Business
Aston Hill Announces Second Quarter 2011 Results
CALGARY, Aug. 18, 2011 /CNW/ - Aston Hill Financial Inc. (the "Company" or "Aston Hill") (TSX...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 18, 2011 /CNW/ - Aston Hill Financial Inc. (the \"Company\"\n or \"Aston Hill\") (TSXV: AHF) announces it has filed the unaudited\n interim consolidated financial statements for the period ended June 30,\n 2011 and related Management Discussion and Analysis with Canadian\n Securities Regulatory Authorities.\n\n\nRecurring revenues for the second quarter of 2011 were approximately\n $3.5 million as compared to $2.0 million in the second quarter of 2010,\n representing a 75% year over year increase. As of June 30, 2011, Aston\n Hill had approximately $3.4 billion in Assets under Advisory and\n Management (\"AUM\") versus $2.0 billion at June 30, 2010, representing\n an increase of 70%.\n\n\nSubsequent to quarter end, on July 27, 2011, the Company closed a series\n of transactions that have a material impact on its business. The\n Company completed a bought deal financing of 6.00% extendible\n convertible unsecured subordinated debentures in the aggregate\n principal amount of $40.25 million trading on the TSX Venture Exchange\n under the symbol AHF.DB.\n\n\nConcurrently, on July 27, 2011, Aston Hill purchased all of the issued\n and outstanding shares of BFML Management Limited (\"BFML\") for cash\n consideration of $28.0 million which holds the management contracts for\n 7 closed-end funds, previously managed by Brompton Funds Management\n Limited, representing approximately $800 million in AUM. Also,\n concurrently with this acquisition and the financing, Aston Hill\n acquired the business of Morrison Williams Investment Management LP and\n its wholly-owned subsidiary, Morrison Williams Capital Advisors Inc.\n (together referred to as \"Morrison Williams\") for cash consideration of\n $11.5 million. The acquisition of Morrison Williams represents $1.6\n billion in assets under management in institutional and other pension\n related investment funds. These two acquisitions increase Aston Hill's\n AUM from $3.4 billion to approximately $5.8 billion.\n\n\nAston Hill is an asset management company with expertise in income\n products, energy investments and oil and gas property management. Aston\n Hill has offices in Calgary and Toronto.\n\n\nThe TSX Venture Exchange has neither approved nor disapproved the\n information contained herein.\n\n\nForward-Looking Statements: This news release contains certain \"...