Not for distribution to U.S. Newswire Services or for dissemination in the United States.
CALGARY, Alberta, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the “Company”), is pleased to announce the Company has completed the overnight offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) for aggregate gross proceeds of approximately $32.6 million. The Class A Shares and Preferred Shares will trade on the Toronto Stock Exchange under the existing symbols ENS (Class A Shares) and ENS.PR.A (Preferred Shares).
The Class A Shares were offered at a price of $11.75 per Class A Share to yield 13.3% and the Preferred Shares were offered at a price of $10.00 per Preferred Share to yield 5.3%. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the net asset value per unit of the Company on September 11, 2020, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
The Company will invest in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company.
The Company’s investment objectives for the:
Class A Shares are to provide holders with:
non-cumulative monthly cash distributions; and
the opportunity for capital appreciation through exposure to the portfolio
Preferred Shares are to:
provide holders with fixed cumulative preferential quarterly cash distributions; and
return the original issue price of $10.00 to holders upon maturity.
Middlefield Capital Corporation provides investment management advice to the Company.
In addition, E Split Corp. is pleased to announce a (i) $0.13 monthly distribution per Class A Share for September and (ii) $0.13125 quarterly distribution per Preferred Share for the third quarter of 2020, payable on October 15, 2020, for shareholders of record on September 30, 2020.
The syndicate of agents for the offering was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Industrial Alliance Securities Inc., Richardson GMP, Desjardins Securities Inc., Hampton Securities Limited, Mackie Research Capital Corporation, Manulife Securities Inc. and Middlefield Capital Corporation.
For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. This offering was made by a prospectus supplement dated September 15, 2020 to the Company’s short form base shelf prospectus dated December 17, 2018 (the “Prospectus”). The Prospectus contains important detailed information about the Class A Shares and Preferred Shares being offered. Copies of the Prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the Prospectus before making an investment decision. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedar.com.