Middlefield Group on Thursday announced the successful completion of the previously announced merger of closed-end fund U.S. Dividend Growers Income Corp. into mutual fund Middlefield U.S. Dividend Growers Class.<\/p>\n
Pursuant to the merger, each closed-end fund share was automatically exchanged for 0.78975513 Series F shares of the mutual fund.<\/p>\n
Approximately 3,572,680 new Series F shares of the mutual fund were issued in connection with the merger. The shares of the closed-end fund will no longer trade on the Toronto Stock Exchange..<\/p>\n
Shareholders should see the Series F shares in their broker\/dealer accounts on or before July 20, and are not required to take any actions.<\/p>\n
The merger was effected on a tax-deferred “rollover” basis, Middlefield Group says in its announcement. All costs of the merger were paid by the manager, Middlefield Ltd.<\/p>\n
The merger benefits shareholders by providing an opportunity to hold series F shares of an open-end mutual fund that offers a lower management fee and daily purchases and redemptions at net asset value, Middlefield Group says.<\/p>\n
The objective of Middlefield U.S. Dividend Growers Class is to maximize long-term total return by investing primarily in equity and fixed income securities with a strategy that focuses on U.S. issuers.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
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