E Split Corp.’s C$52.7 Million Overnight Offering

Fasken advised Middlefield Limited, the manager of the Fund.

On April 27, 2021 E Split Corp. (TSX: ENS and ENS.PR.A) completed an overnight public offering of 2,234,900 class A shares and 2,234,900 preferred shares for total gross proceeds of approximately C$52.7 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 National Bank Financial Inc., Scotiabank, BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., iA Private Wealth Inc., Richardson Wealth Limited, Desjardins Securities Inc., Hampton Securities Limited, Manulife Securities Incorporated, Middlefield Capital Corporation and Research Capital Corporation.

The Fasken team comprised of Stephen Erlichman (Picture), John Sabetti, Daniel Fuke and Russell Lindzon (Securities, Investment Products and Wealth Management) and Mitchell Thaw (Tax).

 

Involved fees earner: Stephen Erlichman – Fasken Martineau; Daniel Fuke – Fasken Martineau; Russell Lindzon – Fasken Martineau; John Sabetti – Fasken Martineau; Mitchell Thaw – Fasken Martineau;

Law Firms: Fasken Martineau;

Clients: Middlefield Limited;

Author: Martina Bellini