Exchange Bulletin
Global Healthcare Dividend Fund (GHC.UN) To Trade On Toronto Stock Exchange
Global Healthcare Dividend Fund (the "Fund") - An application has been granted for the original listing in the Industrial category of up to a maximum of 23,060,000 trust units ("Units") of the Fund, of which up to 20,000,000 Units will be issued and outstanding, and up to 3,060,000 Units will be reserved for issuance upon completion of an initial public offering (the "Offering").
Listing of the Units will become effective at 5:01 p.m. on Wednesday, October 22, 2014, in anticipation of the public offering closing on Thursday, October 23, 2014. The Units, other than those which have not been distributed to the public, will be posted for trading at the opening on Thursday, October 23, 2014.
Registration of interests in and transfers of the Units will be made only through the book-entry only system of CDS Clearing and Depository Services Inc. ("CDS"). Units must be purchased, transferred and surrendered for redemption only through a CDS Participant. Upon a purchase of Units, the holder will receive only the customary confirmation.
Additional information on the Units may be found in the final prospectus of the Fund dated September 24, 2014 (the "Prospectus"), which is available at www.SEDAR.com. Capitalized terms not otherwise defined are as defined in the Prospectus.
Stock Symbol: "GHC.UN" | CUSIP: 37890Q 10 7 | Trading Currency: CDN$ |
Temporary Market Maker: | JitneyTrade Inc. |
Other Markets: | None |
Head Office Address: | 812 Memorial Drive N.W. Calgary, AB T2N 3C8 |
Email Address: | invest@middlefield.com |
Website Address: | www.middlefield.com |
Head Office Telephone Number: | (403) 269-2100 |
Fax Number: | (403) 269-2911 |
Investor Relations: | Robert F. Lauzon rlauzon@middlefield.com - and - Francisco Z. Ramirez framirez@middlefield.com |
Chief Financial Officer: | Francisco Z. Ramirez |
Secretary: | Catherine E. Rebuldela |
Incorporation: | The Fund is an investment fund established as a trust under the laws of the Province of Alberta pursuant to a declaration of trust dated September 24, 2014. |
Manager of the Fund: | Middlefield Limited |
Advisor: | Middlefield Capital Corporation |
Fiscal Year End: | December 31 |
Nature of Business: | The Fund's investment objectives are to provide holders of Units ("Unitholders") with: (i) stable monthly cash distributions, and (ii) long-term total return through distributions and capital appreciation of the Fund's investment portfolio, by utilizing an investment strategy which combines passive and active portfolio management and focuses on investing in dividend-paying securities of global issuers that derive a significant portion of their revenue or earnings from products and services related to healthcare. Such issuers may include, but will not be limited to, issuers operating in the following healthcare industry sub-sectors: healthcare facilities and healthcare related real estate investment trusts, healthcare distributors, pharmaceuticals, and healthcare equipment and services. |
Transfer Agent & Registrar: | MFL Management Limited at its principal office in Toronto |
Distributions: | The Fund intends to provide Unitholders with monthly cash distributions. Such distributions will be payable to Unitholders of record on the last day of each month or such other date as the Trustee may set from time to time and will be paid on or before the last business day of the first month following each such month. The Fund will not have a fixed monthly distribution amount, but will at least annually determine and announce (commencing in October, 2015) a target monthly distribution amount (the "Target Distribution Amount") based upon prevailing market conditions and the estimate by the Manager of distributable cash flow for the period to which such Target Distribution Amount pertains The initial Target Distribution Amount for the period ending October 31, 2015 is $0.04167 per Unit per month (corresponding to an annualized distribution of $0.50 per Unit per annum and representing an annualized yield of 5.0% per annum based on the original subscription price). The initial distribution is expected to be declared payable to Unitholders of record on November 30, 2014 and to be paid on or before the last business day of the following month. |
Conversion of the Fund: | On or about November 15, 2016, the Fund will, subject to applicable law, which may require Unitholder or regulatory approval, either (i) be merged on a tax-deferred basis into an open-end mutual fund managed by the Manager or an affiliate which the Manager determines has substantially similar investment objectives and which invests in the securities of issuers operating in the global healthcare sector (any such open-end mutual fund being the "Open-End Fund"), or (ii) convert to an open-end mutual fund to be managed by the Manager or an affiliate of the Manager. It is the Manager's current intention to effect a tax-deferred Conversion by way of merger into the Open-End Fund. |
Public Offering: | Pursuant to the terms of the Prospectus, up to a maximum of 20,000,000 Units are being offered to the public by CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Raymond James Ltd., Middlefield Capital Corporation, Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated, as Agents, at a price of $10.00 per Unit. |