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Middlefield Global Real Asset Fund Announces Exchange Ratios

CALGARY, Alberta, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of Middlefield Global Real Asset Fund (the “Fund”), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated October 11, 2019.

The Fund’s investment objectives are to provide holders of units of the Fund (“Units”) with:

  1. stable monthly cash distributions, and
  2. 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 global issuers focused on, involved in, or that derive a significant portion of their revenue from physical real estate or infrastructure assets, which the advisor believes will generate attractive risk-adjusted returns for the Fund due to the tangible, difficult to replicate, long-term nature of such assets and their ability to shape and support global economic activity.

The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per Unit per month or $0.50 per Unit per annum).

The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on November 14, 2019 (the “Pricing Period”), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today’s Bank of Canada daily exchange rate. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

Name Ticker CUSIP ISIN VWAP Exchange
Global Real Estate Issuers          
Alexandria Real Estate Equities Inc. ARE 015271109 US0152711091 205.8547 20.58547
Allied Properties Real Estate Investment Trust AP-U 019456102 CA0194561027 53.4903 5.34903
Artis Real Estate Investment Trust AX-U 04315L105 CA04315L1058 11.6202 1.16202
AvalonBay Communities Inc. AVB 053484101 US0534841012 279.5066 27.95066
Boardwalk Real Estate Investment Trust BEI-U 096631106 CA0966311064 44.0236 4.40236
Boston Properties Inc. BXP 101121101 US1011211018 181.9409 18.19408
Brookfield Property Partners LP BPY-U n/a BMG162491077 25.0758 2.50758
Canadian Apartment Properties REIT CAR-U 134921105 CA1349211054 53.6453 5.36453
CBRE Group Inc. CBRE 12504L109 US12504L1098 73.0265 7.30265
Choice Properties Real Estate Investment Trust CHP-U 17039A106 CA17039A1066 13.3956 1.33956
Colliers International Group Inc. CIGI 194693107 CA1946931070 92.5656 9.25656
Cominar Real Estate Investment Trust CUF-U 199910100 CA1999101001 13.9742 1.39742
Crombie Real Estate Investment Trust CRR-U 227107109 CA2271071094 15.7479 1.57479
Crown Castle International Corp CCI 22822V101 US22822V1017 174.5673 17.45672
CT Real Estate Investment Trust CRT-U 126462100 CA1264621006 15.0315 1.50315
CyrusOne Inc. CONE 23283R100 US23283R1005 86.2322 8.62321
Dream Global Real Estate Investment Trust DRG-U 26154A106 CA26154A1066 16.7143 1.67143
Dream Industrial Real Estate Investment Trust DIR-U 26153W109 CA26153W1095 13.5226 1.35226
Dream Office Real Estate Investment Trust D-U 26153P104 CA26153P1045 29.2086 2.92086
Duke Realty Corp DRE 264411505 US2644115055 46.2023 4.62022
Equinix Inc. EQIX 29444U700 US29444U7000 712.4018 70.91403
Equity Residential EQR 29476L107 US29476L1070 112.0215 11.20214
Essex Property Trust Inc. ESS 297178105 US2971781057 414.7029 41.47029
European Residential Real Estate Investment Trust ERE-U 29880W103 CA29880W1032 4.8973 0.48973
FirstService Corp FSV 33767E202 CA33767E2024 119.2631 11.92631
Granite Real Estate Investment Trust GRT-U 387437114 CA3874371147 66.3897 6.63897
H&R Real Estate Investment Trust HR-U 403925407 CA4039254079 21.7940 2.16790
Healthpeak Properties Inc PEAK 42250P103 US42250P1030 44.6478 4.46477
InterRent Real Estate Investment Trust IIP-U 46071W205 CA46071W2058 15.9098 1.59098
Killam Apartment Real Estate Investment Trust KMP-U 49410M102 CA49410M1023 19.4915 1.94915
Northview Apartment Real Estate Investment Trust NVU-U 667185102 CA6671851021 29.3075 2.93075
NorthWest Healthcare Properties Real Estate Investment Trust NWH-U 667495105 CA6674951059 11.8480 1.18480
Prologis Inc. PLD 74340W103 US74340W1036 116.3370 11.63369
Realty Income Corp O 756109104 US7561091049 101.6682 10.16681
RioCan Real Estate Investment Trust REI-U 766910103 CA7669101031 26.3202 2.63202
SBA Communications Corp SBAC 78410G104 US78410G1040 229.8459 22.94759
Sienna Senior Living Inc. SIA 82621K102 CA82621K1021 18.7393 1.87393
Simon Property Group Inc. SPG 828806109 US8288061091 204.6619 20.18777
