CALGARY, March 23, 2018 /CNW/ - Middlefield Group, on
behalf of Global Innovation Dividend Fund (the "Fund"), is
pleased to announce that the Fund has completed its initial public
offering of 8,000,000 units at a price of $10.00 per unit for gross proceeds of
$80 million. The units are listed on
the Toronto Stock Exchange under the symbol BL.UN.
The Fund's investment objectives are to provide holders of units
with:
(i) stable monthly cash distributions, and
(ii) 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, 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 (collectively, "Global Innovators").
The initial target distribution yield for the Fund is 4% per
annum based on the original subscription price (or $0.033 per unit per month or $0.40 per unit per annum).
Middlefield Capital Corporation, the advisor, will provide
investment management advice to the Fund. SSR LLC, an investment
research firm based in Stamford,
Connecticut, will act as an industry advisor to Middlefield and in such capacity will provide
ongoing analysis regarding Global Innovators.
The syndicate of agents was co-led by CIBC Capital Markets and
RBC Capital Markets, and includes BMO Capital Markets, Scotiabank,
TD Securities Inc., Canaccord Genuity Corp., National Bank
Financial Inc., Raymond James Ltd., Manulife Securities
Incorporated, Industrial Alliance Securities, Middlefield Capital
Corporation, Desjardins Securities Inc. and Mackie Research Capital
Corporation.
This offering was 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.
SOURCE Global Innovation Dividend Fund