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TORONTO, Oct. 04, 2022 (GLOBE NEWSWIRE) — Middlefield Group, on behalf of Real Estate Split Corp. RS (the “Company”), is pleased to announce a successful overnight treasury offering of Class A shares and preference shares (the “Class A Shares” and “Preferred Shares,” respectively). Gross proceeds from the offering are expected to be approximately $11.8 million.
The offering is expected to close on or about Wednesday, October 12, 2022 and is subject to certain closing conditions, including Toronto Stock Exchange approval.
The Class A shares were offered at $14.40 per Class A share to achieve a 10.8% yield and the Preferred shares were offered at $9.80 per preferred share to achieve a 10.8% yield achieve a return of 5.4%. The offering prices for Class A Shares and Preferred Shares have been determined not to dilute the most recently calculated Net Asset Value per Share of the Company (calculated as at 30 September 2022), adjusted for dividends and certain expenses accrued before or after the settlement of the Offering.
The firm was designed to provide investors with a diversified, actively managed, high-performing portfolio of securities from leading North American real estate companies.
The Company’s investment objectives for:
Class A Shares aim to provide holders with:
(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio
Preferred stock is for:
(i) provide holders with fixed, cumulative, quarterly preferential distributions; and
(ii) at Maturity, repay the original issue price of $10.00 to holders.
Middlefield Capital Corporation advises the company on investment management.
The syndicate of agents for the offering was co-led by CIBC Capital Markets and RBC Capital Markets and included Hampton Securities Limited, National Bank Financial Inc., Scotiabank, BMO Capital Markets, Canaccord…
