/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./
TORONTO, Feb. 7, 2023
/CNW/ - Cliffside Capital Ltd. ("Cliffside" or the
"Company") (TSXV: CEP) announces that the special committee
(the "Special Committee") comprised of independent members of the
Board of Directors (the "Board") of the Company, constituted in
December 2022, has now retained
Raymond James Ltd., to advise it regarding its mandate to explore
and evaluate the various strategic alternatives available to the
Company to maximize value for its shareholders and other
stakeholders.
No decisions relating to any specific potential strategic
transaction has been made as at the date of this news release. The
Company does not intend to comment further with respect to the
strategic review process unless and until it determines that
additional disclosure is appropriate in the circumstances and in
accordance with applicable securities laws.
QUARTERLY DIVIDEND
PAYMENT
The Company also announces that it will temporarily suspend the
payment of quarterly dividends to its shareholders. This decision
was made by the Board in light of the strategic review being
conducted by the Special Committee and given the current uncertain
macroeconomic environment.
About Cliffside
Cliffside is focused on investing in strategic partnerships with
parties who have specialized expertise and a proven track record in
originating and servicing loans and similar types of financial
assets. Cliffside's strategy is to generate revenue as an investor,
affording its shareholders an opportunity to invest in the growing
alternative lending sector with the potential for attractive yields
and minimal operational risk while earning a reliable total return.
For more information, see Cliffside's filings on SEDAR at
www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the business and operations
of Cliffside and its partnerships, the ability of management to
effectively protect and grow the Company's business in light of
recent and ongoing macroeconomic risks and uncertainties,
statements relating to the mandate of the Independent Committee,
and the Company's strategy regarding future asset acquisitions.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the results of operations; potential for
conflicts of interests; the availability of appropriate finance
receivables that may be purchased by the Company's limited
partnerships under existing funding facilities; volatility of
common share price and volume; uncertainties relating to the
strategic review to be conducted by the Independent Committee and
the terms of any definitive agreements that may be entered into in
connection with any potential transaction involving the Company..
There can be no assurance that such statements will prove to be
accurate or complete, as actual results and future events could
differ materially from those anticipated in such
statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cliffside disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cliffside Capital Ltd.