Middlefield Canadian Income PCC - Update on Proposed Rollover into UCITS ETF

Core Viewpoint - Middlefield Canadian Income PCC and its fund are proposing a voluntary winding up and offering shareholders the option to exchange their shares for those in a newly established UCITS ETF, allowing continued investment exposure [2][3]. Group 1: Proposed Transaction - The Company and Fund announced a voluntary winding up, allowing shareholders to receive shares in a new actively managed UCITS ETF in exchange for their holdings [2]. - Shareholders can choose to either fully or partially exchange their shares for ETF shares or opt for an uncapped cash exit close to the net asset value per share [3]. Group 2: ETF Management and Structure - The ETF will be managed by Middlefield Limited, ensuring continued alignment with the Company's investment objectives [3]. - HANetf has been appointed to assist in structuring and establishing the ETF, providing ongoing operational and marketing support [4]. Group 3: Regulatory Approvals - The Central Bank of Ireland has approved the establishment of the ETF, and an application for formal recognition by the Financial Conduct Authority is underway [5]. - Admission to trading on Euronext Dublin and the London Stock Exchange is expected in Q4 2025 [5]. Group 4: Shareholder Communication - A circular detailing the transaction will be published in September 2025, convening meetings for shareholder resolutions [6]. Group 5: Financial Position - The Fund has repaid existing loans and remains ungeared, intending to stay fully invested [7]. Group 6: Tax Implications - Clearance has been received from HM Revenue & Customs, allowing shareholders to roll over their investment into the ETF without triggering immediate UK capital gains tax liabilities [8].