CALGARY and TORONTO, Aug. 6 /CNW/ - Aston Hill Financial Inc. ("Aston Hill") and Navina Asset Management Inc. ("Navina") are pleased to announce the closing of the previously announced acquisition (the "Acquisition") by Aston Hill of all of the issued and outstanding common shares of Navina (the "Navina Shares"). The Acquisition was effected pursuant to the terms of a share purchase agreement (the "Agreement") among Aston Hill, Navina and the holders of the Navina Shares. At closing, Aston Hill acquired 100% of the Navina Shares for a base consideration equivalent to $4,096,250 satisfied through a cash payment of $1,684,324 and the issuance of 2,009,938 common shares of Aston Hill. The Acquisition is subject to a potential additional earn-out of up to $1,800,000 if certain conditions are met.
Navina is a Toronto-based asset management firm specializing in the development, sales and management of numerous closed-end mutual funds, open-ended mutual funds and hedge funds. The majority of the Navina funds are managed by Ravi Sood, an experienced portfolio manager, who has joined Aston Hill in connection with the Acquisition. The Assets Under Management and Advisory ("AUM") of Navina are approximately $225 million and are complementary to Aston Hill's existing suite of AUM.
Aston Hill is an asset management company with expertise in income products, energy, oil and gas property management and private equity. Aston Hill has offices in Calgary and Toronto and is listed on the TSXV under the symbol "AHF".
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE Aston Hill Financial Inc.
For further information: For further information: concerning this news release, please contact: Eric Tremblay, Chief Executive Officer, Aston Hill Financial Inc., (403) 770-4817; Ben Cheng, President, Aston Hill Financial Inc., (416) 861-9152