Middlefield Canadian Income Trusts Investment Company Closes £55M Offering in the UK

On July 6, 2006, Middlefield Canadian Income Trusts Investment Company PCC (the company) completed an initial offering in the United Kingdom of 55,000,000 shares of its cell Middlefield Canadian Income Trusts–GBP PC (the fund) at a price of £1 per share, for gross proceeds of £55 million ($115 million). Upon closing, the shares of the fund commenced trading on the London Stock Exchange.
The company was incorporated under the laws of Jersey as a protected cell company and the fund was formed as a closed-end protected cell of the company. The fund's investment objective is to produce a high-income return while also seeking to preserve shareholder capital. The fund is seeking to achieve efficient currency-hedged economic exposure to the Canadian income trust market.
Middlefield International Limited is the investment advisor to the fund and will provide investment management advice in respect of securities selection and asset allocation for the fund. Dresdner Kleinwort Wasserstein Securities Limited acted as sponsor for the fund and also acted as placing agent in respect of the United Kingdom initial offering of shares of the fund.
Fasken Martineau DuMoulin LLP acted as the Canadian legal advisors to the fund, with a team comprised of Stephen Erlichman and John Sabetti (corporate/securities); Jon Holmstrom (banking) and Kathleen Hanly and Mitchell Thaw (tax). Norton Rose acted as UK legal advisors to the company in respect of English law with a team comprised of Ian Fox, Margaret Donnelly, Laurence Garside and Sanna Lehti, and a separate team led by Richard Sheen advised Dresdner Kleinwort Wasserstein Securities Limited in respect of the United Kingdom offering. Carey Olsen acted as Jersey and Guernsey legal advisors to the company and the fund, with a team comprised of Sam Shires in Guernsey and Eve Kosofsky and Robert Milner in Jersey.

Lawyer(s)

Jon J. Holmstrom Mitchell L. Thaw Stephen I. Erlichman John M. Sabetti Kathleen S.M. Hanly