CALGARY, March 20, 2014 /CNW/ - Middlefield Group, on behalf of Global Dividend Growers Income Fund (the "Fund"), is pleased to announce that it has completed an additional offering of 2,961,673 units of the Fund for gross proceeds of $34 million.
Global Dividend Growers Income Fund is designed to provide investors with a low-cost investment in global issuers that have exhibited a history of strong dividend growth.
The Fund's investment objectives are to:
(i) provide holders of units with stable monthly cash distributions and to grow distributions over time, and
(ii) enhance long-term total return through capital appreciation of the Fund's investment portfolio,
through an investment strategy which combines passive and active portfolio management and entails investing primarily in securities of global, including Canadian and U.S., issuers which have exhibited strong dividend growth.
On February 12, 2014, the Fund increased its target distribution rate by 10%, which will begin with the distribution to unitholders of record on April 30, 2014. As a result, the Fund's target distribution amount for the 12-month period ending March 31, 2015 is $0.055 per unit per month (corresponding to an annualized distribution of $0.66 per unit per annum).
Middlefield Capital Corporation acts as the investment advisor to the Fund.
Units trade under the TSX symbol "GDG.UN".
The syndicate of agents was co-led by CIBC and RBC Capital Markets and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, 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.
Certain statements in this press release may constitute forward-looking information, including statements regarding distributions. Forward-looking statements are subject to various risks and uncertainties that could cause estimates to differ materially from the expectations expressed, including the risk that the per unit distributions may decrease below the amount expected, which could occur for various reasons beyond the control of the Fund such as a decrease in the distributions paid by the issuers of securities included in the Fund's portfolio or a change in general economic conditions. The forward-looking information contained in this press release constitutes the Fund's current estimate, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents the Fund's estimate as of any date other than the date of this press release. Unless required by applicable securities law, the Fund does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE: Global Dividend Growers 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 1.888.890.1868.