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TORONTO, Sept. 10, 2015 /CNW/ - Tricon Capital Group Inc. ("Tricon") (TSX:TCN) announced today that its wholly-owned subsidiary, Tricon Investment Partners Inc. (the "Company", or "TIP"), has filed and obtained a receipt for an amended and restated preliminary prospectus in respect of its initial public offering of subordinate voting shares with the securities regulatory authorities of all provinces in Canada (the "Offering"), which amends and restates the preliminary prospectus of the Company filed on August 25, 2015. The amended and restated prospectus states that the Company proposes to sell subordinate voting shares at an indicative offering price of between C$10.00 and C$11.00 per share for aggregate gross proceeds to the Company of approximately C$140 million. The Offering is being distributed by a syndicate of underwriters led by RBC Capital Markets and GMP Securities L.P. and including TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Raymond James Ltd., CIBC World Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Paradigm Capital Inc.
Completion of the Offering is subject to, and conditional upon, the receipt of all necessary approvals, including regulatory approvals. Final determination of the Offering size and price is expected to occur later in September, with closing of the Offering expected in October, 2015.
An amended and restated preliminary prospectus containing important information relating to the subordinate voting shares has been filed with the securities commissions or similar authorities in each province of Canada. The amended and restated preliminary prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary prospectus are available on SEDAR at http://www.sedar.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities until a receipt for the final prospectus has been issued.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The subordinate voting shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the subordinate voting shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Advisory Regarding Forward-Looking Statements
In the interests of providing Tricon shareholders and potential investors with information regarding Tricon and the Company, including management's assessment of Tricon's and the Company's future plans and operations, certain statements contained in this news release are forward-looking statements or information within the meaning of applicable securities legislation, collectively referred to herein as "forward-looking statements." Forward-looking statements in this news release may include, but are not limited to statements regarding: the expected future activities of the Company following closing of the Offering, the anticipated arrangements between Tricon and the Company following closing of the Offering, expectations that applicable regulatory approvals will be obtained, the success and expected timing of closing of the Offering, and the anticipated benefits of the Offering.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Tricon's or the Company's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. There can be no assurance that the Company will ultimately complete the Offering, the size of the retained interest that Tricon would hold initially or in the future in the Company or that other arrangements would exist between Tricon and the Company.
Completion of the Offering is subject to a number of risks and uncertainties, including without limitation, those relating to due diligence, favourable market conditions, stock exchange, regulatory approvals, and approval by Tricon's and the Company's Board of Directors. Although Tricon believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive. In addition, assumptions relating to such forward-looking statements generally include Tricon's current expectations and projections made in light of, and generally consistent with, its historical experience and its perception of historical trends, all of which are subject to the risk factors identified elsewhere in this news release or in the amended and restated preliminary prospectus including assumptions related to receipt of all required regulatory approvals and completion of the Offering.
Furthermore, the forward-looking statements contained in this news release are made as of the date hereof and, except as required by law, Tricon and the Company undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
About Tricon Capital Group Inc.
Tricon is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $2.5 billion (C$3.2 billion) of assets under management. Tricon owns, or manages on behalf of third-party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family development projects. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business and to earn fee income through our Private Funds and Advisory business. Since its inception in 1988, Tricon has invested in real estate and development projects valued at approximately US$16 billion. More information about Tricon is available at www.triconcapital.com.
SOURCE Tricon Capital Group Inc.
For further information: Gary Berman, President & Chief Executive Officer, Tel: 416-928-4122, Email: [email protected]; Wissam Francis, Chief Financial Officer, Tel: 416-323-2484, Email: [email protected]