CALGARY, Dec. 20, 2011 /CNW/ - Aston Hill Financial Inc. ("Aston Hill" or the "Company") (TSX: AHF) (TSX: AHF.DB) announced today that the Toronto Stock
Exchange (the "TSX") has approved its notice of intention to make a normal course issuer
bid for a portion of its common shares ("Common Shares") and 6% extendible convertible unsecured subordinated debentures ("Convertible Debentures"). The normal course issuer bid will be made in accordance with the
requirements of the TSX. Aston Hill may begin to purchase Common
Shares and Convertible Debentures on or about December 22, 2011,
subject to Company blackout periods.
As of December 13, 2011, approximately 72,625,959 Common Shares and
$40,250,000 principal amount of Convertible Debentures were
outstanding. Pursuant to the normal course issuer bid, Aston Hill
intends to acquire up to 3,700,000 Common Shares and $3,900,000
principal amount of Convertible Debentures in the 12-month period
commencing December 22, 2011 and ending on December 21, 2012, which
figures represent 9.5% and 9.8%, respectively, of the "public float" as
of December 13, 2011. Purchases under the normal course issuer bid
will be made by Aston Hill through the facilities of the TSX and in
accordance with applicable regulatory requirements. The price that
Aston Hill will pay for any Common Shares or Convertible Debentures
will be the market price of such Common Shares or Convertible
Debentures at the time of acquisition.
The average daily trading volume (the "ADTV") for the period of November 7, 2011 (the date on which the securities
of the Company were listed on the TSX) to December 13, 2011 was 41,356
Common Shares and $24,815 principal amount of Convertible Debentures.
Pursuant to the TSX rules, the maximum number of securities that may be
repurchased during the same trading day is 25% of the ADTV, being
10,339 Common Shares and $6,204 principal amount of Convertible
Debentures, in each case subject to Aston Hill's ability to make one
block purchase of each of the Common Shares and Convertible Debentures
per calendar week that exceed such limits. Any Common Shares and
Convertible Debentures that are purchased under the normal course
issuer bid will be cancelled upon their purchase by Aston Hill. Aston
Hill will fund the purchases through available cash.
Aston Hill believes that the repurchase by the Company of a portion of
outstanding Common Shares and Convertible Debentures is an appropriate
use of available cash and is in the best interests of Aston Hill and
Aston Hill is a diversified asset management company with a suite of
retail mutual funds, private equity funds, hedge funds and segregated
institutional funds. The Company is also engaged in oil and gas
property management. Aston Hill has offices in Calgary and Toronto.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within
the meaning of such statements under applicable securities law.
Forward-looking statements are frequently characterized by words such
as "plan", "continue", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this
news release. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements.
For a detailed description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and
analysis for the year ended December 31, 2010, both of which are
available at www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking statements.
SOURCE Aston Hill Financial Inc.
For further information:
| Eric Tremblay || Larry Titley |
| Chief Executive Officer || Vice President and CFO |
| Aston Hill Financial Inc. || Aston Hill Financial Inc. |
| (403) 770-4817 || (403) 770-4808 |