- Middlefield Group, on behalf of Real Estate Split Corp. (RS), has completed an overnight treasury offering of Class A and preferred shares
- Approximately $11.8 million is expected as gross proceeds of the offering
- The Class A shares were offered at a price of $14.40 per Class A share to yield 10.8 per share, while the preferred shares were offered at a price of $9.80 per preferred share to yield 5.4 per cent
- Real Estate Split Corp. is a mutual fund company
- Real Estate Split Corp. was down 4.072 per cent, trading at $14.37 at 10:39 AM ET
Middlefield Group, on behalf of Real Estate Split Corp. (RS), has completed an overnight treasury offering of Class A and preferred shares.
Approximately $11.8 million is expected as gross proceeds of the offering.
The offering is expected to close on or about Wednesday, October 12, 2022, and is subject to certain closing conditions, including approval by the Toronto Stock Exchange.
The Class A shares were offered at a price of $14.40 per Class A share to yield 10.8 per share, while the preferred shares were offered at a price of $9.80 per preferred share to yield 5.4 per cent.
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 of September 30, 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 non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the portfolio.
The objectives for the preferred shares are to provide holders with fixed cumulative preferential quarterly cash distributions and return the original issue price of $10.00 to holders upon maturity.
Middlefield Capital Corporation provides investment management advice to the company.
Real Estate Split Corp., formerly Real Estate & E-Commerce Split Corp., operates as a mutual fund company.
Real Estate Split Corp. was down 4.072 per cent, trading at $14.37 at 10:39 AM ET.