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LOGiQ Asset Management Inc. Announces Closing of Sale of Assets to Purpose Investments Inc. for Proceeds of $32 Million and Amendments to Indenture Governing LOGiQ's 7.00% Senior Unsecured Convertible Debentures
LOGiQ Asset Management Inc. Announces Closing of Sale of Assets to Purpose Investments Inc...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\n\n\nLOGiQ Asset Management Inc. Announces Closing of Sale of Assets to Purpose Investments Inc. for Proceeds of $32 Million and Amendments to Indenture Governing LOGiQ's 7.00% Senior Unsecured Convertible Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 15, 2017\n\n\n\nTORONTO, Dec. 15, 2017 /CNW/ - LOGiQ Asset Management Inc. (\"LOGiQ\", or the \"Company\") (TSX:LGQ) today announced the closing of the sale by the Company to Purpose Investments Inc. of the asset management agreements and related assets relating to substantially all of the retail investment funds currently managed by LOGiQ Asset Management Ltd., LOGiQ Capital Partners Inc. and LOGiQ Capital 2016, the Company's registered subsidiaries (the \"Transaction\") for cash consideration of approximately $32 million.\n\n\"We are very pleased with the outcome, as existing fundholders will be well served with a broader, deeper product offering going forward,\" said LOGiQ President and Chief Executive Officer, Joe Canavan.  \"We are equally pleased with successfully concluding this transaction.\"\n\nAs a result of the closing of the Transaction, certain amendments (the \"Debenture Amendments\") to the indenture (\"Indenture\") governing the Company's 7.00% senior unsecured convertible debentures due June 30, 2021 (the \"Debentures\") will become effective today.\n\nThe Debenture Amendments relate primarily to the retraction right the holders of Debentures (\"Debentureholders\") will have as a result of the Transaction. Complete details regarding the Debenture Amendments were outlined in the joint management information circular dated October 11, 2017 (the \"Circular\"), as supplemented by a Supplement to the Circular dated November 13, 2017 (the \"Supplement\"). The Circular and the Supplement are also available at www.sedar.com.\n\nAs noted in the Circular and the Supplement, the retraction right provides that the Debentures may be tendered for retraction on the date (\"Retraction Date\") which is the 30th day following the closing date of the Transaction (the ...