Middlefield Canadian Inc... Share Discussion Threads

[escapetohome] 16/1/2020 00:38

15 Jan
Net Asset Value

As at the close of business on 14 January 2020 the estimated unaudited
Net Asset Value per share was 118.70 pence (including accrued income,
which excludes an amount of 1.275 pence per share in respect of the
quarterly dividend to be paid on 31 January 2020).

[escapetohome] 17/12/2019 17:36

As at the close of business on 16 December 2019 the estimated unaudited
Net Asset Value per share was 114.42 pence (including accrued income).

Investments in the Company's portfolio have been valued on a closing
price basis.

[escapetohome] 17/12/2019 17:36

Im surprised this one isnt getting a little more attention.

Discount 14% or so.

[contrarian joe] 25/10/2019 19:29

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:

[escapetohome] 24/10/2019 18:58

Good news today. A company alta gas , that MCT invested in was taken over.

This is good news.

A core holding.

[neilyb675] 20/9/2019 07:08

99.20 - 103.00 (GBX) at 08:00:15
on Market (LSE)

[escapetohome] 04/7/2019 18:31

116p net asset value.

A nice way to buy american assets at a discount.

[neilyb675] 04/7/2019 17:29

Middlefield Canadian Income PCC is pleased to announce that the board of directors has declared a quarterly dividend of 1.275 pence per Share with respect to Middlefield Canadian Income – GBP PC (the “Fund”).
The dividend will be paid on Wednesday, 31 July 2019 to Shareholders of record on Friday, 12 July 2019. The ex-dividend date is Thursday, 11 July 2019.

[neilyb675] 25/12/2018 19:29

Market weakness.

This is a definite buy and hold.

[4spiel] 25/12/2018 18:37

What happened?

[contrarian joe] 08/8/2018 16:43

Meant to post this a few days ago.

Middlefield Canadian Income (MCT) also looks interesting on a 17% discount and -3.6 Z-score. It yields 5% and last month celebrated news that Enbridge (ENB.TO), the Canadian oil pipeline operator in which it has a 5% weighting, had received approval from the state of Minnesota for its proposed replacement of the Line 3 US-Canada piepeline. Fund manager Dean Orrico said once completed in the next two years the new pipeline would boost Enbridge's dividends to the fund.

[neilyb675] 19/7/2018 09:58

1.275 pence per Share with respect to Middlefield Canadian Income - GBP PC (the "Fund").

The dividend will be paid on Tuesday, 31 July 2018 to Shareholders of record on Friday, 13 July 2018. The ex-dividend date is Thursday, 12 July 2018.

[neilyb675] 03/7/2018 06:06

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] 24/5/2018 20:23

still large discount....

Net Asset Value

As at the close of business on 23 May 2018 the estimated unaudited Net
Asset Value per share was 112.13 pence (including accrued income).

Investments in the Company's portfolio have been valued on a closing
price basis.

[neilyb675] 06/4/2018 16:20

As at the close of business on 05 April 2018 the estimated unaudited Net
Asset Value per share was 106.17 pence (including accrued income).

Investments in the Company's portfolio have been valued on a closing
price basis.

[neilyb675] 05/4/2018 11:25

Middlefield Canadian Income PCC is pleased to announce that the board of
directors has declared a quarterly dividend of 1.275 pence per Share
with respect to Middlefield Canadian Income - GBP PC (the "Fund").

The dividend will be paid on Monday, 30 April 2018 to Shareholders of
record on Friday, 13 April 2018. The ex-dividend date is Thursday, 12
April 2018.

[neilyb675] 30/3/2018 08:25

10%+ discount.

Time to add imvhpo

[neilyb675] 30/3/2018 08:24

As at the close of business on 28 March 2018 the estimated unaudited Net
Asset Value per share was 103.85 pence (including accrued income).

[petewy] 29/3/2018 13:51

I'm out the NAV drooped and share price hit 90p my stop. (In TRIG)

[petewy] 19/3/2018 17:10

Thanks Neil

[neilyb675] 19/3/2018 16:36

As at the close of business on 16 March 2018 the estimated unaudited Net
Asset Value per share was 106.59 pence (including accrued income).

[contrarian joe] 16/1/2018 19:43

Joined you guys this morning,looks a well run fund with a decent discount,hoping they reduce their gearing a bit with the sale of those assets.

[petewy] 14/1/2018 16:01

Thanks Tilton.

[tiltonboy] 11/1/2018 14:50

Good news. They will get an uplift of 20% on their holding. They need to invest the proceeds well though.

[petewy] 11/1/2018 14:18

Middlefield Canadian Income's investee company Pure Industrial Real Estate Trust (PIRET) has entered into an arrangement with an affiliate of Blackstone Property Partners under which Blackstone will acquire all of the outstanding trust units of PIRET.

The units are being bought for $8.10 in an all-cash transaction valued at $3.8 billion including debt.


Good or bad news?