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Horizon Total Return Fund raises US$38 million in IPO

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Middlefield Limited

On October 31, 2006, Middlefield Group announced that Horizon Total Return Fund had completed its initial public offering of 3,800,000 units at a price of $10.00 per unit for gross proceeds of $38 million. Guardian Capital LP and Middlefield Capital Corporation will act as the Co-Advisors responsible for managing the income trust component of the portfolio, including asset mix and security selection. Middlefield Capital Corporation will determine the asset allocation for the portfolio between income trusts and common stock securities and will be responsible for the selection of common stocks. The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Capital Markets, and included Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Wellington West Capital Inc., Blackmont Capital Inc., Desjardins Securities Inc., Dundee Securities Corporation, Raymond James Ltd., Acadian Securities Incorporated, Berkshire Securities Inc., Middlefield Capital Corporation and Research Capital Corporation. Middlefield Capital Corporation was advised by a team from Fasken Martineau comprised of Stephen Erlichman, John Sabetti, Dan Rankin and Karoline Kralka (securities); Mitchell Thaw and Kathleen Hanly (tax); and Jon Holmstrom (derivatives).


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