On July 19, 2011, ENERGY INDEXPLUS Dividend Fund (the "Fund") completed its initial public offering of 5,400,000 units at a price of $12.00 per unit for gross proceeds of $64,800,000. Upon closing the Fund became listed on the Toronto Stock Exchange (TSX: IDE.UN).
The Fund has been designed to provide investors with low-cost exposure to the energy sector through a combination of indexing and active portfolio management. At least 40% and up to 80% of the Fund's assets will be invested in a portfolio of securities which is designed to track, to the extent practicable, the S&P®/TSX™ Capped Energy Index. The remainder of the Fund's assets will be invested in an actively managed diversified portfolio of securities of issuers operating primarily in the Canadian energy sector. Middlefield Capital Corporation will act as the investment advisor to the Fund.
The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets and included BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., GMP Securities L.P., Macquarie Private Wealth Inc., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation, Middlefield Capital Corporation and Wellington West Capital Markets Inc. The agents have been granted a 30 day overallotment option.
The Fund and its manager, Middlefield Limited, were advised in this transaction by Fasken Martineau with a team led by Stephen Erlichman which included John Sabetti and Daniel Fuke (securities) and Mitchell Thaw (tax).