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MCT Middlefield Canadian Income Pcc

123.00
3.00 (2.50%)
03 Jan 2025 - Closed
Delayed by 15 minutes
Middlefield Canadian Inc... Investors - MCT

Middlefield Canadian Inc... Investors - MCT

Share Name Share Symbol Market Stock Type
Middlefield Canadian Income Pcc MCT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
3.00 2.50% 123.00 16:35:11
Open Price Low Price High Price Close Price Previous Close
122.00 122.00 122.50 123.00 120.00
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Top Investor Posts

Top Posts
Posted at 25/10/2019 19:29 by contrarian joe
Thanks for posting Escapetohome,missed that one.

Middlefield Canadian Circ Re. Positive Investee Company Update -- Acquisition Of Altagas
24/10/2019 2:45pm
UK Regulatory (RNS & others)


TIDMMCT

Middlefield Canadian Income PCC (the "Company")

(a protected cell company incorporated in Jersey with registration
number 93546)

Middlefield Canadian Income - GBP PC (the "Fund")

Legal Entity Identifier: 2138007ENW3JEJXC8658

24 October 2019

Positive Investee Company Update -- Acquisition of AltaGas

Middlefield Canadian Income PCC (MCT), the London listed Investment
Company that invests in a diversified portfolio of primarily Canadian
and US equity income securities, is pleased to provide the following
positive update concerning the acquisition of one of its core holdings.

On 21 October 2019, AltaGas Canada Inc. ("ACI" or "AltaGas") announced
that two large Canadian pension funds, Public Sector Pension Investment
Board ("PSP") and Alberta Teachers' Retirement Fund Board ("ATRF"), will
acquire the company at a price of C$33.50 per share. The C$1.7 billion
all-cash transaction equates to a 31% premium to the previous day's
closing price.

MCT's holding in AltaGas represents c. 2.5% of the Company's net asset
value. The Company has held ACI since it listed on the Toronto Stock
Exchange in September 2018 at the IPO price of $14.50 per share, and the
position has generated a total return of c. 140%.

AltaGas is a Canadian company with a diversified portfolio of
high-quality regulated natural gas utilities and renewable power assets
with long-dated contracts. ACI serves approximately 130,000 customers in
Canada with an emphasis on low carbon energy. 100% of ACI's EBITDA is
either regulated or serviced by long-term contracts. This revenue
supported its quarterly dividend payments which yielded c. 5% prior to
the acquisition.

Commenting on the Transaction, Dean Orrico, President, Middlefield
International Limited said:

"Another of MCT's portfolio companies has been taken private at a
significant premium to its last market price. Underpinned by stable and
consistent cash flows and offering investors a significant source of
reliable income, AltaGas is a good example of the high-quality companies
the Company invests in. Since its IPO, ACI has paid an attractive
quarterly dividend and maintained a conservative payout ratio while also
delivering organic growth for shareholders. These fundamental
characteristics are highly desired by institutional investors and
further validate our conviction for owning companies which exhibit
steady cash flows, growing dividends and competitive risk-adjusted
returns. The acquisition of ACI follows Blackstone's announcement to
acquire another of MCI's core holdings, Dream Global REIT, at an 18.5%
premium in September 2019."

Enquiries:
Posted at 03/7/2018 06:06 by neilyb675
Commenting on this positive development, Dean Orrico, President, Middlefield International Limited said:

"We are delighted by the news that Enbridge has been granted this approval which represents a major positive development in the proposed Line 3 project. We believe that the proposed project will drive increased cash flow to support dividends payable by Enbridge after project completion over the next 18 to 24 months and note that the market has responded favourably to the developments with a 10% increase in the equity price of Enbridge since 27 June 2018. Enbridge is currently the largest portfolio holding of MCT and represents an ideal stock to support our investment strategy of providing investors with access to a diversified portfolio of primarily Canadian equities providing long term, reliable income. To date, our investment in Enbridge has seen a price appreciation of 11% with the potential for additional upside as the company continues to execute on its other strategic objectives. Enbridge also pays a dividend of approximately 6% per annum with management forecasting dividend increases of 10% per annum over the next three years. The performance of Enbridge validates our investment strategy and supports the positive view of the North American pipelines sector which also includes other MCT holdings such as Pembina Pipeline Corporation (TSX:PPL, NYSE:PBA)."
Posted at 26/4/2017 14:53 by neilyb675
Middlefield Canadian Income (MCT) is listed on the Main Market of the London Stock Exchange. It aims to invest in a diversified portfolio of Canadian and selected US companies that are able to pay high sustainable or growing dividends and have the potential to generate long-term capital growth. On a sector basis, the trust currently has high exposure to the pipelines, power & utility and real estate sectors. MCT is benchmarked against the S&P/TSX Composite High Dividend Index, which it has outperformed over one, three and five years. MCT currently pays a regular quarterly dividend of 1.25p, although the board has recently proposed a modest increase to 1.275p; its current dividend yield is 4.7%.
 
