CA39138C1068 26.8388 2.23656
IGM Financial Inc. IGM 449586106 CA4495861060 48.7918 4.06598
Intact Financial Corp. IFC 45823T106 CA45823T1066 50.0141 4.16784
iShares S&P/TSX Capped REIT Index Fund XRE 46431D103 CA46431D1033 14.9034 1.24195
Keg Royalties Income Fund KEG-U 487522104 CA4875221042 13.2579 1.10482
Killam Properties Inc. KMP 494104870 CA4941048700 10.4803 0.87335
Laurentian Bank of Canada LB 51925D106 CA51925D1069 50.2947 4.19122
Leisureworld Senior Care Corporation LW 52542T102 CA52542T1021 10.6224 0.88520
Liquor Stores N.A. Ltd. LIQ 536347107 CA5363471072 15.4175 1.28479
Loblaw Companies Ltd. L 539481101 CA5394811015 38.2834 3.19028
Manitoba Telecom Services Inc. MBT 563486109 CA5634861093 30.2716 2.52263
Manulife Financial Corporation MFC 56501R106 CA56501R1064 17.1707 1.43089
Metro Inc. MRU/A 59162N109 CA59162N1096 45.8705 3.82254
National Bank of Canada NA 633067103 CA6330671034 79.0104 6.58420
North West Co Inc. NWF 663278109 CA6632781093 21.4485 1.78737
Pizza Pizza Royalty Income Fund PZA-U 725852107 CA7258521078 8.9757 0.74797
Power Financial Corporation PWF 73927C100 CA73927C1005 31.2899 2.60749
Reitmans (Canada) Ltd. RET/A 759404205 CA7594042052 17.6250 1.45208
Royal Bank of Canada RY 780087102 CA7800871021 60.3298 5.02748
Royal Host Inc. RYL 78029T109 CA78029T1093 1.6940 0.14116
Shoppers Drug Mart Corporation SC 82509W103 CA82509W1032 40.5513 3.37927
SIR Royalty Income Fund SRV-U 829636109 CA8296361097 11.0144 0.91786
Sun Life Financial Inc. SLF 866796105 CA8667961053 30.5425 2.54520
Tim Hortons Inc. THI 88706M103 CA88706M1032 44.3873 3.69894
TMX Group Inc. X 87261X108 CA87261X1087 38.8839 3.24032
Toronto-Dominion Bank TD 891160509 CA8911605092 85.5311 7.12759
TransForce Inc. TFI 89366H103 CA89366H1038 13.6942 1.14118
Tricon Capital Group Inc. TCN 89612W102 CA89612W1023 5.4009 0.45007
Trimac Transportation Ltd. TMA 896209103 CA8962091036 5.0214 0.41845
Weston (George) Ltd. WN 961148509 CA9611485090 66.5066 5.54221
Westshore Terminals Investment Corporation WTE-U 96145A101 CA96145A1012 25.0173 2.08477
           
