Firm Capital Asset Management Corp. responds to press release from The Becker Milk Company Limited
TORONTO, Aug. 9, 2013 /CNW/ - Firm Capital Asset Management Corp. and its related entities ("Firm Capital") is pleased to see the announcement from The Becker Milk Company Limited ("Beckers" or the "Company") that it has retained PriceWaterhouseCoopers Real Estate Inc. to explore the possible sale of the Company. Firm Capital is a Class B shareholder of Beckers. For the past several months, Firm Capital has made several proposals to acquire the Company or its assets and has encouraged the board of directors of Becker's to pursue a value maximization process; however the Becker's board of directors was not willing to engage in any meaningful discussions. These proposals represented full and fair value for Becker's assets and a significant premium to Becker's recent share price trading levels. Becker's has no growth prospects and has not grown beyond its existing portfolio of assets for many years and the sale of Becker's is a logical outcome that will result in value being maximized for all of Becker's shareholders.
Firm Capital is encouraged that the Becker's board of directors appears now to be open to pursuing a transaction that is clearly in the best interests of all Becker's shareholders as the cost of remaining public as a small non-growth company is not in the interests of shareholders.
ABOUT FIRM CAPITAL ASSET MANAGEMENT CORP.
Firm Capital Asset Management Corp. ("Firm Capital and or related entities") is a real estate private equity investment
firm and alternative investment manager based in Toronto, Canada. Since
1988, Firm Capital has established an exceptional track record of
successfully deploying proprietary and managed capital
opportunistically between debt and equity investments in the Canadian
real estate private and public markets. Amongst the managed lending
entities, Firm Capital Mortgage Investment Corporation (TSX : FC) is a
TSX-listed leading non-bank lender providing innovative Construction,
Bridge, Equity, and Conventional Real Estate Financing to builders,
developers, and real estate investors. In addition, Firm Capital
Property Trust (TSXV : FCD.UN) is a TSXV-listed real estate investment
trust focused on co-owning a diversified property portfolio of
multi-residential, flex industrial, net lease convenience retail, and
core service provider professional real estate in partnership with
management and industry leaders. Firm Capital focuses on a simple
culture and goal; to be a client-driven organization, with impeccable
integrity, focused on preservation of capital through disciplined
tactical investing, at the same time building long term relationships.
FORWARD LOOKING INFORMATION
This press release may contain forward-looking statements. In some
cases, forward-looking statements can be identified by the use of words
such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue", and by
discussions of strategies that involve risks and uncertainties. The
forward-looking statements are based on certain key expectations and
assumptions made by Firm Capital. By their nature, forward-looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and various
future events will not occur. Although management of Firm Capital
believes that the expectations reflected in the forward-looking
statements are reasonable, there can be no assurance that future
results, levels of activity, performance or achievements will occur as
anticipated. Neither Firm Capital nor any other person assumes
responsibility for the accuracy and completeness of any forward-looking
statements, and no one has any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or such other factors which affect this information,
except as required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. Firm Capital has not, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.
SOURCE: Firm Capital Corporation
Eli Dadouch
President & Chief Executive Officer
(416) 635-0221
Sandy Poklar
COO; Managing Director, Capital Markets & Strategic Developments
(416) 635-0221
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