Middlefield Healthcare & Wellness Dividend Fund completes largest closed-end fund IPO in Canada in 2016

On October 20, 2016, Middlefield Healthcare & Wellness Dividend Fund (the “Fund”) completed an initial public offering of trust units at a price of $10.00 per unit for gross proceeds of $115 million, the largest closed-end fund IPO in Canada in 2016. The offering was made in each of the provinces of Canada. The objectives of the Fund are to provide investors with stable monthly cash distributions and enhanced long-term total return through capital appreciation of the Fund’s investment portfolio, by utilizing an investment strategy which focuses primarily on investing in securities of issuers operating in or that derive a significant portion of their earnings or revenue from products or services related to the healthcare, wellness and related industries. The syndicate of agents for the offering was co-led by CIBC and RBC Capital Markets and included Scotiabank, BMO Nesbitt Burns Inc., TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated and Middlefield Capital Corporation. The Fund and its manager, Middlefield Limited, were advised by a team from Fasken Martineau consisting of Stephen Erlichman, John Sabetti, Daniel Fuke and Dylan Chochla (Securities) and Mitchell Thaw (Tax).