- Middlefield Group, on behalf of Real Estate Split Corp. (RS), has announced a successful overnight offering of class A and preferred shares
- Gross proceeds of the offering are expected to be approximately $10.1 million
- The class A shares were offered at $15.30 per class A share to yield 10.2 per cent, while the preferred shares were offered for $10.12 per preferred share to yield 5.2 per cent
- Middlefield Capital Corporation provides investment management advice to the company
- Real Estate Split Corp. was down 5.527 per cent, trading at $14.87 at 10:25 AM ET
Middlefield Group, on behalf of Real Estate Split Corp. (TSX:RS), has announced a successful overnight offering of class A and preferred shares.
The offering is expected to yield gross proceeds of approximately $10.1 million.
The treasury offering is expected to close on or about Wednesday, June 29, 2022, and is subject to approval by the Toronto Stock Exchange.
The class A shares were offered at a price of $15.30 and yield 10.2 per cent. The preferred shares were offered at a price of $10.12 per preferred share and yield 5.2 per cent.
The company has been designed to provide investors with a diversified, actively managed, high conviction portfolio consisting 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
The objectives for the 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.
Real Estate Split Corp. was down 5.527 per cent, trading at $14.87 at 10:25 AM ET.