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Bulletin de la Bourse
Real Estate & E-Commerce Split Corp. (RS, RS.PR.A) inscrit à la Bourse de Toronto
17 novembre 2020
Issuer: Real Estate & E-Commerce Split Corp. (the "Company")
| Security | Symbol | Issued and Outstanding Securities | Reserved Securities | Issue Price |
|---|---|---|---|---|
| Class A Shares | RS | Up to 4,000,000 | Up to 660,000 | $15.00 |
| Preferred Shares | RS.PR.A | Up to 4,000,000 | Up to 600,000 | $10.00 |
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering of Units (the "Offering") |
| Listing date: | November 18, 2020 (as at 5:01 pm) in anticipation of closing of the Offering. |
| Anticipated closing date: | November 19, 2020 |
| Posted for trading date: | November 19, 2020 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Temporary market maker: | Virtu Financial Canada ULC |
| Security ownership registration: | CDS book-entry system |
| Investor relations: | Dean Orrico Director (416) 362-0714 dorrico@middlefield.com -- OR -- Craig Rogers Chief Financial Officer & Director (416) 362-0714 crogers@middlefield.com |
| Incorporation: | A mutual fund established as a corporation under the laws of the Province of Ontario on October 7, 2020. |
| Manager: | Middlefield Limited |
| Fiscal year end: | December 31 |
| Nature of business: | The Company will invest in a diversified, actively managed portfolio of dividend-paying securities of issuers operating in the real estate or related sectors, including real estate investment trusts, that the Advisor believes are well-positioned to benefit from low interest rates, the rapid adoption of e-commerce, the growth of data infrastructure as well as attractive valuations in various areas of the real estate sector. |
| Transfer agent and registrar: | Middlefield Capital Corporation at its principal office in Toronto. |
| Distributions: | Class A Shares: The Company will pay non-cumulative monthly distributions to the holders of Class A Shares. The monthly cash distribution is targeted to be $0.10 per Class A Share representing a yield on the issue price of $15.00 of the Class A Shares of 8.0% per annum. Such distributions will be paid on or before the last business day of the month following the month in respect of which the distribution becomes payable. The initial distribution on the Class A Shares is expected to be declared payable to holders of Class A Shares of record on December 31, 2020. No distributions will be paid on the Class A Shares if (i) the distributions payable on the Preferred Shares are in arrears, or (ii) in respect of a cash distribution by the Company, the NAV per Unit would be less than $15.00 following the payment of such distributions. Preferred Shares: Holders of record of Preferred Shares on the last business day of each of March, June, September and December will be entitled to receive fixed, cumulative preferential quarterly cash distributions equal to $0.13125 per Preferred Share until December 31, 2025. On an annualized basis, this would represent a yield on the $10.00 Preferred Share issue price of 5.25% per annum. Such quarterly distributions are expected to be paid by the Company before the last business day of the month following the period in respect of which the distribution was payable. Based on the anticipated closing date of the Offering, the initial distribution is expected to be payable to the holders of Preferred Shares of record on December 31, 2020. The first distribution will be pro-rated to reflect the period from the closing date to December 31, 2020. |
| Sponsorship: | Not applicable |
| Disclosure document: | Prospectus dated October 28, 2020, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Disclosure document. |
| Initial public offering: | Pursuant to the terms of the Prospectus, up to 4,000,000 Class A Shares at a subscription price of $15.00 per Class A Share and up to 4,000,000 Preferred Shares at a subscription price of $10.00 per Preferred Share, are being offered to the public. |
| TSX contact: | Chris Birkett, Managing Director, Toronto Stock Exchange |
