All amounts expressed in United States dollars (US$) unless otherwise
noted
TORONTO, Dec. 2, 2024
/CNW/ - Saltire Capital Ltd (TSX: SLT.U, SLT.WT.U)
("Saltire" or the "Corporation"), is pleased to
announce it has acquired an indirect stake in Anthem GP Ltd.
("Anthem") through the acquisition of a secured demand grid
promissory note (the "Note") issued by The Fox Hat Equities
Ltd. ("Fox Hat") from Pioneer Garage Limited ("PGL"),
which Note is exchangeable for 975,000 Class A preferred shares
(the "Anthem Shares") in the capital of Anthem GP Ltd.
("Anthem"). As consideration for the Note, Saltire issued
487,000 common shares of Saltire to PGL.
On settlement of the Note for the Anthem Shares, Saltire will
own approximately 7.6% of the issued and outstanding shares of
Anthem.
"We are thrilled to announce the acquisition of shares in Anthem
and we look forward to continuing to support this business going
forward", said Larry G. Swets,
Executive Chairman of Saltire. "Anthem's current size and footprint
make it an attractive business from which to expand Saltire's
presence in this highly attractive sector."
Fox Hat, the borrower under the Note, is controlled by
Andrew Clark and Robert Clark, directors of Saltire. The
acquisition of the indirect stake in Anthem was approved by
Saltire's investment committee and board of directors (other than
Andrew Clark and Robert Clark, who declared an interest in the
transaction and abstained from voting in respect thereof) and is
exempt from the valuation and minority approval requirements under
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions, as, among other factors, the
transaction is supported by FGAC Investors LLC, a non-interested
control person of Saltire.
About Anthem
Anthem is a privately owned, leading operator of cemeteries,
crematories and funeral homes in North
America. Founded in 2021, Anthem has grown to over 80
locations in 7 states and three Canadian provinces. Headquartered
in Frisco, Texas. Anthem is led by
a strong and experienced operating team with decades of industry
experience.
About Saltire
Saltire is a long-term capital partner that allocates capital to
equity, debt and/or hybrid securities of high-quality private
companies. Investments made by Saltire consist of meaningful and
influential stakes in carefully selected private companies that the
Manager believes are under-valued businesses with high barriers to
entry, predictable revenue streams and cash flows and defensive
characteristics, with a view to significantly improve the
fundamental value over the long-term. Although Saltire primarily
allocate capital to private companies, Saltire may, in certain
circumstances if the opportunity arises, also pursue opportunities
with orphaned or value challenged small and micro-cap public
companies. Saltire provides investors with access to private and
control-level investments typically reserved for larger players,
while maintaining liquidity.
Forward-Looking Statements
This press release may contain forward-looking information that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Saltire. All statements
included herein, other than statements of historical fact, may be
considered forward-looking information and such information
involves various risks and uncertainties, including those described
under the heading "Risk Factors" in Saltire's final long-form
prospectus dated August 2, 2024,
which is available for viewing on Saltire's SEDAR+ profile at
www.sedarplus.ca. There can be no assurance that such information
will prove to be accurate, and actual results and future events
could differ materially from those anticipated in such information.
Any forward-looking statements are made as of the date of this
release and, other than as required by applicable securities laws,
Saltire does not assume any obligation to update or revise them to
reflect new events or circumstances.
www.saltirecapitalltd.com
SOURCE Saltire Capital Ltd.