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Global Infrastructure Dividend to list on TSX July 24

2014-07-22 20:18 ET - New Listing

Global Infrastructure Dividend Fund will begin trading on the Toronto Stock Exchange as an industrial issuer at the open on Thursday, July 24, 2014, according to the TSX. As in the fund's June 27, 2014, prospectus for its initial public offering, it will invest in a diversified actively managed portfolio consisting primarily of dividend-paying securities of global issuers that own, develop, operate, support or maintain assets or businesses related to infrastructure, energy transportation or real estate. The manager of the fund is Middlefield Capital Corp.

The fund plans to raise up to $200-million by selling units at $10 each under its IPO. It has granted the agents an overallotment option to buy up to another 15 per cent of the units sold under the offering at the same price for 30 days from the closing of the offering. The fund intends to pay cash distributions on a monthly basis at an initial rate of five cents per unit per month, representing an annualized yield of 6 per cent based on the original subscription price. The fund anticipates paying its initial distribution to unitholders of record on Aug. 31, 2014, on or before the last business day of the following month.

On or about Aug. 15, 2016, the fund will either be merged on a tax-deferred basis into the Middlefield Global Infrastructure Fund, an open-end mutual fund, or into another open-end mutual fund managed by the manager that has similar objectives, or will convert to an open-end mutual fund.

The TSX reports the fund's units will trade under the symbol GIF.UN and Cusip No. 37954D 10 9.

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