On June 22, 2021, Sustainable Agriculture & Wellness Dividend Fund (the “Fund”), completed an initial public offering of 5,000,000 units at a price of CAD$10.00 per unit for gross proceeds of CAD$50 million (the “Offering”). The Fund has granted the agents an over-allotment option exercisable for a period of 30 days from closing of the Offering to offer an additional 750,000 units. If the over-allotment option is exercised in full, the total aggregate proceeds will be $57.5 million.
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 international issuers focused on, involved in, or that derive a significant portion of their revenue from business models that include major innovations in the agriculture and wellness industries and promote sustainable living and well-being (collectively, “Agriculture & Wellness Issuers”).
In addition, Middlefield Capital Corporation (the “Advisor”) will integrate environmental, social and governance (ESG) considerations to complement fundamental analysis in selecting Agriculture & Wellness Issuers it believes have sustainable competitive advantages.
The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and included Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., TD Securities Inc., iA Private Wealth Inc., National Bank Financial Inc., Raymond James Ltd., Manulife Securities Incorporated, Richardson Wealth Limited, Hampton Securities Limited, Middlefield Capital Corporation, Wellington-Altus Private Wealth Inc., Echelon Wealth Partners Inc. and 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