SmartCentres Real Estate Investment Trust SRU-U 83179X108 CA83179X1087 31.6056 3.16056
Summit Industrial Income REIT SMU-U 866120116 CA8661201167 12.5830 1.25830
Tricon Capital Group Inc. TCN 89612W102 CA89612W1023 10.9215 1.09215
Ventas Inc. VTR 92276F100 US92276F1003 78.2982 7.82981
Welltower Inc. WELL 95040Q104 US95040Q1040 110.1155 11.01155
Weyerhaeuser Co WY 962166104 US9621661043 38.8665 3.88664
WPT Industrial Real Estate Investment Trust WIR/U 92937G109 CA92937G1090 13.6334 1.36334
Global Infrastructure Issuers          
Algonquin Power & Utilities Corp AQN 015857105 CA0158571053 17.9848 1.79848
American Electric Power Co Inc. AEP 025537101 US0255371017 118.4382 11.84382
American States Water Co AWR 029899101 US0298991011 112.4241 11.20197
American Water Works Co Inc. AWK 030420103 US0304201033 154.3235 15.43235
Aqua America Inc. WTR 03836W103 US03836W1036 57.6266 5.73159
AT&T Inc. T 00206R102 US00206R1023 51.9002 5.19001
BCE Inc. BCE 05534B760 CA05534B7604 63.8121 6.38121
Boralex Inc. BLX 09950M300 CA09950M3003 22.8604 2.28604
Brookfield Infrastructure Partners LP BIP n/a BMG162521014 67.8316 6.78316
Brookfield Renewable Partners LP BEP-U n/a BMG162581083 57.7963 5.77963
California Water Service Group CWT 130788102 US1307881029 66.8875 6.68875
Canadian National Railway Co CNR 136375102 CA1363751027 123.7924 12.37924
Canadian Pacific Railway Ltd. CP 13645T100 CA13645T1003 312.5860 31.25860
Capital Power Corp CPX 14042M102 CA14042M1023 31.9039 3.19039
Consolidated Edison Inc. ED 209115104 US2091151041 115.6457 11.56456
Duke Energy Corp DUK 26441C204 US26441C2044 117.3776 11.61247
Emera Inc. EMA 290876101 CA2908761018 52.6333 5.26333
Enbridge Inc. ENB 29250N105 CA29250N1050 50.2611 4.95231
FedEx Corp FDX 31428X106 US31428X1063 211.3358 21.13358
Fortis Inc./Canada FTS 349553107 CA3495531079 52.7399 5.22624
Gibson Energy Inc. GEI 374825206 CA3748252069 25.4071 2.54071
Hydro One Ltd H 448811208 CA4488112083 23.8692 2.38692
Innergex Renewable Energy Inc. INE 45790B104 CA45790B1040 16.7718 1.67718
Inter Pipeline Ltd. IPL 45833V109 CA45833V1094 21.5938 2.14513
Keyera Corp KEY 493271100 CA4932711001 33.3811 3.32211
Kinder Morgan Inc./DE KMI 49456B101 US49456B1017 26.7146 2.67146
Macquarie Infrastructure Corp MIC 55608B105 US55608B1052 54.6337 5.46336
NextEra Energy Inc. NEE 65339F101 US65339F1012 298.3491 29.83491
Northland Power Inc. NPI 666511100 CA6665111002 26.6885 2.66885
Northland Power Inc. NPI/R 666511118 CA6665111184 26.7663 2.67663
Northwest Natural Holding Co NWN 66765N105 US66765N1054 86.2176 8.62175
NorthWestern Corp NWE 668074305 US6680743050 91.3321 9.13321
Pattern Energy Group Inc. PEGI 70338P100 US70338P1003 36.4208 3.64207
Pembina Pipeline Corp PPL 706327103 CA7063271034 47.3861 4.71861
Southern Co/The SO 842587107 US8425871071 81.4989 8.06769
Southwest Gas Holdings Inc. SWX 844895102 US8448951025 101.8831 10.11605
TC Energy Corp TRP 87807B107 CA87807B1076 67.0899 6.70899
Tidewater Midstream and Infrastructure Ltd. TWM 886453109 CA8864531097 1.0294 0.10294
TransAlta Corp TA 89346D107 CA89346D1078 8.7096 0.87096
TransAlta Renewables Inc. RNW 893463109 CA8934631091 14.5926 1.45142
Union Pacific Corp UNP 907818108 US9078181081 232.7964 23.27964
Westshore Terminals Investment Corp WTE 96145A200 CA96145A2002 23.1789 2.31789
Williams Cos Inc./The WMB 969457100 US9694571004 29.3169 2.93168
Other Issuers          
Amazon.com Inc. AMZN 023135106 US0231351067 2345.2412 234.52411
Bank of Nova Scotia/The BNS 064149107 CA0641491075 76.2849 7.62849
Blackstone Group Inc./The BX 09260D107 US09260D1072 68.9942 6.89942
Brookfield Asset Management Inc. BAM/A 112585104 CA1125851040 75.5332 7.55332
JPMorgan Chase & Co JPM 46625H100 US46625H1005 171.3856 17.13856
KKR & Co Inc. KKR 48251W104 US48251W1045 39.0520 3.90519
Morgan Stanley MS 617446448 US6174464486 64.7069 6.47068
Royal Bank of Canada RY 780087102 CA7800871021 108.2446 10.82446
Shopify Inc. SHOP 82509L107 CA82509L1076 404.9817 40.49817
Toronto-Dominion Bank/The TD 891160509 CA8911605092 76.5283 7.65283

The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities, National Bank Financial Inc., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.