On June 13, 2023, E Split Corp. (TSX: ENS and ENS.PR.A) (the “Fund”) completed an overnight public offering (the “Offering”) of 4,382,200 preferred shares for total gross proceeds of approximately C$43.8 million.
The objectives of the Fund are to provide holders of the class A shares with non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the Fund’s investment portfolio and holders of the preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price. This will be achieved through an actively managed portfolio comprised primarily of common shares of Enbridge Inc., a North American oil and gas pipeline, gas processing and natural gas distribution company, through purchases of Enbridge common shares in the market or through participation in future public offerings by Enbridge.
The syndicate of agents for the Offering was co-led by CIBC Capital Markets and RBC Capital Markets, and included Canaccord Genuity Corp., National Bank Financial Inc., Scotiabank, Hampton Securities Limited, BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Desjardins Securities Inc, Manulife Securities Incorporated, Middlefield Capital Corporation, Research Capital Corporation and Richardson Wealth Limited.
Middlefield Limited, the manager of the Fund, was advised by Fasken with a team that consisted of Stephen Erlichman, Daniel Fuke and George Soules (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).
Jurisdiction
- Ontario
