TORONTO, Sept. 29, 2011 /CNW/ - Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate BetaPro Management Inc. ("BetaPro"), the manager of the Horizons BetaPro exchange traded funds ("Horizons ETFs"), are pleased to announce that BetaPro has exercised its pre-emptive
rights to increase its equity ownership stake in BetaShares Holdings
Pty Ltd. ("BetaShares") by up to 6.1% for a subscription price of $2,000,000 (Australian).
BetaShares is a private Australian holding company whose subsidiary,
BetaShares Capital Limited, offers exchange traded funds ("ETFs") on the Australian Securities Exchange.
As at August 31, 2011, BetaPro owned approximately 40% of BetaShare's
equity outstanding. As part of the subscription, BetaPro has entered
into an option agreement with BetaShares entitling BetaPro (the "Option") to purchase additional shares of BetaShares sufficient to bring
BetaPro's equity holdings of BetaShares to 50%.
Adam Felesky, Chairman of Horizons ETFs said, "The continued growth and success of the BetaShares ETFs on the
Australian Exchange is very encouraging. Increasing our investment in
BetaShares is one more positive step for Horizons ETFs in growing its
global ETF presence."
As announced on July 15, 2011, Mirae Asset Financial Group ("Mirae Asset") has entered into a definitive agreement with Jovian Capital
Corporation to become BetaPro's majority shareholder. Closing is
anticipated to occur by mid-November, and is subject to several
conditions including, but not limited to, regulatory and contractual
consents and approvals, both domestic and foreign. With the
acquisition, Mirae Asset, one of Asia's largest asset management firms,
gains a foothold in the Canadian and Australian ETF market and will be
looking to BetaPro's regional expertise to help it grow its global ETF
About Horizons Exchange Traded Funds Inc. (www.horizonsetfs.com)
Horizons ETFs is an innovative financial services company offering the
Horizons ETFs family of ETFs. The Horizons ETFs family includes a
broadly diversified range of investment tools with solutions for
investors of all experience levels to meet their investment objectives
in a variety of market conditions. With approximately $3.3 billion in
assets under management and 75 ETFs listed on the TSX, the Horizons
ETFs family makes up the largest selection of ETFs in Canada. Horizons
ETFs is a member of the Jovian Capital Corporation (TSX: JOV) group of
SOURCE Horizons Exchange Traded Funds Inc.
For further information:
Adam Felesky, Chairman, Horizons Exchange Traded Funds Inc., (416) 933-5739