Aston Hill announces completion of the acquisition of 80% of the closed-end fund business of Connor, Clark & Lunn and related exchange of subscription receipts

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CALGARY, Aug. 15, 2013 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the "Company") (TSX: AHF) is pleased to announce that it has completed its acquisition of an 80% interest (the "Acquisition") in Connor, Clark & Lunn Capital Markets Inc. ("Capital Markets"). Concurrent with completion of the Acquisition, Capital Markets has been renamed Aston Hill Capital Markets Inc.  Aston Hill Capital Markets Inc. currently manages or provides advisory services to 14 TSX-listed closed-end funds and seven reference funds (the "Funds") having assets under management of approximately $1.2 billion (as of July 31, 2013). The Acquisition increases Aston Hill's assets under management and advisory ("AUM") from approximately $6.6 billion to approximately $7.8 billion (based on July 31, 2013 AUMs).

Messrs. Neil Murdoch and Darren Cabral, the previous principals of Capital Markets, continue to hold a 20% interest in Aston Hill Capital Markets Inc. and will continue to conduct the business.  Aston Hill has an option to acquire, and Messrs. Murdoch and Cabral have an option to sell, the remaining 20% interest after three years (in the case of Mr. Cabral, one-half of his interest after three years, and all of his interest after five years).

Prior to closing of the Acquisition, Capital Markets assigned the management agreement of one conventional mutual fund to an affiliate of Connor, Clark & Lunn Financial Group Ltd.  As a result, the Acquisition related exclusively to the closed-end fund business of Capital Markets.

Simultaneous with the completion of the Acquisition, 15,300,000 subscription receipts (the "Subscription Receipts") issued by Aston Hill on August 7, 2013 have been exchanged for an equal number of common shares (the "Common Shares") of Aston Hill and the net proceeds from such offering have been released to Aston Hill to satisfy the purchase price for the Acquisition.  As well, an amount equal to $0.0125 per Subscription Receipt in respect of the dividends declared on each Common Share by Aston Hill on August 1, 2013 for which record dates occurred between August 7, 2013 and prior to August 15, 2013 has become payable (less any applicable withholding taxes, if any) in respect of each Subscription Receipt so exchanged and will be paid concurrent with the payment of Aston Hill's dividend to all holders of Common Shares on August 23, 2013.

For more information on Aston Hill Capital Markets Inc., please visit our website at www.astonhill.ca. Additionally, information on the Funds is available at www.astonhill.ca/closed-end-funds.

About Aston Hill

Aston Hill is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. Aston Hill is also engaged in the administration of Argent Energy Trust (TSX: AET.UN). Aston Hill has offices in Calgary, Toronto and Halifax.  Additional information regarding Aston Hill is available in Aston Hill's publicly available disclosure documents on www.sedar.com.

Forward-Looking Statements

The information and statements in this news release contains certain forward-looking information. This forward-looking information relates to future events or Aston Hill's future performance.  All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information.  The outcome and timing of the Company's actual results, performance or achievement, could differ materially from those expressed in, or implied by, such forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Company will derive from them. The Company's forward-looking information is expressly qualified in its entirety by this cautionary statement.  Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information.

SOURCE: Aston Hill Financial Inc.

For further information:

Eric Tremblay
Chief Executive Officer
Aston Hill Financial Inc.
(403) 770-4817

Larry Titley
Vice President and CFO
Aston Hill Financial Inc.
(403) 770-4808


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