Real Estate Split Corp. Announces Overnight Offering
07 Novembro 2022 - 05:30PM
Middlefield Group, on behalf of Real Estate Split Corp. (TSX: RS
and RS.PR.A) (the “Company”), is pleased to announce that the
Company is undertaking an overnight treasury offering of class A
and preferred shares (the “Class A Shares” and “Preferred Shares”,
respectively).
The sales period for this overnight offering
will end at 9:00 a.m. (ET) on Tuesday, November 8, 2022. The
offering is expected to close on or about November 15, 2022 and is
subject to certain closing conditions including approval by the
Toronto Stock Exchange (“TSX”).
The Class A Shares will be offered at a price of
$13.90 per Class A Share to yield 11.2% and the Preferred Shares
will be offered at a price of $9.45 per Preferred Share to yield
5.6%. The closing price on the TSX for each of the Class A Shares
and Preferred Shares on November 4, 2022 was $14.23 and $9.50,
respectively. The Class A Share and Preferred Share offering prices
were determined so as to be non-dilutive to the most recently
calculated net asset value per unit of the Company (calculated as
at November 4, 2022), as adjusted for dividends and certain
expenses to be accrued prior to or upon settlement of the
offering.
The Company has been designed to provide
investors with a diversified, actively managed, high conviction
portfolio comprised of securities of leading North American real
estate companies.
The Company’s investment objectives for the:
Class A Shares are to provide holders with:
(i) non-cumulative
monthly cash distributions; and(ii) the opportunity for capital
appreciation through exposure to the portfolio
Preferred Shares are to:
(i) provide holders
with fixed cumulative preferential quarterly cash distributions;
and(ii) return the original issue price of $10.00 to holders upon
maturity.
Middlefield Capital Corporation provides
investment management advice to the Company.
The syndicate of agents for the offering is
being co-led by CIBC Capital Markets and RBC Capital Markets.
For further information, please visit our
website at www.middlefield.com or contact Nancy Tham in our Sales
and Marketing Department at 1.888.890.1868. A short
form base shelf prospectus containing important detailed
information about the securities being offered has been filed with
securities commissions or similar authorities in each of the
provinces of Canada. Copies of the short form base shelf prospectus
may be obtained from a member of the syndicate. The Company intends
to file a supplement to the short form base shelf prospectus, and
investors should read the short form base shelf prospectus and the
prospectus supplement before making an investment decision. There
will not be any sale or any acceptance of an offer to buy the
securities being offered until the prospectus supplement has been
filed with the securities commissions or similar authorities in
each of the provinces of Canada.
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