TORONTO, Oct. 2, 2015 /CNW/ - Callidus Capital Corporation Inc. (TSX: CBL) continues to welcome a debate about the company's strategy, prospects and performance, which would enable management to address the inaccuracies that have harmed its investors notwithstanding the company's excellent operating results.
Callidus has received today's offer by Greg Boland, CEO of West Face Capital Inc., to participate in such a debate in exchange for a release from the current litigation against West Face. That condition, however, would breach Callidus' duty to its shareholders.
"Callidus is growing quickly, and we have met or exceeded every operating metric outlined by management at last year's IPO. It gives investors access to one of the best-performing distressed fund managers in the world, on terms that favour public shareholders," said Newton Glassman, Chief Executive Officer of Callidus. "While we relish a debate about the facts, we cannot breach our fiduciary duty and abdicate an asset owned by our beneficiaries, no matter how much that may serve Mr. Boland's purposes."
The facts and Callidus' operating performance speak for themselves. Callidus and Mr. Glassman stand ready to argue those facts – with no strings attached and no agenda other than the protection of the public shareholders' assets.
In addition, Mr. Glassman pledged personally to donate a minimum of $250,000 to a reputable charity should Mr. Boland or other relevant parties come to debate the facts of Callidus on mutually acceptable terms.
Mr. Glassman also indicated that the Catalyst Capital Group Inc., which owns a controlling stake in Callidus, has completed fundraising for its Catalyst Fund Limited Partnership V, exceeding its target of US$1.25 billion and with commitments that exceed its hard cap of $1.5 billion, in less than six months since its first close. This is a sign of the strength of the Catalyst franchise, and the expertise that is offered to Callidus shareholders.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions which demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the company's assets, its enterprise value and borrowing needs. Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflow and outflows of each borrower, enabling Callidus to manage any risk of loss very effectively.
SOURCE Callidus Capital Corporation
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