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Acquisition of Starlight U.S. Multi-Family
(No. 5) Core Fund Provides
Immediate Scale and a
Platform for Growth in Key Sun Belt Markets
All dollar amounts are expressed in U.S. Dollars
unless otherwise stated
TORONTO, April 2, 2019 /CNW/ - Tricon Capital Group Inc.
("Tricon" or the "Company", TSX: TCN) and Starlight U.S.
Multi-Family (No. 5) Core Fund (TSXV: STUS.A, STUS.U) (the "Fund")
today announced that Tricon and the Fund have entered into an
arrangement agreement (the "Arrangement Agreement") whereby Tricon
will acquire all of the issued and outstanding limited partnership
units ("Units") of the Fund in an all-share transaction (the
"Transaction"), resulting in the acquisition of the Fund's
portfolio of 23 multi-family properties totaling 7,289 units
located primarily in the U.S. Sun Belt (the "Fund Portfolio").
The Transaction is valued at approximately $1.4 billion, which reflects the appraised value
of the Fund Portfolio. The Transaction includes equity
consideration of approximately $496 million that will be
funded by issuing 50,779,314 Tricon common shares ("Tricon
Shares") to the Fund's unitholders at an implied price of
C$13.10 per Tricon Share. Tricon will
also indirectly assume approximately $916 million of the
Fund's existing debt.
Highlights of the Transaction include:
- Transformational acquisition for Tricon establishes a U.S.
multi-family rental platform with immediate scale in attractive Sun
Belt markets and positions Tricon for future growth through organic
acquisitions and the ability to raise third-party capital for new
multi-family investment strategies
- The Fund Portfolio consists of 23 high quality properties with
an average vintage of 2012; the assets are primarily garden-style
apartment complexes featuring resort-style amenities and are
located in desirable suburban neighbourhoods
- The net asset value ("NAV")-for-NAV all-share Transaction
reflects the intrinsic values of Tricon and the Fund, and is
projected to be accretive to Tricon's earnings per share ("EPS")
and book value per share ("Book Value per Share")
- Value per Unit across all Units represents a significant and
attractive cumulative internal rate of return for both new Fund
unitholders as well as legacy investors in Starlight U.S.
Multi-Family's predecessor investment funds, with unitholders
resident in Canada having the
option to defer capital gains tax on the exchange of their Units
for Tricon Shares
- Upon completion of the Transaction, Tricon is expected to have
a market capitalization of approximately C$2.3 billion and approximately 194.2 million
Tricon Shares outstanding, providing Fund unitholders with enhanced
liquidity from their ownership of TSX-listed shares
- The Transaction has received unanimous approval from the board
of directors of each of Tricon ("Tricon Board") and the board of
directors of the Fund's general partner ("Fund GP Board"). Tricon
will host an investor conference call to discuss the Transaction
today at 5:00 p.m. ET
"The Transaction will provide Tricon a significant presence
in U.S. multi-family, which is the largest investible property type
in residential real estate. The portfolio enhances our exposure to
high-growth markets and aligns with our U.S. rental focus on the
middle market demographic. With this acquisition, we will have
created a strong foundation for future growth as well as a major
source of recurring rental income to complement our thriving
single-family rental and Canadian build-to-core multi-family rental
businesses," said Gary Berman,
Tricon's President and CEO. "The NAV-for-NAV all-share transaction
is expected to be meaningfully accretive to Tricon's EPS and Book
Value per Share, while offering the Fund's unitholders an
attractive premium to the prevailing Unit price and the opportunity
to participate in the future growth of our combined company. Going
forward, we expect investors to benefit as Tricon continues to
evolve into a larger, stronger and more diversified investment
manager focused largely on rental housing."
"Under Starlight's management, the income and value of the
underlying assets in the Fund have grown significantly, delivering
a strong internal rate of return for Fund unitholders", said
Daniel Drimmer, Chief Executive
Officer and Director, Starlight U.S. Multi-Family (No. 5) Core GP,
Inc., the general partner of the Fund. "The sale of the Fund is a
compelling opportunity for Fund unitholders to realize the value on
their initial investment on a tax-deferred basis." Mr. Drimmer
continued, "Becoming Tricon shareholders allows us to become a part
of a larger and more geographically diversified investment vehicle
and provides increased liquidity. Management are pleased to become
significant shareholders of Tricon."
