Matrix Asset Management Inc. Announces Completion of Business Combination
"This business combination brings together three strong organizations with diverse and complementary products lines," said
The parent company, Matrix, will have multiple sources of revenue across several asset classes, including institutional asset management, conventional and specialty mutual funds, and venture capital/private equity.
Common shares of Matrix will commence trading on the
Early Warning Disclosure Regarding Acquisition of SEAMARK Shares ----------------------------------------------------------------
Prior to the closing of the business combination, Matrix acquired and now owns 100% of the 10,804,802 outstanding common shares of SEAMARK Asset Management Ltd. ("SEAMARK"). The SEAMARK common shares were acquired in exchange for an equivalent number of common shares of Matrix by way of a statutory plan of arrangement in reliance on the business combination and reorganization exemption from prospectus requirements under applicable securities legislation. The plan of arrangement was effected under the provisions of the
On the closing of the business combination, 32,414,161 Matrix common shares were issued to former shareholders of GrowthWorks in exchange for 99.99% of the outstanding GrowthWorks common shares. These Matrix common shares are subject to escrow arrangements described in the circular filed in respect of the business combination, with shares released over the course of four years following closing.
Business Unit Regulatory Reporting ----------------------------------
Matrix will operate its business divisions through GrowthWorks, SEAMARK and Mavrix Fund Management Inc., which is a wholly-owned subsidiary of GrowthWorks, as separate business units and will rely on the relief contained in Part 5 of National Instrument 62-103 in treating portfolio securities owned or controlled within each business unit separately for purposes of early warning, insider reporting and certain other regulatory requirements.
About Matrix (www.matrixasset.ca) ---------------------------------
Matrix (TSX:MTA) is a diversified asset and wealth management company with offices across
Forward Looking Statements --------------------------
Certain statements contained in this press release constitute "forward looking statements". These statements are based on current expectations of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release, including risks disclosed in the information circular filed in respect of the business combination. Readers are cautioned not to place undue reliance on these statements. Matrix does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
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For further information: Jill McKim, Corporate Secretary, Matrix Asset Management Inc., (902) 423-9367, www.matrixasset.ca; Alex Irwin, Chief Operating Officer, Matrix Asset Management Inc., (604) 895-7299, www.matrixasset.ca
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