CALGARY, August 29, 2018 /CNW/ - Middlefield Group is
pleased to announce the successful completion, effective today, of
the previously announced merger of Globalance Dividend Growers
Corp. ("Globalance") (TSX:GBF) and MBN Corporation ("MBN")
(TSX:MBN) (collectively, the "Funds"), with MBN being the
continuing fund.
The merger was effected on a tax-deferred "rollover"
basis. All costs and expenses associated with the merger are
being borne by the Manager and not the Funds.
Pursuant to the merger, each Globalance equity share was
automatically exchanged for 1.11019292 equity shares of MBN.
This exchange ratio was based on the relative net asset values of
Globalance and MBN as at the close of trading on the Toronto Stock
Exchange (the "TSX") on August 28,
2018, which were approximately $9.11 per equity share and $8.21 per equity share, respectively.
Approximately 1,335,147 new equity shares of MBN were issued in
connection with the merger. At the close of business
yesterday, the shares of Globalance were delisted and no longer
trade on the TSX.
Shareholders of Globalance are not required to take any
action in order to be recognized as shareholders of MBN and to be
in a position to trade their MBN shares on the TSX.
As previously announced, Mr. Garth
Jestley joined MBN as Special Advisor to assist in creating
long-term value by growing MBN through mergers with other
investment funds and by pursuing strategic opportunities. In
addition, MBN has initiated a quarterly distribution of
$0.08 per share for shareholders of
record as of September 30, 2018 that
will be paid on or about October 15,
2018.
Equity Shares of MBN trade under the symbol MBN on the
TSX.
For further information on MBN, including its annual report and
annual information form, which outline MBN's investment strategy
and other features and attributes, please visit our website at
www.middlefield.com or contact Craig
Rogers in our Corporate Development Department at
1.888.890.1868.
Certain statements in this press release may be viewed as
forward-looking statements. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, intentions, projections, objectives, assumptions or future
events or performance (often, but not always, using words or
phrases such as "expects", "is expected", "anticipates", "plans",
"estimates" or "intends" (or negative or grammatical variations
thereof), or stating that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
statements. Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements
including as a result of changes in the general economic and
political environment, changes in applicable legislation and the
performance of each fund. There are no assurances the funds can
fulfill such forward-looking statements and the funds do not
undertake any obligation to update such statements. Such
forward-looking statements are only predictions; actual events or
results may differ materially as a result of risks facing one or
more of the funds, some of which are beyond the control of the
funds.
SOURCE MBN Corporation