Shares of Firm Capital American Realty Partners Corp. (TSXV: FCA.U) Acquired by Stornoway Portfolio Management Inc.
August 17 2018 - 10:41AM
Stornoway Portfolio Management Inc. (“Stornoway”)
announced that it acquired, on behalf of the Stornoway Recovery
Fund LP (“SRFLP”), a total of 41,000 common shares (“Shares”) of
Firm Capital American Realty Partners Corp. (“FCARPC”) (TSXV:
FCA.U) in the public market on August 16, 2018 at a price of
US$7.0088 (approximately C$9.218) per Share for aggregate
consideration of US$287,360.80 (approximately C$377,936.92).
Immediately prior to the transaction, SRFLP and the Ravensource
Fund (“Ravensource” and together with SRFLP, the “Funds”) owned an
aggregate 582,592 Shares of FCARPC corresponding to a
securityholding percentage of approximately 9.51%.
Immediately after this transaction, on behalf of
the Funds, Stornoway exercises, or is deemed to exercise, control
or direction over an aggregate of 623,592 Shares representing
approximately 10.18% of the issued and outstanding Shares of FCARPC
reflecting an increase in securityholding percentage of
approximately 0.67%.
The Shares were acquired and are being held for
investment purposes. Depending on market conditions,
Stornoway may increase or decrease its ownership, control or
direction of Shares through market transactions, private agreements
or otherwise.
A report respecting the acquisition of the
Shares by Stornoway will be electronically filed with applicable
Canadian securities regulatory authorities and will be available
for viewing at www.sedar.com. A copy of the report (once
filed) may be obtained by contacting Scott Reid, President of
Stornoway, whose contact details are set out below.
ABOUT THE STORNOWAY RECOVERY FUND LPThe
Stornoway Recovery Fund LP is an Ontario limited partnership. SRFLP
focuses on investing in and capturing value from the turnaround and
recovery of financially distressed small and mid-cap Canadian
corporations.
ABOUT RAVENSOURCE FUNDRavensource Fund is a
closed end investment fund listed on the TSX under the symbol
RAV. The principal investment objective of Ravensource is to
achieve absolute annual returns, with an emphasis on capital gains,
through investments in selected North American securities.
Ravensource invests primarily in high yield bonds, distressed debt
and small capitalization equity securities. For further
information on Ravensource, please visit its website at
www.ravensource.ca.
For further
information: |
Scott
Reid |
Stornoway
Portfolio Management Inc. |
Tel: |
|
(416) 250
2845 |
e-mail: |
|
sreid@stornowayportfolio.com |
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