/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.
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
SOURCE: Aston Hill Financial Inc.
For further information:
Chief Executive Officer
Aston Hill Financial Inc.
Vice President and CFO
Aston Hill Financial Inc.