Update on Healthcare Fund Merger

Saturday, October 22, 2016 General News
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CALGARY, Oct. 21, 2016 /CNW/ - Middlefield Limited, on behalf of Global Healthcare Dividend Fund (the "Fund"), announced

today that the Fund intends to convert into an open-end mutual fund trust on or about December 20, 2016 (the "Effective Date"). The Fund will not be merged with Middlefield Global Healthcare Dividend Fund as previously announced in the press release dated October 11, 2016.
The Fund will hold a special meeting of its unitholders on November 22, 2016 to consider the conversion at net asset value and the de-listing of the Fund's trust units from trading on the Toronto Stock Exchange (the "TSX").

Industry Advisor – After the conversion, the Fund will continue to benefit from Middlefield's ongoing exclusive relationship with SSR LLC, the Healthcare Industry Advisor. Dr. Richard Evans, SSR's co-founder, will be the individual primarily responsible for providing services on behalf of SSR.

Distribution – After the conversion, the Fund will initiate a quarterly distribution of $0.05 per unit commencing in the first quarter of 2017, representing an annualized distribution of $0.20 per unit. The distribution will be supported by a portfolio of healthcare and healthcare-related issuers that Middlefield Capital Corporation, the investment advisor to the Fund, believes will generate strong cash flows and display prudent capital allocation.

Completion of the conversion is subject to the receipt of all necessary approvals, including the approval of the unitholders of the Fund, and customary closing conditions. Middlefield Limited has submitted an application to de-list the Fund's units from trading on the TSX as of the trading day immediately prior to the Effective Date.

Information about the Special Meeting

The special meeting of the unitholders will be held on November 22, 2016 commencing at 10:00 a.m. (Toronto time) at the offices of Fasken Martineau DuMoulin LLP, 333 Bay Street, Suite 2400, Bay Adelaide Centre, Toronto, ON, M5H 2T6. Details of the proposed conversion will be contained in a management information circular which will be mailed to unitholders of record of the Fund as of the close of business on October 20, 2016.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the conversion and completion thereof and the benefits of the conversion. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of the fund. There are no assurances the fund can fulfill such forward-looking statements and the fund does not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the fund, many of which are beyond the control of the fund.

SOURCE Global Healthcare Dividend Fund


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