Middlefield Completes Mergers of TSX-Listed Funds
May 17 2023 - 7:20AM
Middlefield Group is pleased to announce the successful completion,
effective today, of the previously announced mergers of Sustainable
Agriculture & Wellness Dividend Fund (“Agriculture &
Wellness”) (TSX:AGR.UN) and Middlefield Health & Wellness ETF
(“Health & Wellness”) (TSX:HWF) into Middlefield Healthcare
Dividend ETF (“Healthcare ETF”) (TSX: MHCD), with Healthcare ETF
being the continuing fund, as well as Workplace Technology Dividend
Fund (“Workplace Technology”) (TSX: WORK.UN) into Middlefield
Innovation Dividend ETF (“Innovation ETF”) (TSX:MINN), with
Innovation ETF being the continuing fund.
Pursuant to the mergers, units were
automatically exchanged at the following ratios:
Units of Healthcare ETF per Unit of: |
Agriculture & Wellness |
0.69780078 |
Health & Wellness |
1.10911191 |
Units of Innovation ETF per Unit of: |
Workplace Technology |
0.46876552 |
The exchange ratios were based on the net asset
values per unit of each respective fund as at the close of trading
on the Toronto Stock Exchange (the “TSX”) on May 16, 2023.
Approximately 6,393,678 new units of Healthcare ETF and 2,792,618
units of Innovation ETF were issued in connection with the mergers.
The units of Agriculture & Wellness, Health & Wellness, and
Workplace Technology (collectively, the “Merged Funds”) will no
longer trade on the TSX.
The mergers were effected on a
tax-deferred “rollover” basis. All costs of the mergers were paid
by the manager, Middlefield Limited.
Former unitholders of the Merged Funds are not
required to take any action in order to be recognized as a
unitholder or to be in a position to trade their Healthcare ETF or
Innovation ETF units on the TSX. Former unitholders of the Merged
Funds who wish to participate in the Distribution Reinvestment Plan
(the “DRIP”) of Healthcare ETF or Innovation ETF will need to
enroll in the respective fund’s DRIP.
The units of Healthcare ETF trade on the
TSX under the symbol MHCD and units of Innovation ETF trade on the
TSX under the symbol MINN.
About Middlefield
Founded in 1979, Middlefield is a specialist and
independent equity income manager headquartered in Toronto, Canada.
Middlefield’s actively managed, award-winning funds are designed to
be “investments that work for you” by distributing consistent and
high levels of income through various market cycles. Middlefield’s
funds span a number of market sectors including real estate,
healthcare, innovation, sustainability, infrastructure and energy.
Investors can access these strategies in a variety of product types
including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds
and Flow-through LPs.
For further information, please visit our
website at www.middlefield.com or contact Nancy
Tham in our Sales and Marketing Department at 1.888.890.1868.
Commissions, trailing commissions, management
fees and expenses all may be associated with owning units of an
investment fund or ETF investments. Please read the prospectus and
publicly filed documents before investing. You will usually pay
brokerage fees to your dealer if you purchase or sell units of an
investment fund on the Toronto Stock Exchange or alternative
Canadian trading platform (an “exchange”). If the units are
purchased or sold on an exchange, investors may pay more than the
current net asset value when buying units of an investment fund and
may receive less than the current net asset value when selling
them. There are ongoing fees and expenses associated with owning
units of an investment fund. An investment fund must prepare
disclosure documents that contain key information about the fund.
You can find more detailed information about the fund in the public
filings available at www.sedar.com. The indicated rates of return
are the historical annual compounded total returns including
changes in unit value and reinvestment of all distributions and do
not take into account: certain fees such as sales fees, redemption
fees, distributions or optional charges or income taxes payable by
any securityholder that would have reduced returns. Investment
funds and ETFs are not guaranteed, their values change frequently
and past performance may not be repeated.
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. Statements which may constitute forward-looking
statements relate to: the proposed timing of the merger and
completion thereof; the benefits of the merger; and the funds that
are proposed to be merged. 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, many of which are beyond the
control of the funds.
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