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Middlefield European focused dividend fund completes 2nd largest closed-end fund IPO in Canada in 2017

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Middlefield European Focused Dividend Fund

On November 24, 2017, Middlefield European Focused Dividend Fund (the “Fund”) completed an initial public offering of trust units at a price of $10.00 per unit for gross proceeds of $85 million. On December 21, 2017, Middlefield Limited announced the closing of the agents’ over-allotment option for additional proceeds of $2 million, resulting in aggregate gross proceeds of $87 million, making it the second largest closed-end fund IPO in Canada in 2017. The offering was made in each of the provinces of Canada and the Fund’s units trade on the Toronto Stock Exchange under the symbol EF.UN.

The objectives of the Fund are to provide investors with stable monthly cash distributions and enhanced long-term total return through capital appreciation of the Fund’s investment portfolio. This will be achieved through a diversified, actively managed portfolio comprised primarily of dividend-paying securities of issuers that are domiciled in or derive a significant portion of their revenue from Europe.

The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., Scotiabank Capital Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Manulife Securities Incorporated, Mackie Research Capital Corporation, Middlefield Capital Corporation, Desjardins Securities Inc. and Echelon Wealth Partners Inc.

The Fund and its manager, Middlefield Limited, were advised by a team from Fasken consisting of Stephen Erlichman, John Sabetti, Daniel Fuke, Mariko Rivers and Russell Lindzon (Securities) and Mitchell Thaw (Tax), with assistance from student-at-law Simar Anand.


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