Business
BENEV Capital Inc. ("BCI") Reports Second Quarter Results and Provides Update on Transformational Transaction to Acquire a Top-Line Royalty from Franworks Franchise Corp.
VANCOUVER , Aug. 28, 2014 /CNW/ - BENEV Capital Inc. (TSX VENTURE: BEV.H) (the "Comp...
About this update from Diversified Royalty Corp.
[{"type":"text","content":"\n\nVANCOUVER, Aug. 28, 2014 /CNW/ - BENEV Capital Inc. (TSX VENTURE: BEV.H) (the \"Company\" or \"BCI\") today announced its financial results for the quarter ending June 30, 2014. Since the Company's operating facility was sold on May 31, 2013, the revenue of the Company consists entirely of interest earned on investments. Net loss for the quarter was $2.05 million and the loss per share was $0.05 on a fully diluted basis.  \n\nA more detailed discussion is available in the Management Discussion and Analysis available on www.sedar.com and Unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2014 and 2013 available on www.sedar.com. \n\nTransaction Update\n\nBCI continues to take active steps toward completing its previously announced proposed transaction with Franworks Franchise Corp. of Calgary, Alberta (\"Franworks\") to acquire an approximate $12 million annual top-line royalty for a purchase price of $105.0 million (the \"Transaction\"). Pursuant to Policy 5.2 of the TSX Venture Exchange (the \"Exchange\"), BCI is required to issue a news release every 30 days following its initial news release announcing the Transaction, to update the status of the Transaction.\n\nCompletion of the Transaction remains subject to a number of conditions, including approval by the Exchange and approval by the shareholders of BCI which will be sought at a special meeting thereof (the \"Meeting\") to be held on September 18, 2014. A management information circular dated as at August 18, 2014 (the \"Circular\") has been mailed to shareholders of record as of July 29, 2014. \n\nBCI continues to make filings with the Exchange in accordance with Exchange policies in connection with the reinstatement of trading of BCI's common shares. Trading in BCI's shares will be reinstated upon receipt by the Exchange of what the Exchange determines is satisfactory documentation to effect a resumption of trading.\n\nFor further information with respect to the Transaction, reference should be made to the Circular, a copy of which is available under BCI's profile at www.sedar.com.\n\nInvestors are cautioned that, except as disclosed herein or in the Circular, any information released or received with respect to the change of business Transaction may not be accurate or complete and should not be relied upon. T...