Global Innovation Dividend Fund has completed its initial public offering of 8 million units for gross proceeds of $80 million, Calgary-based Middlefield Group has announced. The offering was made by prospectus.
The units of the closed-end fund are listed on the Toronto Stock Exchange under the symbol BL.UN.
The fund invests in a diversified, actively managed portfolio made up primarily of dividend-paying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from, the development or commercialization of products or services related to major technological innovations including the use of blockchain technology, genomics, artificial intelligence, big data, e-commerce, cybersecurity, the internet of things and autonomous vehicles, Middlefield says in a news release.
The initial target distribution yield for the fund is 4% per year based on the original subscription price of $10 per unit (or 3.3¢ per unit per month or 40¢ per unit per year).
Middlefield Capital Corp. will provide investment management advice to the fund. SSR LLC, an investment research firm based in Stamford, Conn., will act as an industry subadvisor to Middlefield and will provide ongoing analysis regarding the fund.
The syndicate of agents was co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Bank of Nova Scotia, TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Raymond James Ltd., Manulife Securities Inc., Industrial Alliance Securities, Middlefield Capital Corp., Desjardins Securities Inc. and Mackie Research Capital Corp.