TORONTO, March 3, 2014 /CNW/ - Galileo Global Equity Advisors Inc.
("Galileo") today announced that U.S. Global Investors (Canada) Ltd.
("U.S. Global") and Michael Waring, each of whom currently owns 50% of
the outstanding voting shares of Galileo, have entered into an
agreement whereby U.S. Global will acquire 150,000 Class B common
shares from Mr. Waring, representing 15% of the outstanding voting
shares of Galileo.
Upon the completion of the transaction, U.S. Global will own 500,000
Class A common shares and 150,000 Class B common shares, together
representing 65% of the outstanding voting shares of Galileo, and
Michael Waring will own 350,000 Class B common shares representing 35%
of the outstanding voting shares of Galileo. The transaction will
result in a change of control of Galileo, since the percentage of
Galileo's voting shares held by U.S. Global will increase from 50% to
65% and the percentage of voting shares held by Michael Waring will
decrease from 50% to 35%.
The change of control of Galileo will have no material effect on the
conduct of business of the Galileo Mutual Funds, and will not result in
any changes to the investment objectives or strategies of the Galileo
Mutual Funds. Following the closing of the transaction, Michael Waring
will continue to serve as the President, Chief Executive Officer and
Chief Investment Officer of Galileo and will continue to have overall
responsibility for the investment management activities of Galileo,
including its management of the Galileo Mutual Funds.
The transaction is subject to the approval of securities regulatory
authorities and to the satisfaction of other closing conditions. It is
anticipated that the transaction will close on or about April 30, 2014.
About Galileo Global Equity Advisors Inc.
Founded in 2000 by Michael Waring, Galileo delivers investment advisory
and portfolio management services to institutional clients including
pension funds, high net worth individuals, corporations and trusts. It
also manages the Galileo Mutual Funds (www.galileofunds.ca), which are represented across Canada by independent financial
About U.S. Global Investors
U.S. Global Investors (Canada) Ltd. is a wholly owned subsidiary of U.S.
Global Investors, Inc. (www.usfunds.com). U.S. Global Investors, Inc. is a registered investment adviser that
focuses on profitable niche markets around the world. Headquartered in
San Antonio, Texas, U.S. Global Investors, Inc. provides advisory,
transfer agency and other services to U.S. Global Investors Funds and
SOURCE: Galileo Global Equity Advisors Inc.
For further information:
Michael Waring, President and CEO, Galileo Global Equity Advisors Inc. - (416) 594-3636, email@example.com
Susan Filyk, Investor Relations, U.S. Global Investors, Inc. - (210) 308-1286, firstname.lastname@example.org