22nd Aug 2025 12:43
(Alliance News) - Middlefield Canadian Income PCC on Friday confirmed it has approval to rollover into an exchange-traded fund, listed on London's Main Market and Euronext Dublin.
The Jersey, Channel Islands-based investment company targets larger Canadian and US high-yield equities, and is managed by Toronto-based private equity firm Middlefield Ltd.
Back in May, the company proposed a voluntary wind-up, giving stakeholders the option to receive shares in a new ETF, under the same investment manager. Alternatives include a cash exit, or a combination of cash and ETF shares.
The company hired white-label ETF provider Hanetf to support fund manager Middlefield. As of Friday, Hanetf has approval from the Central Bank of Ireland to set up the fund, and has applied to the UK FCA for recognition under the Overseas Fund Regime.
Middlefield Canadian Income expects the new ETF to launch on London and Dublin's main exchanges in the fourth quarter of this year. Notice of a shareholder vote is expected in September, once the ETF has listing approval.
The company said it is prioritising cost reduction and has not taken out new loans, but instead has repaid debt owed to the Royal Bank of Canada.
"The fund intends to remain fully invested going forward," Middlefield Canadian Income noted. The company added that the rollover option has been cleared as a reconstruction, meaning it's likely shareholders will avoid taxes on the deal.
Middlefield Canadian Income shares were down 1.0% on Friday afternoon in London, for a market capitalisation of GBP141.5 million.
By Holly Munks, Alliance News reporter
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