Benefits of the Transaction for Tricon
Establishes a U.S. Multi-family Platform Poised for
Growth: The Transaction creates an investment platform for
Tricon with immediate scale in U.S. multi-family, a key component
of the residential real estate sector. The Transaction will
bring the Tricon Lifestyle Rentals ("TLR") multi-family rental
portfolio to over 10,000 units, including 3,000 units under
development and management in Canada. Tricon's total AUM will also increase
by $1.4 billion, to $7.1 billion (C$9.5
billion), predominantly focused on rental housing in high
growth markets. As a diversified investment manager with scale and
expertise in the primary residential property types, Tricon is well
positioned to take advantage of compelling U.S. and Canadian rental
housing fundamentals.
Accelerates Tricon's Shift to Predictable Income Streams -
Fees & FFO (Funds from Operations): Pro forma for the
Transaction, Tricon's balance sheet will be approximately 80%
invested in business verticals that generate recurring and more
predictable rental income, up from 72%. Development activity as a
share of investments will decrease to almost 20%, and potentially
decrease to ~15% if existing Canadian multi-family development
projects are completed and stabilized in accordance with their
current plans. Following the Transaction and upon completion of
planned value-add initiatives on the Fund Portfolio, Tricon's pro
forma annualized run rate of contractual fees and property-related
funds from operations ("Fees and FFO"), a measure of recurring cash
flow, is projected to total approximately $120 million as compared to $92 million currently, a 30% increase.
Complementary Sun Belt and Middle Market Focus: The
Fund Portfolio is concentrated in thirteen high growth markets
predominantly in the U.S. Sun Belt that exhibit desirable
population, economic, and employment fundamentals, and which Tricon
has targeted historically across all of its investment verticals.
Moreover, the Fund Portfolio targets the middle market demographic,
which has historically been underserved and which Tricon believes
will outperform the broader market over time. Tricon's management
team has deep operating experience in the Sun Belt and across the
middle market demographic, in particular through its Tricon
American Homes ("TAH") single-family rental platform, allowing for
valuable knowledge sharing and a seamless management transition of
the Fund Portfolio.
Value Creation and Enhanced Capital Markets
Profile: The NAV-for-NAV all-share Transaction is expected
to be immediately accretive to Tricon's EPS and Book Value per
Share, with the potential for additional value creation through
rent growth and operating improvements. Tricon's NAV will also be
composed of a larger portion of more consistent and predictable
rental income sources, which management views as a further step
towards simplifying the valuation of the business. The Transaction
is expected to increase Tricon's market capitalization to
approximately C$2.3 billion and
further diversify its existing shareholder base, which should
provide increased market trading liquidity and broaden Tricon's
access to capital.
Ability to Realize Operating Synergies over
Time: The Fund Portfolio is highly
complementary to Tricon's investment in TAH, allowing Tricon to
consolidate and internalize the asset management of the Fund
Portfolio over time, largely utilizing Tricon's current team. In
the interim, Starlight Investments US AM Group LP (the "Manager"),
the manager of the Fund, will enter into a transitional service
agreement with Tricon to provide certain support services to the
Fund, ensuring a smooth transition, and allowing Tricon to leverage
the Manager's industry knowledge and asset-level expertise while
providing Fund unitholders with continuity of a proven management
team that has intimate knowledge of the Fund Portfolio. Over time,
Tricon may explore opportunities to internalize multi-family
property management within the existing infrastructure at its TAH
and TLR Canada verticals.
Benefits of the Transaction for Fund
Unitholders
Premium and Returns: Value
per Unit across all Units represents a significant and
attractive cumulative internal rate of return for both new Fund
unitholders as well as legacy investors in Starlight U.S.
Multi-Family's earlier investment funds. The implied value per
Class A Unit and Class U Unit represent premiums of 26.4% and
33.4%, respectively, to the 20-day volume-weighted average
price ("VWAP") of the Units on the TSX Venture
Exchange ("TSXV") for the period ending on April 1, 2019.
Tax Efficient Transaction: Taxable
Fund unitholders resident in Canada will be provided the option to elect to
defer capital gains tax arising from the Transaction. Further
details will be provided in the management information
circular to be mailed to Fund unitholders. The Transaction also
supports preservation of value as U.S. taxes that would have been
incurred as a result of the direct sale of the properties by the
Fund are deferred in the Transaction.
Enhanced Liquidity: Upon completion of the
Transaction, Tricon is expected to have a market capitalization of
approximately C$2.3 billion and
approximately 194.2 million Tricon Shares
outstanding, providing enhanced liquidity from TSX-listed shares.
