CALGARY, Aug. 29, 2014 /CNW/ - Middlefield Group, on behalf of Global Healthcare Dividend Fund (the "Fund"), is pleased to announce that it has filed a preliminary prospectus in relation to an initial public offering of units at a price of $10.00 per unit.
The Fund's investment objectives are to provide holders of units with:
(i) stable monthly cash distributions; and
(ii) long-term total return through distributions and capital appreciation of the Fund's investment portfolio;
by utilizing an investment strategy which combines passive and active portfolio management and focuses on investing in dividend-paying securities of global issuers that derive a significant portion of their revenue or earnings from products or services related to healthcare.
The initial target distribution yield for the Fund is 5.0% per annum based on the original subscription price (or $0.04167 per unit per month or $0.50 per unit per annum).
Middlefield Capital Corporation, the advisor, will provide investment management advice to the Fund. Sector & Sovereign Research, LLC, an investment research boutique based in Stamford, Connecticut, will act as an industry advisor to the advisor and in such capacity will provide the advisor with ongoing analysis regarding the global healthcare sector.
Middlefield Limited, the manager, intends that on or about November 15, 2016, the Fund will, subject to applicable law, merge on a tax-deferred basis into an open-end mutual fund managed by the manager or an affiliate which the manager determines has substantially similar investment objectives and which invests in the securities of issuers operating in the global healthcare sector.
Prospective purchasers investing in Global Healthcare Dividend Fund will have the option of paying for units in cash or by exchanging securities of issuers listed in the preliminary prospectus. Prospective purchasers under the exchange option are required to deposit their exchange eligible securities prior to 5:00 p.m. (Toronto time) on September 18, 2014 in the manner described in the preliminary prospectus.
The syndicate of agents is being co-led by CIBC, RBC Capital Markets and Scotiabank and includes BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated.
A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in all jurisdictions of Canada. The preliminary prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the agents named above using the contact information for such agent. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
SOURCE: Global Healthcare Dividend 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 1.888.890.1868.