Lorne Park Capital Partners Inc. Closes Acquisition of Crestridge Asset Management Inc.
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TORONTO, Oct. 03, 2017 (GLOBE NEWSWIRE) — Lorne Park Capital Partners Inc. (TSXV:LPC)
(“LPCP”) is pleased to announce that further to its press release of September 29, 2017, it completed its previously announced acquisition of Crestridge Asset Management Inc. (“Crestridge”), an independent portfolio manager based in Toronto (the “Transaction”). The transaction is subject to TSX Venture Exchange acceptance of requisite regulatory filings.
LPCP indirectly acquired Crestridge in exchange for consideration of $1.35 million. On closing, LPCP paid $500,000 in cash and issued 500,000 common shares of LPCP at a deemed price of $0.40 per share, for an aggregate total deemed issue price of $200,000. Common shares issued pursuant to the Transaction are subject to a statutory four month and one day hold period ending February 3, 2018.
The LPCP will pay a further $300,000 in cash and $200,000 in common shares of LPCP issued at the 30-day VWAP upon the first anniversary of closing; and $150,000 in cash on the 18-month anniversary of closing, in each case subject to adjustment as provided in the share purchase agreement in respect of the Transaction.
Upon closing, Crestridge amalgamated with Bellwether Investment Management Inc. (“Bellwether”), and continued as a division of Bellwether.
About Lorne Park Capital Partners Inc.
LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost effective investment solutions to affluent investors, foundations, estates and trusts. LPCP’s unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.
About Bellwether Investment Management Inc.
Bellwether is a boutique investment manager that offers tailored investment solutions for affluent investors, foundations, estates and trusts utilizing its proprietary “Disciplined Dividend Growth” Investment Process. Bellwether provides discretionary investment management focused on North American Dividend Growth investing and is dedicated to serving the distinct needs of affluent families. Bellwether’s suite of investment solutions includes Canadian, US and global equity and fixed income strategies. Bellwether is a subsidiary of LPCP, and is registered a portfolio manager in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan, an exempt market dealer in Alberta, Ontario and Quebec, and an investment fund manager in Ontario and Quebec.
About Crestridge Asset Management
Crestridge Asset Management, a division of Bellwether Investment Management Inc., provides
discretionary investment management for individuals, trusts and foundations. Crestridge manages client portfolios utilizing an investment philosophy which utilizes equity and fixed income investments as well as Exchange Traded Funds (ETFs).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “plan”, and other similar expressions. Forward looking information in this news release includes, without limitation, LPCP’s objectives, goals and future plans. Forward-looking information addresses possible future events, conditions and financial performance based upon management’s current expectations, estimates, projections and assumptions. In particular, the forward-looking information contained in this news release reflects assumptions about the timing and results of the amalgamation and regulatory approvals. Management of LPCP considers the assumptions on which the forward-looking information contained herein are based to be reasonable. However, by its very nature, forward-looking information inherently involves known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by
such information. Such risks include, without limitation, changes in economic conditions, applicable laws or regulations. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. LPCP disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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Lorne Park Capital Partners Inc.
Chief Executive Officer