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07.11.2017 01:22:00
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European Focused Dividend Fund Announces Exchange Ratios
CALGARY, Nov. 6, 2017 /CNW/ - Middlefield Group, on behalf of European Focused Dividend 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 25, 2017.
The Fund's investment objectives are to provide holders of units of the Fund ("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 issuers that are domiciled in or derive a significant portion of their revenue from Europe.
The initial target distribution yield for the Fund is 6% per annum based on the original subscription price (or $0.05 per unit per month or $0.60 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 6, 2017 (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 |
Financials | |||||
Banco Santander SA | SAN | 05964H105 | US05964H1059 | 8.5109 | 0.85108 |
Bank of Montreal | BMO | 063671101 | CA0636711016 | 98.9668 | 9.89668 |
Bank of Nova Scotia/The | BNS | 064149107 | CA0641491075 | 83.4434 | 8.34434 |
Barclays PLC | BCS | 06738E204 | US06738E2046 | 12.3537 | 1.23536 |
Canadian Imperial Bank of Commerce | CM | 136069101 | CA1360691010 | 113.9684 | 11.39684 |
CI Financial Corp | CIX | 125491100 | CA1254911003 | 28.4928 | 2.84928 |
Credit Suisse Group AG | CS | 225401108 | US2254011081 | 20.4688 | 2.04688 |
Great-West Lifeco Inc | GWO | 39138C106 | CA39138C1068 | 35.9390 | 3.59390 |
HSBC Holdings PLC | HSBC | 404280406 | US4042804066 | 61.7973 | 6.17973 |
ING Groep NV | ING | 456837103 | US4568371037 | 23.4761 | 2.34760 |
Intesa Sanpaolo SpA | ISNPY | 46115H107 | US46115H1077 | 25.5333 | 2.55332 |
Lloyds Banking Group PLC | LYG | 539439109 | US5394391099 | 4.6390 | 0.46390 |
Manulife Financial Corp | MFC | 56501R106 | CA56501R1064 | 26.2755 | 2.62755 |
National Bank of Canada | NA | 633067103 | CA6330671034 | 62.9719 | 6.29719 |
Power Financial Corp | PWF | 73927C100 | CA73927C1005 | 36.3356 | 3.63356 |
Prudential PLC | PUK | 74435K204 | US74435K2042 | 62.2886 | 6.22885 |
Royal Bank of Canada | RY | 780087102 | CA7800871021 | 101.0856 | 10.10856 |
Societe Generale SA | SCGLY | 83364L109 | US83364L1098 | 13.8084 | 1.38083 |
Sun Life Financial Inc | SLF | 866796105 | CA8667961053 | 50.2527 | 5.02527 |
Toronto-Dominion Bank/The | TD | 891160509 | CA8911605092 | 73.2919 | 7.32919 |
Visa Inc | V | 92826C839 | US92826C8394 | 141.0564 | 14.08078 |
Zurich Insurance Group AG | ZURVY | 989825104 | US9898251049 | 38.7425 | 3.87424 |
Healthcare | |||||
AstraZeneca PLC | AZN | 046353108 | US0463531089 | 43.7443 | 4.37442 |
Bristol-Myers Squibb Co | BMY | 110122108 | US1101221083 | 78.7875 | 7.87874 |
GlaxoSmithKline PLC | GSK | 37733W105 | US37733W1053 | 46.1966 | 4.55545 |
Jean Coutu Group PJC Inc/The | PJC/A | 47215Q104 | CA47215Q1046 | 24.4950 | 2.44950 |
Novartis AG | NVS | 66987V109 | US66987V1098 | 105.6967 | 10.56967 |
Novo Nordisk A/S | NVO | 670100205 | US6701002056 | 63.4012 | 6.34011 |
