CALGARY, March 4, 2014 /CNW/ - Middlefield Group is pleased to announce
the successful completion, effective today, of the previously announced
merger of Middlefield Income Plus II Corp. ("MIP II") and Middlefield
Income Plus Class (the "Mutual Fund"), with the Mutual Fund being the
Pursuant to the merger, each Equity Share of MIP II will automatically
be exchanged for 0.70239004 series A shares of the Mutual Fund. This
exchange ratio is based on the relative net asset values, on an
unrounded basis, of MIP II and the Mutual Fund as at the close of
trading on the Toronto Stock Exchange (the "TSX") on March 3, 2014,
which were approximately $11.78 per Equity Share and $16.77 per series
A share, respectively. Approximately 2,750,264 new series A shares of
the Mutual Fund will be issued in connection with the merger. The
Equity Shares of MIP II will no longer trade on the TSX.
Shareholders of MIP II are not required to take any action in order to
be recognized as shareholders of the Mutual Fund.
Following the merger, the Mutual Fund will offer daily redemptions at
net asset value and investors can also switch "tax-free" into any of the other eight Middlefield Mutual Fund Classes.
The objectives of the Mutual Fund are to:
Provide a stable level of income while emphasizing capital preservation;
Invest in a diversified portfolio of fixed income and equity securities.
Mutual Fund Annualized Compound Returns (as at December 31, 2013)
Award Winning Mutual Fund:
The Mutual Fund consists primarily of North American dividend paying and
fixed income securities and has achieved a 9.9% annualized compound
return since inception on September 21, 2000. The Mutual Fund has never
missed a monthly dividend and has consistently paid $0.07 per share per
month since 2003.
At the 2013 Lipper Awards, the Mutual Fund was named the #1 Neutral
Balanced Mutual Fund over 10 years and in 2012, the Mutual Fund was
named the #1 Neutral Balanced Mutual Fund over 3 and 10 years.
Certain statements in this press release may be viewed as
forward-looking statements. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
intentions, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "plans", "estimates" or
"intends" (or negative or grammatical variations thereof), or stating
that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements. Forward-looking
statements are subject to a variety of risks and uncertainties which
could cause actual events or results to differ from those reflected in
the forward-looking statements including as a result of changes in the
general economic and political environment, changes in applicable
legislation, and the performance of the Mutual Fund after completion of
the merger. Actual events or results may differ materially from such
forward-looking statements as a result of risks facing the Mutual Fund,
most of which are beyond the control of the Mutual Fund. There are no
assurances that the Mutual Fund can fulfill such forward-looking
statements and the Mutual Fund does not undertake any obligation to
update such statements.
SOURCE: Middlefield Income Plus II Corp.
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.