TORONTO, Dec. 31, 2019 /CNW/ - Galileo Global Equity Advisors Inc. ("Galileo") today announced that it has agreed to purchase for cancellation all of the 650,000 Class A common shares in the capital of Galileo owned by U.S. Global Investors (Canada) Ltd., representing 65% of the outstanding voting shares of Galileo. Upon the completion of the transaction, Michael Waring, who currently owns 350,000 Class B common shares representing 35% of the outstanding voting shares of Galileo, will be the sole shareholder of Galileo. The transaction will result in a change of control of Galileo, since the percentage of Galileo's voting shares held by Michael Waring will increase from 35% to 100%.
The change of control of Galileo will have no material effect on the conduct of business of Galileo High Income Plus Fund, and will not result in any changes to the investment objectives or strategies of Galileo High Income Plus Fund. Following the closing of the transaction, Michael Waring will continue to serve as the President, Chief Executive Officer and Chief Compliance Officer of Galileo and will continue to have overall responsibility for the investment management activities of Galileo, including its management of Galileo High Income Plus Fund and Galileo Technology and Blockchain LP.
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 March 2nd, 2020.
SOURCE Galileo Global Equity Advisors Inc.
For further information: Michael Waring, President and CEO, Galileo Global Equity Advisors Inc., Toll-free: 1-888-912-2288, E-mail: [email protected]