Business
Crown Capital Partners Inc. Announces Results for the Three and Six Months Ended June 30, 2015
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESAND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/\n\n\n\nCALGARY, Aug. 5, 2015 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRN) today announced its results for the three and six months ended June 30, 2015. \n\nAs previously announced, Crown became a reporting issuer on the Toronto Stock Exchange (\"TSX\") on June 30, 2015. On July 9, 2015, pursuant to an underwriting agreement, the Corporation issued 5,910,000 common shares in an initial public offering (the \"IPO\") priced at $11.00 per share, resulting in gross proceeds of $65,010,000. Net proceeds of the offering are estimated to be approximately $60,000,000 after payment of underwriters' commission and offering expenses. Crown began trading on July 9, 2015 under the symbol TSX:CRN. \n\nImmediately prior to closing of the IPO, the Corporation acquired approximately 69.8% of the limited partnership units of Norrep Credit Opportunities Fund II, LP (\"NCOF II\") in exchange for 3,214,494 common shares of Crown valued at $35,359,423. Crown is also the manager of NCOF II. \n\nThe financial results announced today relate to the period prior to closing the IPO. Additional information about the Corporation, the IPO and the transaction with NCOF II can be found in the Corporation's initial public offering prospectus dated June 30, 2015 (the \"Prospectus\").\n\nThe Corporation provides investment management services to three limited partnerships, with total assets under management at June 30, 2015 of approximately $85.0 million. The Corporation earns management fees pursuant to management agreements with the limited partnerships.\n\nRevenues of $273,121 and $530,904 were recognized in the three and six months ended June 30, 2015, respectively. Crown incurred losses before income taxes of $49,910 and $49,651 in the three and six months ended June 30, 2015, respectively.\n\n\n\n\n\n\n\nQuarterly Results Summary\n\n\nThree Months Ended\n\n\n\nJune 30\n\n2015\n\n\nMarch 31\n\n2015\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n$\n\n\n273,121\n\n\n$\n\n\n257,783\n\n\n\nTotal comprehensive income (loss)\n\n\n$\n\n\n(42,423)\n\n\n$\n\n\n220\n\n\n\nWeighted average shares outstanding1\n\n\n\n330,303\n\n\n\n303,000\n\n\n\nTotal comprehensive income (loss)/share...