Digital Consumer Dividend Fund has filed a preliminary prospectus in relation to an initial public offering of units, at a price of $10 per unit, Calgary-based Middlefield Group announced Friday.
The investment objectives of the closed-end fund are to provide unitholders with stable monthly cash distributions, and enhanced long-term total return through capital appreciation.
The fund aims to achieve these objectives through a diversified, actively managed portfolio primarily comprised of dividend-paying securities of global issuers in the digital consumer industry, including companies involved in, or deriving revenue from, streaming, digital content, cybersecurity, social networking, e-commerce and connectivity.
The initial target distribution yield is 4% per year, based on the original subscription price.
The fund will be advised by Toronto-based Middlefield Capital Corp., and Stamford, Connecticut-based research firm SSR LLC will act as an industry advisor to Middlefield.
Copies of the preliminary prospectus may be obtained from any of the following agents: CIBC Capital Markets and RBC Capital Markets (co-leaders of the syndicate of agents), as well as BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., Industrial Alliance Securities, National Bank Financial Inc., GMP Securities L.P., Manulife Securities Incorporated, Raymond James Ltd., Middlefield Capital Corp., Desjardins Securities Inc. and Mackie Research Capital Corp.