Partners Value Investments Inc. Sells a Portion of Its Shares of Trisura Group Ltd.
October 22 2020 - 5:21PM
Partners Value Investments Inc. (the “Company”, TSXV: PVF.WT) today
announced that it has entered into an agreement with a syndicate
led by TD Securities Inc., BMO Capital Markets and CIBC World
Markets to sell 795,000 common shares in the capital of Trisura
Group Ltd. (“Trisura”) on a secondary sale basis at a price per
share of $86.85 for aggregate gross proceeds to the Company of
$69,045,750. The sale is expected to be completed on October 26,
2020.
Immediately before the transaction, the Company
held 1,808,822 common shares in the capital of the Trisura,
representing approximately 17.6% of the issued and outstanding
common shares of Trisura as of October 21, 2020. Upon giving effect
to the transaction, the Company continues to hold an aggregate of
1,013,822 common shares of Trisura, representing approximately 9.9%
of the issued and outstanding common shares of Trisura as of
October 22, 2020.
The purpose of the transaction was to generate
proceeds from the sale of a portion of such common shares. Subject
to compliance with applicable securities laws, the Company may
purchase additional securities of Trisura from time to time, or
dispose of any securities of Trisura that the Company may own from
time to time, in each case in the open market or in privately
negotiated transactions with one or more persons.
The Company has no definitive plans or future
intentions which relate to, or would result in, acquiring
additional securities of Trisura, disposing of securities of
Trisura, or any of the other actions enumerated above. The Company
may increase or decrease its position in Trisura in the future as
considered appropriate in light of investment criteria, market
conditions and other factors or circumstances and in accordance
with the provisions of applicable securities legislation.
This press release is issued pursuant to
National Instrument 62-103 – The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues, which also requires a
report to be filed with regulatory authorities in each of the
jurisdictions in which Trisura is a reporting issuer containing
information with respect to the foregoing matters (the “Early
Warning Report”). A copy of the Early Warning Report will appear
with Trisura’s filings on the System for Electronic Document
Analysis and Retrieval (SEDAR) and may be obtained upon request
from Bryan Sinclair, Vice President, Trisura Group Ltd., tel. 416
607-2135. Trisura’s head office address is located at 333 Bay
Street, Suite 1610, Box 22, Toronto, Ontario M5H 2R2.
For further information, contact Investor
Relations at ir@pvii.ca or 416-956-5142. The Company’s head
office address is located at 181 Bay Street, Suite 300,
Toronto, Ontario M5J 2T3.
Note: This news release contains
“forward-looking information” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of applicable Canadian securities regulations. The
words “potential” and “estimated” and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters, identify forward-looking
information. Forward-looking information in this news release
includes statements with regard to the Company’s potential future
income taxes.
Although the Company believes that its
anticipated future results, performance or achievements expressed
or implied by the forward-looking statements and information are
based upon reasonable assumptions and expectations, the reader
should not place undue reliance on forward-looking statements and
information because they involve known and unknown risks,
uncertainties and other factors, many of which are beyond its
control, which may cause the actual results, performance or
achievements of the Company to differ materially from anticipated
future results, performance or achievement expressed or implied by
such forward-looking statements and information.
Factors that could cause actual results to
differ materially from those contemplated or implied by
forward-looking statements and information include, but are not
limited to: the financial performance of Brookfield Asset
Management Inc., the impact or unanticipated impact of general
economic, political and market factors; the behavior of financial
markets, including fluctuations in interest and foreign exchanges
rates; global equity and capital markets and the availability of
equity and debt financing and refinancing within these markets;
strategic actions including dispositions; changes in accounting
policies and methods used to report financial condition (including
uncertainties associated with critical accounting assumptions and
estimates); the effect of applying future accounting changes;
business competition; operational and reputational risks;
technological change; changes in government regulation and
legislation; changes in tax laws, catastrophic events, such as
earthquakes and hurricanes; the possible impact of international
conflicts and other developments including terrorist acts; and
other risks and factors detailed from time to time in the Company’s
documents filed with the securities regulators in Canada.
The Company cautions that the foregoing list of
important factors that may affect future results is not exhaustive.
When relying on the Company’s forward-looking statements and
information, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Except as required by law, the Company undertakes no obligation to
publicly update or revise any forward-looking statements and
information, whether written or oral, that may be as a result of
new information, future events or otherwise.
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