Convertible Debentures          
Altus Group Limited AIF.DB 02215RAA5 CA02215RAA55 99.3812 84.26171
Artis Real Estate Investment Trust AX.DB.E 04315LAD7 CA04315LAD79 150.4156 127.22992
Artis Real Estate Investment Trust AX.DB.F 04315LAE5 CA04315LAE52 103.0093 87.34790
Calloway Real Estate Investment Trust CWT.DB.A 131253AD8 CA131253AD87 105.7738 89.81492
Cominar Real Estate Investment Trust CUF.DB 199910AA8 CA199910AA82 129.2164 109.26249
Cominar Real Estate Investment Trust CUF.DB.B 199910AB6 CA199910AB65 103.0851 87.33576
Cominar Real Estate Investment Trust CUF.DB.C 199910AD2 CA199910AD22 104.1297 87.03959
Cominar Real Estate Investment Trust CUF.DB.D 199910AF7 CA199910AF79 112.5206 94.06396
Cominar Real Estate Investment Trust CUF.DB.E 199910AG5 CA199910AG52 104.0521 88.15413
Crombie Real Estate Investment Trust CRR.DB.B 227107AB5 CA227107AB59 115.8122 98.07981
Crombie Real Estate Investment Trust CRR.DB.C 227107AC3 CA227107AC33 103.2922 87.52089
Chartwell Seniors Housing REIT CSH.DB.A 16140UAB6 CA16140UAB67 101.1092 86.54758
Dundee Real Estate Investment Trust D.DB.B 265270AD0 CA265270AD09 103.9053 88.09462
Extendicare Real Estate Investment Trust EXE.DB 302251AA1 CA302251AA14 103.8529 87.97562
Extendicare Real Estate Investment Trust EXE.DB.A 302251AB9 CA302251AB96 113.9562 96.78429
Firm Capital Mortgage Investment Corporation FC.DB 318323AA0 CA318323AA06 106.4594 90.22298
Firm Capital Mortgage Investment Corporation FC.DB.A 318323AB8 CA318323AB88 101.0003 86.64810
First Capital Realty Inc. FCR.DB.C 31943BAW0 CA31943BAW06 115.2491 96.32628
First Capital Realty Inc. FCR.DB.D 31943BAY6 CA31943BAY61 102.3217 85.52832
Holloway Lodging Real Estate Investment Trust HLR.DB 435702AA3 CA435702AA33 96.6000 81.92465
Holloway Lodging Real Estate Investment Trust HLR.DB.A 435702AC9 CA435702AC98 63.4067 54.47133
Huntingdon Real Estate Investment Trust HNT.DB.C 446027AC8 CA446027AC85 100.7889 84.33321
H&R Real Estate Investment Trust HR.DB 403925AA8 CA403925AA81 105.9889 89.99413
H&R Real Estate Investment Trust HR.DB.B 403925AB6 CA403925AB64 153.6372 129.72622
H&R Real Estate Investment Trust HR.DB.C 403925AC4 CA403925AC48 115.8626 98.07268
H&R Real Estate Investment Trust HR.DB.D 403925AF7 CA403925AF78 104.4779 88.54666
InnVest Real Estate Investment Trust INN.DB.B 45771TAD0 CA45771TAD06 101.5972 86.59586
InnVest Real Estate Investment Trust INN.DB.C 45771TAE8 CA45771TAE88 101.3821 85.52684
InnVest Real Estate Investment Trust INN.DB.D 45771TAF5 CA45771TAF53 122.3132 102.23585
InnVest Real Estate Investment Trust INN.DB.E 45771TAG3 CA45771TAG37 102.5091 85.69824
Killam Properties Inc. KMP.DB.A 494104AC6 CA494104AC65 103.2914 87.89497
Lanesborough Real Estate Investment Trust LRT.DB.G 515555AF7 CA515555AF76 84.4932 72.29457
Morguard Real Estate Investment Trust MRT.DB 617914AL0 CA617914AL03 107.2438 89.66579
Primaris Retail Real Estate Investment Trust PMZ.DB.A 74157UAC3 CA74157UAC32 104.9375 88.48969
Primaris Retail Real Estate Investment Trust PMZ.DB.B 74157UAE9 CA74157UAE97 126.1544 105.41552
Retrocom Mid-Market REIT RMM.DB.A 761298AC2 CA761298AC22 116.1817 98.03555
Royal Host Inc. RYL.DB.C 78029TAA7 CA78029TAA75 92.9192 77.71807
Scott's Real Estate Investment Trust SRQ.DB.A 810205AB0 CA810205AB04 102.5339 87.40738
Temple Real Estate Investment Trust TR.DB.S 880018AC0 CA880018AC03 121.0167 103.68286
Whiterock Real Estate Investment Trust WRK.DB.E 965531AE6 CA965531AE65 101.5009 86.16628
Whiterock Real Estate Investment Trust WRK.DB.G 965531AH9 CA965531AH96 156.7700 132.42406
           
