Business
Sprott Resource Corp. Announces 2012 Annual Results
TORONTO, March 28, 2013 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC" or the "Company")...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 28, 2013 /CNW/ - (TSX: SCP) - Sprott Resource Corp. (\"SRC\" or the \"Company\") today announced\n financial results for the twelve-months ended December 31, 2012.\n\n\n\"Throughout 2012, we continued to support the growth and development of\n our investee companies,\" said Kevin Bambrough, Chief Executive Officer\n of SRC. \"During the year, we completed the successful disposition of\n one business and made new investments in the energy services and\n agricultural nutrients sectors. In keeping with our commitment to\n providing our shareholders with an attractive total return and\n increased liquidity, we also continued to buy back stock through our\n normal course issuer bid and, in December, we implemented a monthly\n dividend that will pay approximately 10% of SRC's average annual total\n equity attributable to shareholders.\"\n\n\n\"In November, we completed the disposition of our investment in Waseca\n Energy Ltd. (\"Waseca\") for gross proceeds of $111.7 million compared to\n an investment of $44.2 million,\" added Paul Dimitriadis, SRC's Chief\n Operating Officer. \"We continue to have a positive view of the energy\n sector and look forward to working with management teams to build value\n in our oil and gas investments in 2013.\"\n\n\n\"We are pleased with the progress of one of our newer investments,\n Independence Contract Drilling Inc. (\"ICD\"), as management executes on\n its three-year strategic plan. ICD's strategy is to continue to build\n and contract its leading edge technology rigs for the drilling\n operations of global E&P companies,\" said Arthur Einav, SRC's General\n Counsel and Managing Director.\n\n\n\"Our agricultural investments continued to make progress in 2012,\" said\n Steve Yuzpe, Chief Financial Officer of SRC. \"Most notably, One Earth\n Farms Corp. (\"One Earth Farms\" or \"OEF\") completed the acquisition of\n Beretta Farms Inc. (\"Beretta Farms\"), a purveyor of hormone free and\n antibiotic free natural and organic branded meat products in Ontario\n and British Columbia. This transaction is an important milestone in One\n Earth Farms' strategy of vertical integration and branded food products\n to meet the needs of retailers and consumers, while generating\n increased margins from an integrated supply chain.\"\n\n\n\"In 2012, SRC marked five years in operatio...