New offering!! Guessing they bought more Shares?
E Split Corp. Announces Overnight Offering
Not for distribution to U.S. Newswire Services or for dissemination in the United States.
TORONTO, Sept. 07, 2023 (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 is undertaking an overnight treasury offering of class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively).
The sales period for this overnight offering will end at 9:00 a.m. (ET) on Friday, September 8, 2023. The offering is expected to close on or about September 15, 2023 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).
The Class A Shares will be offered at a price of $12.65 per Class A Share to yield 12.3% and the Preferred Shares will be offered at a price of $9.85 per Preferred Share to yield 7.4% to maturity. The closing price on the TSX for each of the Class A Shares and Preferred Shares on September 6, 2023 was $13.34 and $9.91, respectively. The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (calculated as at September 6, 2023), as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
In addition, the Company announces that the third quarter distribution of 2023 will be payable to preferred shareholders as follows:
| | Record Date | Payable Date | Distribution Per
Preferred Share |
| | September 30, 2023 | October 13, 2023 | $0.175 |
| |
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:
(i) non-cumulative monthly cash distributions; and
(ii) the opportunity for capital appreciation through exposure to the portfolio
Preferred Shares are to:
(i) provide holders with fixed cumulative preferential quarterly cash distributions; and
(ii) return the original issue price of $10.00 to holders upon maturity.