Olympia Trust Company Sells Transfer Agency and Corporate Trust Assets

About this update from Olympia Financial Group Inc.

[{"type":"text","content":"\n\n\nCALGARY, Oct. 4, 2013 /CNW/ - Olympia Financial Group Inc. (TSX: OLY)\n (the \"Corporation\") announces that it has entered into an agreement to\n sell its transfer agency and corporate trust assets to Computershare\n Trust Company of Canada (\"Computershare\") for cash consideration of\n $43.0 million (the \"Purchase Price\"), subject to any post-closing\n adjustments, as described below.  After paying certain executive\n management profit sharing entitlements and closing costs, the\n Corporation anticipates receiving after-tax net proceeds of\n approximately $29.6 million (assuming no post-closing adjustments are\n required).\n\n\nPursuant to the agreement, the Purchase Price may be reduced\n post-closing by an amount up to $7.5 million in the event that net\n revenue lost from terminated client agreements exceeds net revenue\n gained from new business agreements during the one year period\n following the closing date (the \"Net Revenue Adjustment\").  The\n agreement also provides that $2.5 million will be held in escrow for a\n period of one year as security for any Net Revenue Adjustment, working\n capital adjustment or indemnification obligation of the Corporation in\n favour of Computershare required under the agreement.\n\n\n\"We are very pleased with the value that this transaction brings to our\n shareholders and the opportunities that it brings for our employees\n within this division\" commented Rick Skauge, President and CEO of the\n Corporation.  \"While it is always hard to part with such dynamic and\n talented employees, management believes that Computershare is the best\n entity to service our clients in an industry that has consolidated in\n recent years and is moving toward more technologically advanced\n platforms.  We are truly grateful for the dedication and service of our\n transfer agency and corporate trust employees and we are excited for\n the opportunities that a global company like Computershare may be able\n to offer them.\"\n\n\nClosing of the transaction is subject to certain conditions, which are\n anticipated to be waived or satisfied by mid-December, 2013.\n\n\nThe Corporation engaged Blair Franklin Capital Partners Inc. as its\n financial advisor in connection with the transaction.  Blair Franklin\n has provided the Board of Directors with an opinion that, as of ...

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