Mosaic Capital Corporation Announces Appointment of Officer and Issuance of RSUs
Calgary, Alberta CANADA, July 02, 2013 /FSC/ - Mosaic Capital Corporation (M - TSX Venture, M.PR.A - TSX Venture), ("Mosaic") is pleased to announce the appointment of Troy Pearce to Vice President. Mr. Pearce first joined Mosaic in April 2013 as a consultant. His role includes searching for new investment opportunities, business development, financial analysis, valuations and due diligence as well as working with our businesses post acquisition. Prior to working with Mosaic, Mr. Pearce spent approximately thirteen years with a private equity group based in Calgary and focused on activities very similar to those he is now engaged in with Mosaic.
"We are very pleased to have Troy join us, he has been a great addition to Mosaic." commented John Mackay, Executive Chairman and CEO of Mosaic. Mr. Mackay added, "Troy is a great complement to our existing team as we continue to grow Mosaic into one of Canada's leading diversified investment companies."
Mosaic also reports that as part of its variable incentive compensation program (the "Incentive Plan"), it has conditionally issued to Mr. Pearce a number of restricted securities units ("RSUs"). The maximum potential number of RSUs to which he may become entitled have been conditionally issued to him (being up to 6,271 common share RSUs or 4,107 preferred security RSUs, or a combination thereof), but a portion of those RSUs may be cancelled in early 2014 to the extent that specified performance criteria are not met or exceeded. The RSUs are to be settled on a one-for-one basis for the underlying security, being common shares or preferred securities (as the case may be). Mosaic has reserved a maximum of 6,271 common shares to be issued upon settlement and exercise of the common share RSUs (each at a settlement price of $7.82) and 4,107 preferred securities to be issued upon settlement and exercise of the preferred security RSUs (each at a settlement price of $11.94). A detailed description of the Incentive Plan, as well as certain material attributes of the RSUs, are set forth in the information circular for Mosaic's most recent annual and special meeting of shareholders which has been filed on SEDAR at www.sedar.com under the profile for Mosaic.
In addition, as part of its compensation program for directors, Mosaic has also issued 15,985 common share RSUs to its non-executive directors. These RSUs will vest June 1, 2014 and are to be settled on a one-for-one basis for the underlying common shares. Mosaic has reserved 15,985 common shares to be issued upon settlement and exercise of these RSUs, each at a settlement price of $7.82.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses that have a history of generating cash flow from their operations. Mosaic's objective is to create long term value for our shareholders and business partners and to have that reflected in our share price. We believe that this is achieved by growing free cash flow per share and retained earnings. We do this by acquiring businesses that we understand at attractive prices and we manage our risk through extensive due diligence, creative transaction structuring and working closely with our businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Taylor
Vice President
Mosaic Capital Corporation
400, 2424 - 4th Street SW
Calgary, AB T2S 2T4
Tel: (403) 270-4658
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the press release as a PDF file, please click on the following link:
http://www.usetdas.com/pr/mosaic07022013.pdf
Source: Mosaic Capital Corporation (TSXV: M - TSXV: M.PR.A)
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