Toronto, Ontario--(Newsfile Corp. - June 26, 2023) - Lorne Park Capital Partners Inc. (TSXV: LPC) ("LPCP" or the "Company") today announced an acquisition facility, and also announced its shareholder meeting results.
Acquisition Facility
Bellwether Investment Management Inc. ("Bellwether"), a wholly-owned subsidiary of the Company, has entered into a loan agreement (the "Acquisition Facility") with CWB Maxium Financial Inc. ("CWB Maxium"). The Company intends to use available proceeds for potential future acquisitions and general working capital purposes.
"We are pleased to partner with CWB Maxium," said Robert Sewell, President and CEO. "This acquisition facility, together with our operating cash flow, further strengthens our financial flexibility to support our growth strategy."
The Acquisition Facility has a limit of $10 million, with an option to increase the limit to $15 million, subject to approval by CWB Maxium. The Acquisition Facility has a term of up to five years, is secured against all of the assets of Bellwether, and is guaranteed by the Company and Bellwether Investment Management USA Inc. The term of each advance made under the Acquisition Facility shall be at least 36 months and not greater than 60 months, and have an amortization period of up to 120 months. Advances made under the Acquisition Facility will bear annual interest as follows: (i) in the case of Canadian dollar advances, Government of Canada bond rate with a maturity date most closely equivalent to the term of the advance plus 4.35%; or (ii) in the case of US dollar advances, the yield on the non-callable US Treasury bond with a maturity date most closely equivalent to the term of the advance plus 4.35%. Additionally, a standby fee of 0.75% per annum applied to the undrawn amount of the limit is payable to CWB Maxium on a quarterly basis. The Acquisition Facility contains certain other customary financial and other covenants.
Shareholder Meeting Results
The Company is pleased to announce that the shareholders approved all matters put forth for approval at the annual and special shareholders' meeting held on June 23, 2023. The shareholders re-elected David Brown, Christopher Dingle, Stephen Meehan, Peter Patchet, Robert Sewell and James Williams to the board of directors and re-appointed MNP LLP to be the auditors of the Company. The shareholders also approved the Company's stock option plan. For further information about the Meeting, please see the Management Information Circular filed under the Company's profile on www.sedar.com.
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 as 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.
For further information, please contact:
Robert Sewell
Chief Executive Officer
Lorne Park Capital Partners Inc.
investor.relations@lpcp.ca
(905) 337-2227
Cautionary Notes
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.
/NOT FOR DISTRIBUTION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/
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