Business
Aston Hill announces completion of the acquisition of 80% of the closed-end fund business of Connor, Clark & Lunn and related exchange of subscription receipts
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY, Aug. 15, 2013 /CNW/ - Aston Hill Financial Inc. (\"Aston Hill\" or the \"Company\") (TSX: AHF) is pleased to announce that it has completed its\n acquisition of an 80% interest (the \"Acquisition\") in Connor, Clark & Lunn Capital Markets Inc. (\"Capital Markets\"). Concurrent with completion of the Acquisition, Capital Markets has\n been renamed Aston Hill Capital Markets Inc.  Aston Hill Capital\n Markets Inc. currently manages or provides advisory services to 14 TSX-listed closed-end funds and seven\n reference funds (the \"Funds\") having assets under management of approximately $1.2 billion (as of\n July 31, 2013). The Acquisition increases Aston Hill's assets under\n management and advisory (\"AUM\") from approximately $6.6 billion to approximately $7.8 billion (based\n on July 31, 2013 AUMs).\n\n\nMessrs. Neil Murdoch and Darren Cabral, the previous principals of\n Capital Markets, continue to hold a 20% interest in Aston Hill Capital\n Markets Inc. and will continue to conduct the business.  Aston Hill has\n an option to acquire, and Messrs. Murdoch and Cabral have an option to\n sell, the remaining 20% interest after three years (in the case of Mr.\n Cabral, one-half of his interest after three years, and all of his\n interest after five years).\n\n\nPrior to closing of the Acquisition, Capital Markets assigned the\n management agreement of one conventional mutual fund to an affiliate of\n Connor, Clark & Lunn Financial Group Ltd.  As a result, the Acquisition\n related exclusively to the closed-end fund business of Capital Markets.\n\n\nSimultaneous with the completion of the Acquisition, 15,300,000\n subscription receipts (the \"Subscription Receipts\") issued by Aston Hill on August 7, 2013 have been exchanged for an\n equal number of common shares (the \"Common Shares\") of Aston Hill and the net proceeds from such offering have been\n released to Aston Hill to satisfy the purchase price for the\n Acquisition.  As well, an amount equal to $0.0125 per Subscription\n Receipt in respect of the dividends declared on each Common Share by\n Aston Hill on August 1, 2013 for which record dates occurred between\n August 7, 2013 and prior to August 15, 2013 has become payable (...