International Clean Power Dividend Fund Announces Exchange Ratios
CALGARY, Alberta, March 09, 2021 (GLOBE NEWSWIRE) -- Middlefield Group, on behalf of International Clean Power Dividend Fund (the “Fund”), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated February 11, 2021.
*The Fund’s investment objectives are to provide holders of units of the Fund (“Units”) with:*
(i) stable monthly cash distributions, and
(ii) enhanced long-term total return through capital appreciation of the Fund’s investment portfolio;
through a diversified, actively managed portfolio comprised primarily of dividend paying securities of international issuers focused on, involved in, or that derive a significant portion of their revenue from renewable power and related sectors (collectively, “Clean Power Issuers”). The advisor believes that Clean Power Issuers will generate attractive risk-adjusted returns for the Fund due to the increasing demand for renewable power stemming from the ongoing reduction in cost associated with renewable power as well as the growing political, corporate and societal support for renewable power. The Advisor believes that these factors will drive ongoing and increasing levels of investor interest in renewable power and related sectors for decades to come. In addition, the Advisor will integrate environmental, social and governance considerations to complement fundamental analysis in selecting Clean Power Issuers it believes have sustainable competitive advantages.
The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per unit per month or $0.50 per unit per annum).
The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on March 9, 2021 (the “Pricing Period”), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today’s Bank of Canada daily exchange rate. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places. All prices are in Canadian Dollars.
The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.
*Core Renewable Energy Exchange Issuers* *Ticker* *CUSIP* *ISIN* *VWAP* *Exchange
Ratio*
*Wind & Solar Issuers*
Array Technologies Inc ARRY 04271T100 US04271T1007 44.1146 4.41145
Boralex Inc BLX 09950M300 CA09950M3003 39.9939 3.99939
Brookfield Renewable Corp BEPC 11284V105 CA11284V1058 54.5602 5.45602
Brookfield Renewable Partners LP BEP-U n/a BMG162581083 50.5677 5.05677
Canadian Solar Inc CSIQ 136635109 CA1366351098 52.9655 5.29655
Enphase Energy Inc ENPH 29355A107 US29355A1079 186.7119 18.67119
Enviva Partners LP EVA 29414J107 US29414J1079 60.5598 6.05598
First Solar Inc FSLR 336433107 US3364331070 94.5908 9.45907
*Core Renewable Energy Exchange Issuers (Continued)* *Ticker* *CUSIP* *ISIN* *VWAP* *Exchange
Ratio*
*Wind & Solar Issuers (Continued)*
Hannon Armstrong Sustainable Infrastructure Capital Inc HASI 41068X100 US41068X1000 67.3814 6.73814
Innergex Renewable Energy Inc INE 45790B104 CA45790B1040 21.9198 2.19198
JinkoSolar Holding Co Ltd JKS 47759T100 US47759T1007 54.0628 5.40627
Northland Power Inc NPI 666511100 CA6665111002 42.4535 4.24535
Ormat Technologies Inc ORA 686688102 US6866881021 101.5194 10.13678
Pinnacle Renewable Energy Inc PL 72349J107 CA72349J1075 10.9887 1.09887
Renewable Energy Group Inc REGI 75972A301 US75972A3014 95.2036 9.52035
SolarEdge Technologies Inc SEDG 83417M104 US83417M1045 328.1215 32.81214
Sunnova Energy International Inc NOVA 86745K104 US86745K1043 47.1532 4.71531
SunPower Corp SPWR 867652406 US8676524064 39.7127 3.97126
Sunrun Inc RUN 86771W105 US86771W1053 66.8672 6.68671
TransAlta Renewables Inc RNW 893463109 CA8934631091 18.9596 1.88812
*Grid Infrastructure Issuers*
Advanced Energy Industries Inc AEIS 007973100 US0079731008 128.5383 12.85382
AES Corp/The AES 00130H105 US00130H1059 33.2028 3.32027
Algonquin Power & Utilities Corp AQN 015857105 CA0158571053 19.4718 1.94718
AltaGas Ltd ALA 021361100 CA0213611001 19.7074 1.97074
Ameresco Inc AMRC 02361E108 US02361E1082 55.2079 5.52078
American Electric Power Co Inc AEP 025537101 US0255371017 99.1811 9.91810
Atco Ltd/Canada ACO/X 046789400 CA0467894006 37.8198 3.78198
Avangrid Inc AGR 05351W103 US05351W1036 58.7606 5.87605
Bloom Energy Corp BE 093712107 US0937121079 33.2086 3.32085
Brookfield Infrastructure Corp BIPC 11275Q107 CA11275Q1072 87.7660 8.77660
Brookfield Infrastructure Partners LP BIP-U n/a BMG162521014 65.5479 6.55479
Canadian Utilities Ltd CU 136717832 CA1367178326 30.6402 3.06402
Capital Power Corp CPX 14042M102 CA14042M1023 34.0451 3.40451
CMS Energy Corp CMS 125896100 US1258961002 69.4230 6.94230
Duke Energy Corp DUK 26441C204 US26441C2044 111.9043 11.19042
