The Globe and Mail - 19.10.2019

IF YOU OWN SECURITIES OF ANY OF THE FOLLOWING ISSUERS, YOU ARE INVITED TO EXCHANGE THOSE SECURITIES FOR

UNITS OFMIDDLEFIELDGLOBALREALASSETFUND

GLOBAL INFRASTRUCTURE ISSUERS

Algonquin Power & Utilities Corp

American Electric Power Co Inc

American States Water Co

American Water Works Co Inc

Aqua America Inc

AT&T Inc

BCE Inc

Boralex Inc

Brookfield Infrastructure Partners LP

Brookfield Renewable Partners LP

California Water Service Group

Canadian National Railway Co

Canadian Pacific Railway Ltd

Capital Power Corp

Consolidated Edison Inc

Duke Energy Corp

Emera Inc

Enbridge Inc

FedEx Corp

Fortis Inc/Canada

Gibson Energy Inc

Hydro One Ltd

AQN

AEP

AWR

AWK

WTR

T

BCE

BLX

BIP

BEP.UN

CWT

CNR

CP

CPX

ED

DUK

EMA

ENB

FDX

FTS

GEI

H

Innergex Renewable Energy Inc

Inter Pipeline Ltd

Keyera Corp

Kinder Morgan Inc/DE

Macquarie Infrastructure Corp

NextEra Energy Inc

Northland Power Inc

Northland Power Inc

Northwest Natural Holding Co

NorthWestern Corp

Pattern Energy Group Inc

Pembina Pipeline Corp

Southern Co/The

Southwest Gas Holdings Inc

TC Energy Corp

Tidewater Midstream & Infrastructure Ltd

TransAlta Corp

TransAlta Renewables Inc

Union Pacific Corp

Westshore Terminals Investment Corp

Williams Cos Inc/The

INE

IPL

KEY

KMI

MIC

NEE

NPI

NPI/R

NWN

NWE

PEGI

PPL

SO

SWX

TRP

TWM

TA

RNW

UNP

WTE

WMB

GLOBAL REAL ESTATE ISSUERS

Alexandria Real Estate Equities Inc

Allied Properties REIT

American Tower Corp

Americold Realty Trust

Artis REIT

AvalonBay Communities Inc

Boardwalk REIT

Boston Properties Inc

Brookfield Property Partners LP

Canadian Apartment Prop REIT

CBRE Group Inc

Choice Properties REIT

Colliers International Group Inc

Cominar REIT

Crombie REIT

Crown Castle International Corp

CT REIT

CyrusOne Inc

Dream Global REIT

Dream Industrial REIT

Dream Office REIT

Duke Realty Corp

Equinix Inc

Equity Residential

ARE

AP.UN

AMT

COLD

AX.UN

AVB

BEI-U

BXP

BPY.UN

CAR.UN

CBRE

CHP.UN

CIGI

CUF.UN

CRR.UN

CCI

CRT.UN

CONE

DRG.UN

DIR.UN

D.UN

DRE

EQIX

EQR

Essex Property Trust Inc

European Residential REIT

FirstService Corp

Granite REIT

H&R REIT

HCP Inc

InterRent REIT

Killam Apartment REIT

Northview Apartment REIT

NorthWest Healthcare Properties REIT

Prologis Inc

Realty Income Corp

RioCan REIT

SBA Communications Corp

Sienna Senior Living Inc

Simon Property Group Inc

SmartCentres REIT

Summit Industrial Income REIT

Tricon Capital Group Inc

Ventas Inc

Welltower Inc

Weyerhaeuser Co

WPT Industrial REIT

ESS

ERE.UN

FSV

GRT.UN

HR.UN

HCP

IIP.UN

KMP.UN

NVU.UN

NWH.UN

PLD

O

REI.UN

SBAC

SIA

SPG

SRU.UN

SMU.UN

TCN

VTR

WELL

WY

WIR.UN

OTHER ISSUERS

Amazon.com Inc

Bank of Nova Scotia

Blackstone Group Inc

Brookfield Asset Management Inc

JPMorgan Chase & Co

AMZN

BNS

BX

BAM/A

JPM

KKR&CoInc

Morgan Stanley

Royal Bank of Canada

Shopify Inc

Toronto-Dominion Bank/The

KKR

MS

RY

SHOP

TD

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada. The preliminary

prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any of the syndicate of agents using the contact information for such agent. There will not

be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

1-888-890-1868

[email protected]

http://www.middlefield.com

First Canadian Place

58th Floor, P.O. Box 192

Toronto, Ontario M5X 1A6

Middlefield Limited

812 Memorial Drive NW

Calgary,Alberta T2N 3C8

To learn more aboutMiddlefieldGlobalRealAssetFund, speak with your financial advisor or contact us at:

