Ms. Nancy Tham reports

E SPLIT CORP. COMPLETES OVERNIGHT OFFERING

E Split Corp. has completed the overnight offering of Class A and preferred shares for aggregate gross proceeds of approximately $48-million. The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols ENS (Class A shares) and ENS.PR.A (preferred shares).

The Class A shares were offered at a price of $12.65 per Class A share to yield 12.3 per cent and the preferred shares were offered at a price of $9.85 per preferred share to yield 7.4 per cent to maturity. The Class A share and preferred share offering prices were determined so as to be non-dilutive to the net asset value per unit of the company on Sept. 6, 2023, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.

In addition, the company announced that the third quarter distribution of 2023 will be payable to preferred shareholders as follows:

RECORD DATE       PAYABLE DATE   DISTRIBUTION PER PREFERRED SHARE
 
Sept. 30, 2023   Oct. 13, 2023                         17.5 cents             

The company invests in common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing, and natural gas distribution company.

The company's investment objectives for the:

Class A Shares are to provide holders with:

1. Non-cumulative monthly cash distributions;
2. The opportunity for capital appreciation through exposure to the portfolio.

Preferred Shares are to:

1. Provide holders with fixed cumulative preferential quarterly cash distributions;
2. Return the original issue price of $10 to holders upon maturity.

Middlefield Capital Corp. provides investment management advice to the company.

The syndicate of agents for the offering was co-led by CIBC Capital Markets, RBC Capital Markets and Scotiabank, and included Canaccord Genuity Corp., National Bank Financial Inc., Hampton Securities Ltd., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Desjardins Securities Inc., Manulife Securities Inc., Middlefield Capital, Research Capital Corp. and Richardson Wealth Ltd.

We seek Safe Harbor.