Pfizer Inc | PFE | 717081103 | US7170811035 | 44.9108 | 4.45029 |
Roche Holding AG | RHHBY | 771195104 | US7711951043 | 36.9364 | 3.69363 |
Sanofi | SNY | 80105N105 | US80105N1054 | 59.1609 | 5.91609 |
Shire PLC | SHPG | 82481R106 | US82481R1068 | 187.2999 | 18.72999 |
Valeant Pharmaceuticals International Inc | VRX | 91911K102 | CA91911K1021 | 14.8678 | 1.48678 |
Vertex Pharmaceuticals Inc | VRTX | 92532F100 | US92532F1003 | 186.0377 | 18.60376 |
Industrials & Infrastructure | |||||
ABB Ltd | ABB | 000375204 | US0003752047 | 33.3638 | 3.33638 |
BCE Inc | BCE | 05534B760 | CA05534B7604 | 60.0911 | 6.00911 |
Bombardier Inc | BBD/B | 097751200 | CA0977512007 | 2.9890 | 0.29890 |
Brookfield Infrastructure Partners LP | BIP-U | N/A | BMG162521014 | 54.5280 | 5.45280 |
Emera Inc | EMA | 290876101 | CA2908761018 | 48.3736 | 4.83736 |
Enbridge Inc | ENB | 29250N105 | CA29250N1050 | 47.7430 | 4.71330 |
Enbridge Income Fund Holdings Inc | ENF | 29251R105 | CA29251R1055 | 29.3395 | 2.93395 |
Fortis Inc/Canada | FTS | 349553107 | CA3495531079 | 47.4351 | 4.70101 |
Hydro One Ltd | H | 448811208 | CA4488112083 | 22.6721 | 2.26721 |
Hydro One Ltd | H.IR | 448811AB5 | CA448811AB58 | 37.8359 | 38.81120* |
Inter Pipeline Ltd | IPL | 45833V109 | CA45833V1094 | 26.4124 | 2.64124 |
National Grid PLC | NGG | 636274409 | US6362744095 | 77.6646 | 7.76645 |
Pembina Pipeline Corp | PPL | 706327103 | CA7063271034 | 43.5905 | 4.35905 |
SNC-Lavalin Group Inc | SNC | 78460T105 | CA78460T1057 | 58.3854 | 5.81124 |
TELUS Corp | T | 87971M103 | CA87971M1032 | 46.7270 | 4.67270 |
TransAlta Corp | TA | 89346D107 | CA89346D1078 | 7.5409 | 0.75409 |
TransCanada Corp | TRP | 89353D107 | CA89353D1078 | 61.4465 | 6.14465 |
Real Estate | |||||
Allied Properties Real Estate Investment Trust | AP-U | 019456102 | CA0194561027 | 41.4493 | 4.14493 |
American Hotel Income Properties REIT LP | HOT-U | 026695106 | CA0266951064 | 9.3239 | 0.93239 |
Artis Real Estate Investment Trust | AX-U | 04315L105 | CA04315L1058 | 13.9687 | 1.39687 |
Canadian Real Estate Investment Trust | REF-U | 13650J104 | CA13650J1049 | 46.5063 | 4.65063 |
Chartwell Retirement Residences | CSH-U | 16141A103 | CA16141A1030 | 15.3761 | 1.53761 |
Cominar Real Estate Investment Trust | CUF-U | 199910100 | CA1999101001 | 13.8416 | 1.38416 |
Crombie Real Estate Investment Trust | CRR-U | 227107109 | CA2271071094 | 13.4081 | 1.34081 |
Dream Global Real Estate Investment Trust | DRG-U | 26154A106 | CA26154A1066 | 11.1542 | 1.11542 |
Dream Office Real Estate Investment Trust | D-U | 26153P104 | CA26153P1045 | 21.6612 | 2.16612 |
Extendicare Inc | EXE | 30224T863 | CA30224T8639 | 9.2892 | 0.92892 |
First Capital Realty Inc | FCR | 31943B100 | CA31943B1004 | 20.5369 | 2.05369 |
H&R Real Estate Investment Trust | HR-U | 404428203 | CA4044282032 | 21.5022 | 2.13872 |
NorthWest Healthcare Properties Real Estate Investment Trust | NWH-U | 667495105 | CA6674951059 | 11.3725 | 1.13725 |
Pure Industrial Real Estate Trust | AAR-U | 74623T108 | CA74623T1084 | 6.6844 | 0.66844 |
