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E Split Corp. announces an offer of more than 24 hours

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CALGARY, Alta., September 14, 2020 (GLOBE NEWSWIRE) – Middlefield Group, on behalf of E Split Corp. (TSX: ENS and ENS.PR.A) (the Company), is pleased to announce that the Company undertakes an overnight cash offer of Class A shares and preferred shares (the shares Class A and preferred shares, respectively).

The sale period for this overnight placement will end at 9:00 a.m. (EDT) on Tuesday, September 15, 2020. The offer is expected to close on or around September 22, 2020 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 $ 11.75 per Class A share for a yield of 13.3% 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 Preferred Shares on September 11, 2020 was $ 11.95 and $ 10.15, respectively. The offering prices of the Class A shares and the preferred shares have been determined so as not to be dilutive with respect to the last calculated net asset value per unit of the company (calculated as at September 11, 2020), adjusted to take into account dividends and certain expenses accrued before or at the time of settlement of the offer.

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:

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:

(i) provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $ 10.00 to Holders at Maturity.

Middlefield Capital Corporation will provide investment management advice to the Company.

The syndicate of investment agents is co-led by CIBC Capital Markets and RBC Capital Markets.

For more information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in 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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