Middlefield Canadian Inc... Investors - MCT

Middlefield Canadian Inc... Investors - MCT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Middlefield Canadian Income Pcc MCT London Ordinary Share GB00B15PV034 RED PART PREF SHS NPV
  Price Change Price Change % Stock Price Last Trade
-0.90 -0.97% 92.00 16:35:20
Open Price Low Price High Price Close Price Previous Close
92.80 92.80 92.80 92.00 92.90
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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:
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)."
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.  
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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