- Real Estate Split Corp. (RS) has completed the overnight offering of Class A and preferred shares
- The overnight offering, which was conducted for Real Estate Split Corp. by Middlefield Group, raised total gross proceeds of approximately $15.0 million
- The Class A and preferred shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A shares) and RS.PR.A (preferred shares)
- Real Estate Split Corp, formerly Real Estate & E-Commerce Split Corp., operates as a mutual fund company
- Real Estate Split Corp. was up 2.59 per cent, trading at $14.26 at 10:35 AM ET
Real Estate Split Corp. (RS) has completed the overnight offering of Class A and preferred shares.
The overnight offering, which was conducted for Real Estate Split Corp. by Middlefield Group, raised total gross proceeds of approximately $15.0 million.
The Class A and preferred shares will trade on the Toronto Stock Exchange under the existing symbols RS (Class A shares) and RS.PR.A (preferred shares).
The Class A shares were offered at a price of $13.90 per Class A share to yield 11.2 per cent, and the preferred shares were offered at a price of $9.45 per preferred share to yield 5.6 per cent.
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 November 4, 2022, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
The company has been designed to provide investors with a diversified, actively managed, a high-conviction portfolio made up of securities of leading North American real estate companies.
The company’s investment objectives for the Class A shares are to provide holders with non-cumulative monthly cash distributions.
For the preferred shares, the objectives were to provide holders with fixed cumulative preferential quarterly cash distributions and return the original issue price of $10.00 to holders upon maturity.
Middlefield Capital Corporation provides investment management advice to the company.
Real Estate Split Corp, formerly Real Estate & E-Commerce Split Corp., operates as a mutual fund company.
Real Estate Split Corp. was up 2.59 per cent, trading at $14.26 at 10:35 AM ET.