Preferred Shares          
Bank of Montreal BMO.PR.J 063671812 CA0636718128 24.1927 2.01605
Bank of Montreal BMO.PR.M 063671788 CA0636717880 26.3549 2.19624
Bank of Montreal BMO.PR.O 063671762 CA0636717625 27.8889 2.32407
Bank of Montreal BMO.PR.P 063671747 CA0636717476 26.8247 2.23538
Bank of Nova Scotia BNS.PR.L 064149784 CA0641497841 23.9292 1.99409
Bank of Nova Scotia BNS.PR.M 064149776 CA0641497767 23.9306 1.99422
Bank of Nova Scotia BNS.PR.N 064149768 CA0641497684 25.3168 2.10973
Bank of Nova Scotia BNS.PR.P 064149743 CA0641497437 26.0034 2.16695
Bank of Nova Scotia BNS.PR.Q 064149727 CA0641497270 25.9939 2.16615
Bank of Nova Scotia BNS.PR.R 064149693 CA0641496934 26.2068 2.18390
Bank of Nova Scotia BNS.PR.T 064149677 CA0641496777 27.1899 2.26582
Bank of Nova Scotia BNS.PR.X 064149651 CA0641496512 27.1554 2.26294
Bank of Nova Scotia BNS.PR.Y 064149636 CA0641496363 24.8937 2.07447
BCE Inc. BCE.PR.Y 05534B851 CA05534B8511 23.4893 1.95744
Brookfield Asset Management Inc. BAM.PR.P 112585120 CA1125851206 27.5361 2.29467
Brookfield Asset Management Inc. BAM.PR.R 112585740 CA1125857401 25.8806 2.15671
Brookfield Asset Management Inc. BAM.PR.T 112585724 CA1125857245 25.0413 2.08677
Brookfield Properties Corporation BPO.PR.N 112900832 CA1129008324 25.8454 2.15378
Brookfield Properties Corporation BPO.PR.P 112900816 CA1129008167 24.9442 2.07868
Canadian Imperial Bank of Commerce CM.PR.E 136069598 CA1360695987 25.2597 2.10497
Canadian Imperial Bank of Commerce CM.PR.G 136069564 CA1360695649 25.3639 2.11366
Canadian Imperial Bank of Commerce CM.PR.H 136069556 CA1360695565 24.4169 2.03474
Canadian Imperial Bank of Commerce CM.PR.I 136069549 CA1360695490 24.0957 2.00797
Canadian Imperial Bank of Commerce CM.PR.J 136069531 CA1360695318 23.8031 1.98359
Canadian Imperial Bank of Commerce CM.PR.K 136069499 CA1360694998 26.5197 2.20997
Canadian Imperial Bank of Commerce CM.PR.L 136069481 CA1360694816 27.4787 2.28988
Canadian Imperial Bank of Commerce CM.PR.P 136069721 CA1360697215 25.3900 2.11583
Canadian Utilities Ltd. CU.PR.B 136717717 CA1367177179 25.3607 2.11339
CPI Preferred Equity Ltd. CZP.PR.A 12621D105 CA12621D1050 18.5505 1.54587
Fairfax Financial Holdings Limited FFH.PR.G 303901862 CA3039018625 25.2234 2.10195
Fairfax Financial Holdings Limited FFH.PR.I 303901847 CA3039018476 24.8243 2.06868
Great-West Lifeco Inc. GWO.PR.J 39138C858 CA39138C8584 26.9366 2.24471
HSBC Bank Canada HSB.PR.C 40427H509 CA40427H5096 24.4050 2.03375
HSBC Bank Canada HSB.PR.D 40427H707 CA40427H7076 24.2862 2.02384
HSBC Bank Canada HSB.PR.E 40427H806 CA40427H8066 27.4438 2.28698
Industrial Alliance Insurance & Financial Svcs Inc. IAG.PR.A 455871301 CA4558713018 21.9127 1.82606
Industrial Alliance Insurance & Financial Svcs Inc. IAG.PR.C 455870402 CA4558704025 27.0954 2.25795
Industrial Alliance Insurance & Financial Svcs Inc. IAG.PR.F 455871509 CA4558715096 25.5387 2.12822
Manulife Financial Corporation MFC.PR.A 56501R304 CA56501R3045 25.7316 2.14429
Manulife Financial Corporation MFC.PR.C 56501R502 CA56501R5024 21.3758 1.78132
