Split Corp Real Estate & E-Commerce announcement overnight

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CALGARY, Alberta, August 23, 2021 (GLOBE NEWSWIRE) – Middlefield Group, on behalf of Real Estate & E-Commerce Split Corp. (TSX: RS and RS.PR.A) (the “Company”), is pleased to announce that the Company is undertaking an overnight cash offering of Class A Shares and Preferred Shares (the “Shares of Class A ”and“ Preferred Shares ”, respectively).

The sale period for this overnight offer will end at 9:00 a.m. (ET) on Tuesday, August 24, 2021. The offer is expected to close on or around August 30, 2021 and is subject to certain closing conditions, including approval. by the Toronto Stock Exchange (“TSX”).

Class A shares will be offered at a price of $ 20.50 per Class A share for a yield of 7.6% and preferred shares will be offered at a price of $ 10.00 per preferred share for a yield of 5%. , 3%. The closing price on the TSX for each of the Class A Shares and the Preferred Shares on August 20, 2021 was $ 20.80 and $ 10.60, respectively. The offering prices of the Class A shares and the preferred shares have been determined to be non-dilutive with respect to the most recent net asset value per unit of the Company (calculated as of August 20, 2021), adjusted to take into account dividends and certain expenses accrued before or at the time of settlement of the offer.

The Company was designed to provide investors with a diversified, actively managed, high conviction portfolio of securities from leading North American real estate companies.

The Company’s investment objectives for:

Class A shares must provide holders with:
(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio

Preferred shares must provide holders with:
(i) fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $ 10.00 to holders at maturity.

Middlefield Capital Corporation provides investment management advice to the Company.

The agent’s syndicate is jointly led by CIBC Capital Markets and RBC Capital Markets.

For more information, please visit our website at www.middlefield.com or contact Nancy Tham from our sales and marketing department at 1.888.890.1868.

A short form base shelf prospectus containing important detailed information on the securities offered has been filed with the securities commissions or similar authorities in each of the provinces of Canada. Copies of the simplified base shelf prospectus can be obtained from a union member. The Company intends to file a supplement to the short form base shelf prospectus, and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will be no sale or acceptance of an offer to purchase the Offered Securities until the Prospectus Supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada. .


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