- Real Estate Split Corp. (RS) has closed an overnight offering of class A and preferred shares for aggregate gross proceeds of approximately $15.2 million
- The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A shares) and RS.PR.A (preferred shares)
- The Class A shares were offered at a price of $18.00 per Class A share to yield approximately 8.7 per cent per annum
- The preferred shares were offered at a price of $10.10 per preferred share to yield approximately 5.2 per cent per annum
- Real Estate Split Corp is a mutual fund company.
- Real Estate Split Corp. shares were up 1.562 per cent, trading at $16.91 at 10:23 AM ET
Middlefield Group, on behalf of Real Estate Split Corp. (RS), has closed an overnight offering for aggregate gross proceeds of $15.2 million.
The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A shares) and RS.PR.A (preferred shares).
The Class A shares were offered at a price of $18.00 per Class A share to yield approximately 8.7 per cent per annum and the preferred shares were offered at a price of $10.10 per preferred share to yield approximately 5.2 per cent per annum.
The Class A share and preferred share offering prices were determined so as to be non-dilutive to the net asset value per unit of the company on May 3, 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.
Similarly, those 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 operates as a mutual fund company.
Real Estate Split Corp. shares are up 1.562 per cent, trading at $16.91 at 10:23 AM ET.