Payment of Special Redemption Update for Globalance

CALGARY, Aug. 16, 2018 /CNW/ - Middlefield Limited (the "Manager"), the manager of Globalance Dividend Growers Corp. ("Globalance") (TSX:GBF) is providing investors with an update on the payment of the special redemption (the "Special Redemption") prior to the upcoming merger (the "Merger") of Globalance into MBN Corporation ("MBN").

The Special Redemption price for Globalance is $9.1248 per share and will be paid out on August 22, 2018. Globalance's current portfolio is approximately 100% cash and cash equivalents. The Merger will take place on or about August 29, 2018 (the date of completion being the "Effective Date"), with MBN being the continuing entity following the Merger. Globalance shareholders who do not wish to participate in the Merger still have the opportunity to sell their shares in the market before the Merger occurs.  MBN shares do not have any monthly or annual redemption or retraction rights attached to them.

The Merger will be effected at an exchange ratio calculated as the net asset value per equity share of Globalance divided by the net asset value per equity share of MBN, determined as at the close of trading on the TSX on the business day immediately prior to the Effective Date. Pursuant to the Merger, MBN will assume the liabilities of Globalance and will issue equity shares of MBN in satisfaction of the purchase price for all of the property of Globalance. The Merger remains subject to the satisfaction of any regulatory requirements and customary closing conditions.  All costs and expenses associated with the Merger will be borne by the Manager and not the Funds.

Equity Shares of Globalance and MBN trade under the symbols GBF and MBN, respectively, on the TSX.

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 merger and redemption payment and expected completions thereof; and the funds that are proposed to be merged.  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 each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do 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 one or more of the funds, some of which are beyond the control of the funds.

SOURCE Globalance Dividend Growers Corp.