TORONTO, March 3, 2014 /CNW/ - Galileo Global Equity Advisors Inc. ("Galileo") today announced that U.S. Global Investors (Canada) Ltd. ("U.S. Global") and Michael Waring, each of whom currently owns 50% of the outstanding voting shares of Galileo, have entered into an agreement whereby U.S. Global will acquire 150,000 Class B common shares from Mr. Waring, representing 15% of the outstanding voting shares of Galileo.
Upon the completion of the transaction, U.S. Global will own 500,000 Class A common shares and 150,000 Class B common shares, together representing 65% of the outstanding voting shares of Galileo, and Michael Waring will own 350,000 Class B common shares representing 35% of the outstanding voting shares of Galileo. The transaction will result in a change of control of Galileo, since the percentage of Galileo's voting shares held by U.S. Global will increase from 50% to 65% and the percentage of voting shares held by Michael Waring will decrease from 50% to 35%.
The change of control of Galileo will have no material effect on the conduct of business of the Galileo Mutual Funds, and will not result in any changes to the investment objectives or strategies of the Galileo Mutual Funds. Following the closing of the transaction, Michael Waring will continue to serve as the President, Chief Executive Officer and Chief Investment Officer of Galileo and will continue to have overall responsibility for the investment management activities of Galileo, including its management of the Galileo Mutual Funds.
The transaction is subject to the approval of securities regulatory authorities and to the satisfaction of other closing conditions. It is anticipated that the transaction will close on or about April 30, 2014.
About Galileo Global Equity Advisors Inc.
Founded in 2000 by Michael Waring, Galileo delivers investment advisory and portfolio management services to institutional clients including pension funds, high net worth individuals, corporations and trusts. It also manages the Galileo Mutual Funds (www.galileofunds.ca), which are represented across Canada by independent financial advisors.
About U.S. Global Investors
U.S. Global Investors (Canada) Ltd. is a wholly owned subsidiary of U.S. Global Investors, Inc. (www.usfunds.com). U.S. Global Investors, Inc. is a registered investment adviser that focuses on profitable niche markets around the world. Headquartered in San Antonio, Texas, U.S. Global Investors, Inc. provides advisory, transfer agency and other services to U.S. Global Investors Funds and other clients.
SOURCE: Galileo Global Equity Advisors Inc.
For further information:
Michael Waring, President and CEO, Galileo Global Equity Advisors Inc. - (416) 594-3636, [email protected]
Susan Filyk, Investor Relations, U.S. Global Investors, Inc. - (210) 308-1286, [email protected]