Middlefield Global RealAsset Fund (the “Fund”), is offering units of the Fund to investors

at a price of $10.00 per unit in exchange for the securities of any of the issuers listed here

or for cash subscriptions.

Prospective purchasers under the exchange option are required to deposit their

exchange eligible securities prior to 5:00 p.m. (Toronto time) on October 24, 2019, in the

manner described in the preliminary prospectus.

The Fund’s investment objectives are to provide holders of units with:

(i)

(ii)

through a diversified, actively managed portfolio comprised primarily ofdividend paying

securities of global issuers focused on, involved in, or that derive a significant portion

of their revenue from physical real estate or infrastructure assets, which the advisor

believes will generate attractive risk-adjusted returns for the Fund due to the tangible,

difficult to replicate, long-term nature of such assets and their ability to shape and

support global economic activity.

The initial target distribution yield for the Fund is 5% per annum based on the original

subscription price (or $0.04167 per unit per month or $0.50 per unit per annum).

Middlefield Capital Corporation, the advisor, will provide investment management advice

to the Fund.

stable monthly cash distributions, and

enhanced long-term total return through capital appreciation of the

Fund’s investment portfolio

(Lto R)JEREMY BRASSEUR, Managing Director, Corporate Finance,DEAN ORRICO,

President and Chief Investment Officer,ROB LAUZON, Managing Director and Deputy Chief

Investment Officer andSHANE OBATA, Director, Investments and Portfolio Manager

EXCHANGE OFFER

AND

CASH OPTION

GLOBALREALASSET

Middlefield

Fund

DEADLINE: PRIOR TO 5:00 P.M. (TORONTO TIME) ON OCTOBER 24, 2019

SATURDAY,OCTOBER19,2019 | THEGLOBEANDMAILO REPORTONBUSINESS| B3

TORONTOCorís näeräain¤enä

nc.shares dropped more than

10 per cent Friday after the TV,

radio and studio company

announced a lower profit for the

fourth quarter and a disappoint-

ing preview of the pre-Christmas

TV advertising season.

The Toronto-based company’s

B shares were down 59 cents, at

$5.24, at 4 p.m. Friday, erasing

gains they’ve made since Oct. 8

and putting them at the low end

of their 52-week range on the

Toronto Stock Exchange.

Analyst Drew McReynolds

wrote that RBC Dominion Securi-

ties had lowered its target price

for Corus shares by $1, to $7 a

share, amid a “moderating”

assumption for growth.

“While Q4/19 results were in

line with our expectations across

the board, the seasonally impor-

tant Q1/20 outlook for television

advertising was below expecta-

tions,” Mr. McReynolds wrote

after Corus’s quarterly confer-

ence call. He added that some of

the revenue declines from the

company’s regulated television

business are expected to be

mitigated by multiple initiatives

in newer unregulated businesses,

including double-digit revenue

growth from merchandising and

distribution, as well as potential

revenue growth from radio.

Earlier, Corus announced that

it earned $22.9-million in its

latest quarter, down from nearly

$33.7-million in the same quarter

a year ago, as revenue edged

lower. The parent company of

Global Television, specialty TV

channels, radio stations and the

Nelvana animation studio said

the profit amounted to 11 cents

per diluted share, down from 16

cents in the same quarter last

year. Revenue for the quarter was

nearly $377.5-million, down from

nearly $379.1-million a year ago.

On an adjusted basis, Corus

says it earned $27.9-million for

the quarter, down from an

adjusted profit of $39.5-million

in the same quarter last year.

