On August 14, 2020, Sustainable Innovation & Health Dividend Fund (the “Fund”), completed an initial public offering of 8,500,000 units at a price of CAD$10.00 per unit for gross proceeds of CAD$85 million. Additionally, on September 10, 2020, the Fund completed the issuance of an additional 700,000 units pursuant to the overallotment option granted to the agents. In aggregate, the Fund raised gross proceeds of CAD$92 million, being the largest closed end fund initial public offering in Canada in 2020 to date.
The Fund’s investment objectives are to provide holders of units with stable monthly cash distributions and enhanced long-term total return through capital appreciation of the Fund’s investment portfolio through a diversified, actively managed portfolio comprised primarily of dividend paying securities of global technology and healthcare companies, including initially those which the Advisor (as defined below) believes are positioned to benefit long-term from the trends and changing consumer behaviours resulting from the COVID-19 global pandemic (collectively, “Innovative Technology & Healthcare Issuers”). The Advisor believes Innovative Technology & Healthcare Issuers will generate attractive risk-adjusted returns for the Fund as the technology and healthcare sectors have a history of developing long-lasting innovative solutions to address major social and economic challenges.
In addition, the portfolio will focus on sustainable technology and healthcare companies with assets the Advisor believes have been developed and operated taking into account environmental, social and governance (ESG) considerations.
The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities, National Bank Financial Inc., Raymond James Ltd., Richardson GMP, Manulife Securities Incorporated, Hampton Securities Limited, Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.
Middlefield Limited, the manager of the Fund, was advised by Fasken with a team that consisted of Stephen Erlichman, John Sabetti, Daniel Fuke and Russell Lindzon (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).
Jurisdiction
- Ontario
