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Middlefield Can-Global REIT Income Fund Announces Exchange Offering


News provided by

Middlefield Can-Global REIT Income Fund

Oct 03, 2012, 14:45 ET

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CALGARY, Oct. 3, 2012 /CNW/ - Middlefield Can-Global REIT Income Fund ("Middlefield Can-Global" or the "Fund"), is offering units of the Fund (the "Units") to investors at a price of $10.00 per Unit in exchange for securities of the issuers listed in the table below (collectively, the "Exchange Eligible Issuers") or for cash subscriptions.

The Fund's investment objectives are to:

    (i) provide holders of Units with stable monthly cash distributions, and
    (ii) enhance long-term total return through capital appreciation of the Fund's investment portfolio,

   

through an investment strategy which is focused on the Canadian and global real estate sectors utilizing active and low-cost passive portfolio management. The initial portfolio will consist of real estate issuers with assets predominantly located in the U.S., Canada, Hong Kong and Japan.

The initial target distribution yield for the Fund is expected to be 6.5% per annum based on the original subscription price (or $0.05416 per Unit per month or $0.65 per Unit per annum).

Middlefield Capital Corporation will act as the investment advisor to the Fund.

Prospective purchasers who elect to pay for Units using the exchange option are required to deposit their securities of Exchange Eligible Issuers with MFL Management Limited through CDS Clearing and Depository Services Inc. prior to 5:00 p.m. (Toronto time) on October 25, 2012. Prospective purchasers should consult with their investment broker or advisor for additional information regarding purchasing Units pursuant to the exchange option. The number of Units issuable in exchange for the securities of an Exchange Eligible Issuer (the "Exchange Ratio") will be determined by dividing the weighted average trading price of such securities on the Toronto Stock Exchange (or such other exchange or market on which such securities are then listed) during the period of five consecutive trading days ending on November 9, 2012, as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00.

The Fund will issue a press release as soon as practicable after the close of business on November 9, 2012 announcing the Exchange Ratio in respect of the securities of each Exchange Eligible Issuer.

Each prospective purchaser of Units pursuant to the exchange option will have the right to withdraw such deposit of securities of Exchange Eligible Issuers by providing written notice of such withdrawal on or before midnight on the second business day after the later of (i) receipt or deemed receipt of the final prospectus of the Fund relating to the offering of Units, and (ii) the date on which the press release referred to above is issued.

The following table lists the name of each Exchange Eligible Issuer, as well as the ticker symbol, CUSIP number and ISIN of the securities of such issuers that will be accepted pursuant to the exchange option.

NAME TICKER
SYMBOL
CUSIP ISIN
Allied Properties Real Estate Investment Trust AP-U 019456102 CA0194561027
Artis Real Estate Investment Trust AX-U 04315L105 CA04315L1058
Boardwalk Real Estate Investment Trust BEI-U 096631106 CA0966311064
Brookfield Canada Office Properties BOX-U 112823109 CA1128231091
Brookfield Office Properties Inc. BPO 112900105 CA1129001055
Calloway Real Estate Investment Trust CWT-U 131253205 CA1312532056
Canadian Apartment Properties Real Estate Investment Trust CAR-U 134921105 CA1349211054
Canadian Real Estate Investment Trust REF-U 13650J104 CA13650J1049
Chartwell Seniors Housing Real Estate Investment Trust CSH-U 16140U100 CA16140U1003
Cominar Real Estate Investment Trust CUF-U 199910100 CA1999101001
Crombie Real Estate Investment Trust CRR-U 227107109 CA2271071094
Dundee Industrial Real Estate Investment Trust DIR-U 26518K105 CA26518K1057
Dundee International Real Estate Investment Trust DI-U 26518R209 CA26518R2090
Dundee Real Estate Investment Trust D-U 265270207 CA2652702077
Extendicare Inc. EXE 30224T863 CA30224T8639
First Capital Realty Inc. FCR 31943B100 CA31943B1004
H&R Real Estate Investment Trust HR-U 404428203 CA4044282032
HealthLease Properties Real Estate Investment Trust HLP-U 422239103 CA4222391035
InnVest Real Estate Investment Trust INN-U 45771T132 CA45771T1324
iShares S&P/TSX Capped REIT Index Fund XRE 46431D103 CA46431D1033
Killam Properties Inc. KMP 494104870 CA4941048700
NorthWest Healthcare Properties Real Estate Investment Trust NWH-U 667495105 CA6674951059
Primaris Retail Real Estate Investment Trust PMZ-U 74157U109 CA74157U1093
Pure Industrial Real Estate Trust AAR-U 74623T108 CA74623T1084
RioCan Real Estate Investment Trust REI-U 766910103 CA7669101031

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

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. 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: Middlefield Can-Global REIT Income Fund

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.

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Middlefield Can-Global REIT Income Fund

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