On March 23, 2018, Middlefield Global Innovation Dividend Fund (the “Fund”) completed an initial public offering of trust units at a price of $10.00 per unit for gross proceeds of $80 million. On April 13, 2018, Middlefield Limited announced the closing of the agents’ over-allotment option for additional proceeds of $850,000. 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 BL.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 global issuers focused on, involved in, or that derive a significant portion of their revenue from the development or commercialization of products or services related to major technological innovations including the use of blockchain technology, genomics, artificial intelligence, big data, e-commerce, cybersecurity, the internet of things and autonomous vehicles.
The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., Scotia 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 and Mariko Rivers (Securities) and Mitchell Thaw (Tax), with assistance from student-at-law Simar Anand.
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 global issuers focused on, involved in, or that derive a significant portion of their revenue from the development or commercialization of products or services related to major technological innovations including the use of blockchain technology, genomics, artificial intelligence, big data, e-commerce, cybersecurity, the internet of things and autonomous vehicles.
The syndicate of agents was co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and included BMO Nesbitt Burns Inc., Scotia 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 and Mariko Rivers (Securities) and Mitchell Thaw (Tax), with assistance from student-at-law Simar Anand.