RioCan Real Estate Investment Trust | REI-U | 766910103 | CA7669101031 | 24.6190 | 2.46190 |
Funds | |||||
BMO S&P/TSX Capped Composite Index ETF | ZCN | 05574G109 | CA05574G1090 | 21.7012 | 2.17012 |
BMO US Dividend ETF | ZDY | 05575X119 | CA05575X1197 | 29.0462 | 2.90462 |
Horizon S&P/TSX 60 Index ETF | HXT | 44049A124 | CA44049A1241 | 32.8422 | 3.28422 |
iShares Core MSCI EAFE IMI Index ETF | XEF | 46434T105 | CA46434T1057 | 30.8305 | 3.08305 |
iShares Core S&P 500 Index ETF CAD- Hedged | XSP | 46428J105 | CA46428J1057 | 29.4976 | 2.94976 |
iShares Core S&P/TSX Capped Composite Index ETF | XIC | 46430J101 | CA46430J1012 | 25.4566 | 2.54566 |
iShares MSCI EAFE Index ETF CAD-Hedged | XIN | 46428L100 | CA46428L1004 | 26.8256 | 2.68256 |
iShares S&P/TSX 60 Index ETF | XIU | 46428D108 | CA46428D1087 | 23.8701 | 2.38701 |
iShares S&P/TSX Capped REIT Index ETF | XRE | 46431D103 | CA46431D1033 | 16.2707 | 1.62707 |
Vanguard FTSE Developed Europe All Cap Index ETF | VE | 92206M100 | CA92206M1005 | 29.6017 | 2.96017 |
Other | |||||
AltaGas Ltd | ALA | 021361100 | CA0213611001 | 29.4662 | 2.94662 |
AltaGas Ltd | ALA/R | 021361142 | CA0213611423 | 29.3798 | 2.93798 |
ARC Resources Ltd | ARX | 00208D408 | CA00208D4084 | 16.3992 | 1.63992 |
Baytex Energy Corp | BTE | 07317Q105 | CA07317Q1054 | 3.8076 | 0.38076 |
Bonavista Energy Corp | BNP | 09784Y108 | CA09784Y1088 | 2.8279 | 0.28279 |
BP PLC | BP | 055622104 | US0556221044 | 51.9913 | 5.12265 |
British American Tobacco PLC | BTI | 110448107 | US1104481072 | 82.6198 | 8.26198 |
Cardinal Energy Ltd | CJ | 14150G400 | CA14150G4007 | 5.0018 | 0.50018 |
Cenovus Energy Inc | CVE | 15135U109 | CA15135U1093 | 13.3445 | 1.33445 |
Crescent Point Energy Corp | CPG | 22576C101 | CA22576C1014 | 10.6362 | 1.06362 |
Deutsche Post AG | DPSGY | 25157Y202 | US25157Y2028 | 59.3544 | 5.93544 |
Encana Corp | ECA | 292505104 | CA2925051047 | 15.5910 | 1.55910 |
Freehold Royalties Ltd | FRU | 356500108 | CA3565001086 | 15.8637 | 1.58637 |
Hudbay Minerals Inc | HBM | 443628102 | CA4436281022 | 10.0159 | 1.00159 |
Husky Energy Inc | HSE | 448055103 | CA4480551031 | 16.7475 | 1.67475 |
Nokia OYJ | NOK | 654902204 | US6549022043 | 6.3601 | 0.63601 |
Peyto Exploration & Development Corp | PEY | 717046106 | CA7170461064 | 18.2167 | 1.82167 |
Rio Tinto PLC | RIO | 767204100 | US7672041008 | 62.7390 | 6.27389 |
Suncor Energy Inc | SU | 867224107 | CA8672241079 | 44.4391 | 4.44391 |
TOTAL SA | TOT | 89151E109 | US89151E1091 | 71.6864 | 7.16864 |
Unilever PLC | UL | 904767704 | US9047677045 | 71.3863 | 7.13862 |
Vermilion Energy Inc | VET | 923725105 | CA9237251058 | 45.4562 | 4.54562 |
Vodafone Group PLC | VOD | 92857W308 | US92857W3088 | 37.2308 | 3.72308 |
* Based on an exchange per $1,000 of face value.
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., 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.
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.
SOURCE European Focused Dividend Fund
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