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Client Work

American Core Sectors Dividend Fund completes US$50 million IPO

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Confidential Client

On December 19, 2013, American Core Sectors Dividend Fund (the “Fund”) completed an initial public offering of 5,000,000 units (the “Units”) at a price of $10.00 per Unit for gross proceeds of $50 million. The Fund is designed to provide holders of Units with stable monthly cash distributions and long-term total return through capital appreciation of the Fund’s investment portfolio through an investment strategy which focuses on a diversified, actively managed portfolio comprised primarily of dividend-paying securities with a focus on the U.S. consumer, financials, industrials and information technology sectors that are expected to benefit from growth in the U.S. economy. The offering was made through a syndicate of agents co-led by CIBC and RBC Capital Markets and including Scotiabank, BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Mackie Research Capital Corporation, Middlefield Capital Corporation, Dundee Securities Ltd. and Manulife Securities Incorporated. The Fund and its manager, Middlefield Limited, were advised by a team from Fasken Martineau consisting of Stephen Erlichman, John Sabetti, Daniel Fuke, Will Shaw and Dylan Chochla (Securities) and Mitchell Thaw (Tax).



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