Emera Inc EMA 290876101 CA2908761018 51.5464 5.15464
Fortis Inc/Canada FTS 349553107 CA3495531079 50.5739 5.05739
Hydro One Ltd H 448811208 CA4488112083 27.3244 2.70708
NextEra Energy Inc NEE 65339F101 US65339F1012 90.6094 9.06093
Power Integrations Inc POWI 739276103 US7392761034 104.3015 10.43015
TransAlta Corp TA 89346D107 CA89346D1078 10.5631 1.05631
*Electric Vehicles & Batteries Issuers*
Albemarle Corp ALB 012653101 US0126531013 181.4598 18.09670
Alphabet Inc GOOGL 02079K305 US02079K3059 2588.8800 258.88800
Amazon.com Inc AMZN 023135106 US0231351067 3799.2012 379.92012
Apple Inc AAPL 037833100 US0378331005 152.0817 15.20816
Aptiv PLC APTV n/a JE00B783TY65 184.7860 18.47859
ATS Automation Tooling Systems Inc ATA 001940105 CA0019401052 27.7928 2.77928
BlackBerry Ltd BB 09228F103 CA09228F1036 12.4702 1.24702
Ford Motor Co F 345370860 US3453708600 15.5718 1.55717
Generac Holdings Inc GNRC 368736104 US3687361044 389.1308 38.91308
General Motors Co GM 37045V100 US37045V1008 67.6328 6.76327
*Core Renewable Energy Exchange Issuers (Continued)* *Ticker* *CUSIP* *ISIN* *VWAP* *Exchange
Ratio*
*Electric Vehicles & Batteries Issuers (Continued)*
Lithium Americas Corp LAC 53680Q207 CA53680Q2071 19.7400 1.97400
Livent Corp LTHM 53814L108 US53814L1089 21.6431 2.16431
Magna International Inc MG 559222401 CA5592224011 110.4211 11.04211
Micron Technology Inc MU 595112103 US5951121038 110.5814 11.05813
NIO Inc NIO 62914V106 US62914V1061 48.7300 4.87300
NVIDIA Corp NVDA 67066G104 US67066G1040 624.0766 62.38744
Tesla Inc TSLA 88160R101 US88160R1014 777.7253 77.77253
Uber Technologies Inc UBER 90353T100 US90353T1007 69.0585 6.90584
*Hydrogen Issuers*
Air Products and Chemicals Inc APD 009158106 US0091581068 332.5378 33.25377
Ballard Power Systems Inc BLDP 058586108 CA0585861085 29.7259 2.97259
Cummins Inc CMI 231021106 US2310211063 334.6878 33.46877
FuelCell Energy Inc FCEL 35952H601 US35952H6018 17.6899 1.76898
Linde PLC LIN n/a IE00BZ12WP82 318.3791 31.83791
Plug Power Inc PLUG 72919P202 US72919P2020 50.8835 5.08835
Xebec Adsorption Inc XBC 983891102 CA9838911027 6.9659 0.69659
*Non-Renewable Energy Exchange Issuers*
ARC Resources Ltd ARX 00208D408 CA00208D4084 7.7969 0.77969
Bank of Montreal BMO 063671101 CA0636711016 107.9442 10.79442
Bank of Nova Scotia/The BNS 064149107 CA0641491075 77.4648 7.74648
BCE Inc BCE 05534B760 CA05534B7604 56.6937 5.58187
Brookfield Asset Management Inc BAM/A 112585104 CA1125851040 52.7344 5.27344
Canadian Imperial Bank of Commerce CM 136069101 CA1360691010 122.3257 12.23257
Canadian Natural Resources Ltd CNQ 136385101 CA1363851017 38.4414 3.84414
Cenovus Energy Inc CVE 15135U109 CA15135U1093 10.0358 1.00183
Crescent Point Energy Corp CPG 22576C101 CA22576C1014 5.2545 0.52520
Enbridge Inc ENB 29250N105 CA29250N1050 44.9082 4.49082
Freehold Royalties Ltd FRU 356500108 CA3565001086 7.6054 0.76054
Gibson Energy Inc GEI 374825206 CA3748252069 22.0521 2.20521
Granite Real Estate Investment Trust GRT-U 387437114 CA3874371147 73.8364 7.38364
Imperial Oil Ltd IMO 453038408 CA4530384086 30.1075 3.01075
Inter Pipeline Ltd IPL 45833V109 CA45833V1094 18.0424 1.80424
Keyera Corp KEY 493271100 CA4932711001 25.6801 2.56801
MEG Energy Corp MEG 552704108 CA5527041084 7.3675 0.73675
National Bank of Canada NA 633067103 CA6330671034 84.1809 8.41809
Parex Resources Inc PXT 69946Q104 CA69946Q1046 23.0718 2.30718
Parkland Corp/Canada PKI 70137W108 CA70137W1086 39.6586 3.96586
Pembina Pipeline Corp PPL 706327103 CA7063271034 35.6386 3.56386
PrairieSky Royalty Ltd PSK 739721108 CA7397211086 13.5972 1.35972
Royal Bank of Canada RY 780087102 CA7800871021 111.9553 11.19553
Seven Generations Energy Ltd VII 81783Q105 CA81783Q1054 8.5165 0.85165
Suncor Energy Inc SU 867224107 CA8672241079 27.3999 2.73999
TC Energy Corp TRP 87807B107 CA87807B1076 57.0007 5.70007
Toronto-Dominion Bank/The TD 891160509 CA8911605092 79.7160 7.97160
Tourmaline Oil Corp TOU 89156V106 CA89156V1067 22.8869 2.28869
Vermilion Energy Inc VET 923725105 CA9237251058 8.9933 0.89933
Whitecap Resources Inc WCP 96467A200 CA96467A2002 6.4087 0.64087
The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc., National Bank Financial Inc., Raymond James Ltd., Richardson Wealth Limited, Manulife Securities Incorporated, Hampton Securities Limited, Middlefield Capital Corporation, Echelon Wealth Partners Inc. and Mackie Research Capital Corporation.
For further information, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.
*This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor. Investors should read the prospectus before making an investment decision.*