CALGARY, Nov. 26 /CNW/ - Aston Hill Financial Inc. (the "Company" or "Aston Hill") (TSXV: AHF) is pleased to announce that it has filed the unaudited interim consolidated financial statements for the period ended September 30, 2009 and related Management Discussion and Analysis with Canadian Securities Regulatory Authorities.
During the quarter, the Company recorded revenues greater than $1 million as assets under management and advisory grew steadily throughout the period. The increase in revenues resulted in a net income of $92,651, representing the first time Aston Hill recorded positive operating income from recurring management and advisory fees which exclude any acquisition or performance fees. This important milestone was achieved as a result of assets under management and advisory ("AUM") increasing from $1.067 Billion at June 30, 2009 to $1.190 Billion at September 30, 2009. As of November 24, 2009, AUM is estimated at $1.301 Billion. The 22% increase in AUM from June 30 to November 24 comes despite a $59 million reduction in AUM from Aston Hill's private equity oil and gas division in Calgary, caused by the impact of lower forward natural gas prices on asset valuations. The continuous net increases in Aston Hill's AUM can be largely attributed to the efforts and performance of our Toronto office as our sub-advisory mandates for income and energy products continue to grow.
The above mentioned asset value loss in our private equity oil and gas division also had a negative effect on third quarter earnings as Aston Hill owns 2.57% of the assets managed resulting in a $378,952 downward marked to market value revision to long-term investments. As of September 30, 2009, Aston Hill's private oil and gas investment is valued at $8.3 million and remains our single largest asset.
Also, during the third quarter, the Company raised $1.5 million through a common share private placement. A portion of the proceeds were used to acquire additional shares in Sword Energy Inc., the aforementioned private oil and gas company managed by Aston Hill. Aston Hill is an independent asset manager dedicated to providing superior returns to its clients and shareholders over the long term. The Company operates under two distinct divisional lines: Financial Portfolio Management and Advisory and Oil and Gas Property Management. Aston Hill has offices in Calgary and Toronto and is listed on the TSX Ventures Exchange under the symbol "AHF".
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
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, 2008, 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: For further information: concerning this press release, please contact: Eric Tremblay, Chief Executive Officer, Aston Hill Financial Inc., (403) 770-4817; Ben Cheng, President, Aston Hill Financial Inc., (416) 861-9152; Larry Titley, Vice President and CFO, Aston Hill Financial Inc., (403) 770-4808