Manulife Financial Corporation MFC.PR.D 56501R809 CA56501R8093 27.5054 2.29211
Manulife Financial Corporation MFC.PR.E 56501R874 CA56501R8747 26.6338 2.21947
Power Financial Corporation PWF.PR.M 73927C811 CA73927C8117 27.0634 2.22403
Power Financial Corporation PWF.PR.O 73927C787 CA73927C7879 25.3254 2.08023
Power Financial Corporation PWF.PR.P 73927C779 CA73927C7796 25.4841 2.10076
RioCan Real Estate Investment Trust REI.PR.A 766910301 CA7669103011 25.8446 2.15371
Royal Bank of Canada RY.PR.A 780085445 CA7800854456 23.9627 1.99689
Royal Bank of Canada RY.PR.C 780102604 CA7801026047 24.1268 2.01056
Royal Bank of Canada RY.PR.D 780102844 CA7801028449 23.9599 1.99665
Royal Bank of Canada RY.PR.I 78010A416 CA78010A4164 26.2374 2.18644
Royal Bank of Canada RY.PR.L 78010A333 CA78010A3331 26.9405 2.24504
Royal Bank of Canada RY.PR.P 780086500 CA7800865007 27.3234 2.27694
Royal Bank of Canada RY.PR.R 780086708 CA7800867086 27.2477 2.27063
Royal Bank of Canada RY.PR.T 780086872 CA7800868720 27.5825 2.29854
Royal Bank of Canada RY.PR.X 780086856 CA7800868563 27.5786 2.29821
Royal Bank of Canada RY.PR.Y 780086815 CA7800868159 27.4824 2.29019
Sun Life Financial Inc. SLF.PR.A 866796204 CA8667962044 22.8136 1.90113
Sun Life Financial Inc. SLF.PR.D 866796501 CA8667965013 21.4643 1.78868
Sun Life Financial Inc. SLF.PR.E 866796600 CA8667966003 21.6362 1.80301
Sun Life Financial Inc. SLF.PR.F 866796709 CA8667967092 26.9957 2.24963
Toronto-Dominion Bank TD.PR.A 891145807 CA8911458070 26.2865 2.16449
Toronto-Dominion Bank TD.PR.E 891145831 CA8911458310 27.4260 2.25294
Toronto-Dominion Bank TD.PR.G 891145799 CA8911457999 27.2813 2.24089
Toronto-Dominion Bank TD.PR.I 891145773 CA8911457734 27.4670 2.25636
Toronto-Dominion Bank TD.PR.K 891145740 CA8911457403 27.5249 2.26119
Toronto-Dominion Bank TD.PR.M 891160715 CA8911607155 25.8122 2.12653
Toronto-Dominion Bank TD.PR.O 891160681 CA8911606819 24.9064 2.05027

The syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes Scotia Capital Inc., TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd., Mackie Research Capital Corporation and Wellington West Capital Markets Inc.

Standard & Poor's ("S&P") and the TSX have not sponsored, endorsed, sold or promoted the units or the Fund and neither S&P nor the TSX make any representation regarding the advisability of investing in units of the Fund. S&P has no relationship to the Fund, but the manager of the Fund (or an affiliate thereof) intends prior to closing of this offering to enter into an agreement with S&P relating to the licensing by the Fund of certain trademarks and trade names of S&P and the TSX.

This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. 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.  Investors should read the prospectus before making an investment decision.

 

 

SOURCE REIT INDEXPLUS Income Fund

For further information:

please visit our website at www.middlefield.com or contact Nancy Tham, Managing Director, Sales and Marketing, at 416.847.5349 or at 1.888.890.1868.


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