Exchange Bulletin

Global Real Estate & E-Commerce Dividend Fund (GEC.UN) To Trade On Toronto Stock Exchange

October 23, 2018

Issuer: Global Real Estate & E-Commerce Dividend Fund (the "Fund")



Issued and Outstanding Securities

Reserved Securities

Issue Price

Trust units (the "Units")





Listing category:


Trading currency:



Initial public offering of Units (the "Offering")

Listing date:

October 24, 2018 (as at 5:01 pm) in anticipation of closing of the Offering.

Anticipated closing date:

October 25, 2018

Posted for trading date:

October 25, 2018 (at the opening) subject to confirmation of closing of the Offering.

Other market(s):


Temporary market maker:

W.D. Latimer Co. Ltd.

Security ownership registration:

CDS book-entry system

Investor relations:

Francisco Z. Ramirez

President, Middlefield Limited

(403) 269-2100

- OR –

Catherine E. Rebuldela

Chief Financial Officer, Middlefield Limited

(403) 269-2100


An investment fund established as a trust under the laws of the Province of Alberta pursuant to a declaration of trust dated as of September 19, 2018.

Manager and Trustee:

Middlefield Limited

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) enhanced long-term total return through capital appreciation of the Fund's investment portfolio, through a diversified, actively managed portfolio comprised of dividend-paying securities of global real estate issuers that are believed to be well positioned to benefit from the rapid adoption of e-commerce products and services, as well as securities of issuers operating in or deriving a significant portion of their revenue or earnings from products or services related to the e-commerce industry.

Transfer agent and registrar:

Middlefield Capital Corporation at its principal office in Toronto.


The Fund intends to provide Unitholders with monthly cash distributions. The initial target distribution amount for the period ending January 31, 2020 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).


Not applicable

Disclosure document:

Prospectus dated September 19, 2018 which is available at Capitalized terms not otherwise defined herein are as defined in the Disclosure document.

Initial public offering:

Pursuant to the terms of the Prospectus, a maximum of 15,000,000 Units (and a minimum of 2,000,000 Units) at a price of $10.00 per Unit, are being offered to the public.

TSX contact:

Julie Shin, Managing Director, Toronto Stock Exchange.