CALGARY, Nov. 9, 2012 /CNW/ - Middlefield Group, on behalf of Middlefield Can-Global REIT Income Fund (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 of the Fund dated October 26, 2012.
The Fund's investment objectives are to:
(i) provide holders of units of the Fund (the "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 primarily equity-based securities of issuers operating in the Canadian and global real estate sectors utilizing active and low-cost passive portfolio management.
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.
The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined for common shares and income trust units, by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on November 9, 2012 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. 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 the offering of Units 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.
|Allied Properties Real Estate Investment Trust||AP-U||019456102||CA0194561027||31.5559||3.15559|
|Artis Real Estate Investment Trust||AX-U||04315L105||CA04315L1058||16.0229||1.60229|
|Boardwalk Real Estate Investment Trust||BEI-U||096631106||CA0966311064||63.1174||6.31174|
|Brookfield Canada Office Properties||BOX-U||112823109||CA1128231091||29.1442||2.91442|
|Brookfield Office Properties Inc.||BPO||112900105||CA1129001055||16.2494||1.62494|
|Calloway Real Estate Investment Trust||CWT-U||131253205||CA1312532056||28.9284||2.89284|
|Canadian Apartment Properties Real Estate Investment Trust||CAR-U||134921105||CA1349211054||23.8846||2.38846|
|Canadian Real Estate Investment Trust||REF-U||13650J104||CA13650J1049||40.9844||4.09844|
|Chartwell Seniors Housing Real Estate Investment Trust||CSH-U||16140U100||CA16140U1003||10.1170||1.01170|
|Cominar Real Estate Investment Trust||CUF-U||199910100||CA1999101001||23.2139||2.32139|
|Crombie Real Estate Investment Trust||CRR-U||227107109||CA2271071094||14.9312||1.49312|
|Dundee Industrial Real Estate Investment Trust||DIR-U||26518K105||CA26518K1057||11.0020||1.10020|
|Dundee International Real Estate Investment Trust||DI-U||26518R209||CA26518R2090||10.8593||1.08593|
|Dundee Real Estate Investment Trust||D-U||265270207||CA2652702077||35.8080||3.58080|
|First Capital Realty Inc.||FCR||31943B100||CA31943B1004||18.3920||1.83920|
|H&R Real Estate Investment Trust||HR-U||404428203||CA4044282032||24.0702||2.39660|
|HealthLease Properties Real Estate Investment Trust||HLP-U||422239103||CA4222391035||11.3191||1.13191|
|InnVest Real Estate Investment Trust||INN-U||45771T132||CA45771T1324||4.6134||0.46134|
|iShares S&P/TSX Capped REIT Index Fund||XRE||46431D103||CA46431D1033||16.6699||1.66699|
|Killam Properties Inc.||KMP||494104870||CA4941048700||12.6472||1.26472|
|NorthWest Healthcare Properties Real Estate Investment Trust||NWH-U||667495105||CA6674951059||12.8793||1.28793|
|Primaris Retail Real Estate Investment Trust||PMZ-U||74157U109||CA74157U1093||23.1827||2.31827|
|Pure Industrial Real Estate Trust||AAR-U||74623T108||CA74623T1084||4.8342||0.48342|
|RioCan Real Estate Investment Trust||REI-U||766910103||CA7669101031||26.9397||2.69397|
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.
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: Middlefield Can-Global REIT 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.