THECANADIANPRESS

CORUSSTOCKFALLSON

LOWERQUARTERLYPROFIT

ANDDISAPPOINTING

CHRISTMASADOUTLOOK

eneral )oäors Co.has recalled its Osha-
wa, Ont., work force and resumed produc-
tion at the factory east of Toronto, after the
Detroit-based company reached a tenta-
tive deal to end a month-long strike by
48,000 United Auto Workers in the United
States.
About 2,200 workers at the Oshawa
plant, which makes the Chevrolet Impala
and GM pickup trucks, were returning to
work on Friday, but 730 of their counter-
parts remain on layoff at GM’s engine plant
in St. Catharines, Ont., a Unifor union offi-
cial said. The St. Catharines plant contin-
ued to produce transmissions during the
strike, employing about 300 workers.
The nearby GM plant in Ingersoll, which
makes the Chevrolet Equinox SUV, also
continued to operate with 2,700 hourly
and salaried employees and three weekly
shifts. “In Canada, we are working hard to
get all three GM Canada operations back to
normal as soon as possible,” GM spokes-
woman Jennifer Wright said on Friday. “We
called all workers back at Oshawa today
and will be resuming car production.”
The UAW said Thursday that U.S. work-
ers at GM will stay off the job while they
vote on a proposed contract that delivers
higher pay for full-time workers and better
terms for temporary workers, but allows
the automaker to close three U.S. plants.
U.S. union leaders are giving the striking
workers until Oct. 25 to vote on the con-
tract terms, but have recommended ratifi-
cation of the deal.
However, under the deal, GM will move
ahead with closing a Lordstown, Ohio, fa-
cility and two parts plants in Baltimore
and Warren, Mich. Workers from Lord-
stown on Thursday were outside GM’s De-
troit headquarters, where UAW leaders
were meeting, to protest against the
planned agreement.
The shutdowns, which were announced

last year, also included GM’s Oshawa plant.

Impala production is set to halt by the end

of October, eliminating 600 jobs, said Colin

James, president of the Unifor local that

represents the workers. Another 1,400 jobs

are to be gone by the end of November,

when truck productions stops. There is a

chance truck production will be extended

to make up for lost output during the

strike, Mr. James said in a phone interview

on Friday.

GM will continue to employ about 300

people at the plant making spare parts.

GM’s Ms. Wright would not confirm Mr.

James’s timelines for the plant’s shut-

down, saying only that vehicle production

in Oshawa will cease “at the end of 2019.”

In the tentative agreement, GM appears

to have dodged a significant addition to its

long-term balance sheet liabilities by

agreeing to make a one-time cash distribu-

tion to UAW members eligible for pen-

sions.

The union said GM has agreed to put a

“new product” in the company’s Detroit-

Hamtramck assembly plant as part of the

deal. Details were not provided in the UAW

summary, but sources have said the plant

will build electric trucks.

The decision to keep the strike going

through next week reflects the pressure on

top UAW leaders amid a continuing federal

corruption probe of the union. Disappoint-

ment among rank and file at the failure to

prevent plant shutdowns and block GM

from moving work to Mexico could be

challenges for union leaders as they seek to

have the deal ratified.

In 2015, UAW workers at Fiat Chrysler

Automobiles NV rejected the first version

of a contract. This time, UAW leaders are

keeping workers on strike pay of US$275 a

week, while they decide on the tentative

agreement. The strike cost GM an estimat-

ed US$2-billion according to analysts, hurt

auto suppliers and played a role in U.S.

manufacturing output falling more than

expected in September.

The longest U.S. strike against a Detroit

automaker since 1970 also became a politi-

cal event. Democratic presidential candi-

dates joined UAW picket lines, eager to win

union votes in Midwest swing states. For

his part, U.S. President Donald Trump put

pressure on GM chief executive Mary Barra

before the strike to preserve jobs at the car

plant in Lordstown that she had targeted

for closing. The White House did not

comment.

WithareportfromReuters.

GENERALMOTORS(GM)

CLOSE:US$36.17,DOWN2USCENTS

GMplantinOshawaresumes

productionwhileU.S.strikecontinues

Morethan2,000employees

returntoworkatfactoryeast

ofToronto,buttheirsouthern

counterpartsremainoffthejob

astheyvoteonproposeddeal

ERICATKINS
TRANSPORTATIONREPORTER

GeneralMotorsconfirmedthatproductionattheassemblyplantinOshawa,Ont.,where

pickuptrucksareseenlastmonth,willceaseattheendoftheyear.CHRISHELGREN/REUTERS