MCT's 5.4% current share price discount to cum-income NAV compares to the averages of the last one, three, five and 10 years (range of 5.4% to 13.4%). There is scope for the discount to narrow further if investor demand for Canadian equities increases or the manager continues to deliver positive relative investment performance. Investors should note that as recently as early 2015, MCT's share price stood at a premium to NAV.  
Posted at 12/11/2010 13:11 by davebowler
MIDDLEFIELD CANADIAN INCOME TRUSTS INVESTMENT COMPANY PCC
Interim Management Statement

This statement has been prepared to provide additional information to
shareholders as a body to meet the relevant requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be relied upon by
any party for any purpose other than as stated above. This statement covers the
period 1 July 2010 to date.

Middlefield Canadian Income Trusts Investment Company PCC is a closed-ended
investment company incorporated in Jersey on 24 May 2006. The Company has
initially established one closed-ended Cell known as Middlefield Canadian Income
Trusts - GBP PC (referred to as the "Fund" which term includes, where the
context permits, the Company acting in respect of Middlefield Canadian Income
Trusts - GBP PC). Admission to the official list of the UK Listing Authority and
dealing in redeemable participating preference shares commenced on 6 July 2006.


Investment Objective


The Fund's investment objective is to produce a high income return whilst also
seeking to preserve shareholder capital.

To achieve its objectives, the Fund (i) entered into a Swap with a Canadian
chartered bank in order to achieve efficient currency hedged economic exposure
to the Canadian equity income market through its reference asset, CIT Trust, an
actively managed portfolio of Canadian equity income securities and (ii) invests
its assets in a Money Market and Bond Portfolio.

Performance Summary

The net asset value of the Fund as at 28 October 2010 was 89.39 pence per share
or £71.8 million. The total return of the Fund, which reflects changes in the
net asset value as well as dividends paid, was 26.2% for the year to date period
ended 28 October 2010. The key driver of Fund performance is the mark-to-market
value of the Swap which, in turn, is affected by a combination of the
performance of its reference asset, CIT Trust, and the mark-to-market value of
the CCMD Value. The CCMD Value is the direct result of the Fund's decision to
eliminate the impact of fluctuations in the spread between Sterling and Canadian
interest rates on the Fund's revenues by locking in the spread from the outset.
All else being equal, the CCMD Value will reduce to zero as the termination
date of 28 June 2013 for the Swap is approached.

The asset class weightings for CIT Trust as at 31 October 2010 were:

+--------------------+---------------------+
| Asset Class | Portfolio Weighting |
+--------------------+---------------------+
| Oil and Gas | 54% |
+--------------------+---------------------+
| Industrials | 21% |
+--------------------+---------------------+
| Power and Pipeline | 13% |
+--------------------+---------------------+
| Other | 12% |
+--------------------+---------------------+

Material Events


Over the next several months, virtually all income trusts will be converting to
corporations as they become taxable entities in 2011 and the adviser believes a
number of these companies will continue to pay out high levels of dividends. In
fact, those that have already converted to corporations and continue to pay
distributions are generating an average yield of 6.0% as at 30 September 2010,
which is substantially higher than the average yield on the S&P/TSX Composite
Index of 2.7%.

Due to the significant number of Canadian equities paying high levels of
dividends, Standard & Poor's has indicated that they intend to replace the
S&P/TSX Income Trust Index with a new S&P/TSX Equity Income Index before the end
of 2010. The new index will be comprised of the highest yielding Canadian
equities among the constituents of the broader S&P/TSX Composite Index. This is
a very positive development since this new index is expected to become the new
benchmark for all dividend, income and balanced fund mandates in Canada and
given the relatively attractive yield it offers, it will likely act as a buying
catalyst for new domestic and foreign institutional investment in the unique
Canadian equity income sector. In addition, CIT Trust will be adopting new
categorizations for its investee companies which more closely align with Global
Industry Classification Standards (GICS).

As a result of the increasing investor preference for yield, the adviser
believes companies offering high levels of sustainable income will continue to
attract significant investor interest and achieve premium valuations. CIT
continues to be biased towards high quality issuers with low debt, stable
distributions and good prospects for growing their business.

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