Middlefield completes merger of real estate funds

Middlefield merges Sustainable Real Estate Fund into Real Estate ETF; unitholders receive new units

Middlefield completes merger of real estate funds

Middlefield has successfully completed of the merger of Sustainable Real Estate Dividend Fund (Sustainable Real Estate) into Middlefield Real Estate Dividend ETF (Real Estate ETF).

Real Estate ETF will continue as the surviving fund. Each unit of Sustainable Real Estate has been automatically exchanged into 0.62971496 units of Real Estate ETF.

This exchange ratio was based on the net asset values per unit of each respective fund as of the close of trading on the Toronto Stock Exchange (TSX) on May 15. Approximately 887,779 new units of Real Estate ETF were issued in connection with the merger.

The merger was conducted on a tax-deferred “rollover” basis, with all costs covered by the manager, Middlefield Limited.

Former unitholders of Sustainable Real Estate are not required to take any action to be recognized as unitholders or to trade their Real Estate ETF units on the TSX.

However, those who wish to participate in the voluntary Distribution Reinvestment Plan (DRIP) of Real Estate ETF must contact their advisor to enroll in the DRIP of Real Estate ETF.

As of May 16, the units of Sustainable Real Estate will no longer trade on the TSX.