Tricon Shares will have market support due to a gradual release of
Tricon Shares issued to the public via a lock-up that
will restrict the resale of Tricon Shares received by public
Fund unitholders, expiring as to one-third of such Tricon Shares on
each of the six-, nine- and 12-month anniversaries of closing, all
within the Fund's outside date. More details concerning such
lock-up will be provided in the management information circular of
the Fund to be mailed to Fund unitholders. Tricon Shares to be
received by Starlight Group Property Holdings Inc. ("Starlight
Group") and its management will be subject to a lock-up restricting
the resale of such Tricon Shares, expiring on the 12-month
anniversary of closing.
Management Continuity and Alignment with Starlight Group:
In addition to the continuity of management provided by the
transitional services agreement described above, Starlight Group
and its management will maintain a substantial investment in Tricon
that will be subject to the lock-up, also described above, ensuring
management's interests will continue to be aligned with the
Fund's unitholders to increase cash flow and
value of the Fund Portfolio.
Exposure to a Diversified North American Residential
Strategy: Fund unitholders are expected to benefit from
Tricon's complementary residential investment verticals and to gain
greater and more diversified exposure to the North
American housing sector. Tricon's pro forma assets under management
will total $7.1
billion (C$9.5 billion),
which is expected to drive NAV growth by providing improved access
to equity and debt capital for acquisitions and capital
initiatives within its existing residential
businesses.
Summary Transaction Terms
The Transaction is valued at approximately $1.4 billion, which reflects the
appraised value of the Fund Portfolio. This
includes equity consideration of approximately
$496 million, which will be funded by issuing a total of
50,779,314 Tricon Shares to the Fund's unitholders at an
implied price of C$13.10 per
Tricon share. Tricon will also indirectly assume approximately
$916 million of the Fund's existing
debt.
Based on the 20-day VWAP of Tricon Shares on the TSX on
April 1, 2019 of C$11.49 (the "Reference Price"), an exchange
ratio per Unit for each class of Units (each, an "Exchange Ratio")
has been calculated. This represents an implied value per Unit as
follows:
Class of
Units
|
Exchange Ratio
(per Unit)
|
Implied Value (per
Unit)1
|
Class A
|
0.9663 Tricon Shares
|
C$11.10
|
Class C
|
0.9822 Tricon Shares
|
C$11.28
|
Class D
|
0.9699 Tricon
Shares
|
C$11.14
|
Class E
|
1.2739 Tricon
Shares
|
$10.92
|
Class F
|
0.9715 Tricon
Shares
|
C$11.16
|
Class H
|
1.0564 Tricon
Shares
|
C$12.14
|
Class U
|
1.2800 Tricon
Shares
|
$10.97
|
__________________________________________
|
1 Any
amounts denominated in $ were converted into C$ using a rate of
1.3402. Implied value per Unit is based on the Reference
Price. The final value of Fund unitholders' consideration
received from the Transaction will depend on the value of Tricon
Shares at the time they are issued. Exchange Ratios and
implied values are subject to adjustment to account for carried
interest entitlements on any "additional value" as described
below.
|
The implied value per Class A Unit of C$11.10 and the implied value per Class U Unit of
$10.97 represent a premium of
26.4% and 33.4%, respectively, to the 20-day VWAP of the Class A
Units and Class U Units on the TSXV on April
1, 2019.
As part of the Transaction, Tricon will purchase certain carried
interest entitlements owed to Starlight Group and certain members
of its management in respect of the performance of the Fund
(primarily by purchasing Class B units of Starlight Investments
Partnership) in consideration for 1,867,675 of the Tricon Shares
issuable pursuant to the Transaction.
In the event the three-day VWAP of Tricon Shares ending on the
second business day prior to the closing date of the Transaction is
greater than the Reference Price, such "additional value" will
benefit Fund unitholders and will also be subject to additional
carried interest entitlements of Starlight Group and certain
management. Any such additional entitlements will not
increase the total number of Tricon Shares issued in connection
with the Transaction but will result in offsetting reductions to
the Exchange Ratios noted above. A Tricon Share three-day VWAP
above C$13.10 will not result in any
further carried interest entitlements on the resulting "additional
value".
Upon completion of the Transaction, Fund unitholders (including
Starlight Group and certain management) will own approximately 26%
of outstanding Tricon Shares.
The Fund's $920 million of total existing debt (before a
permitted $4 million repayment prior
to the Transaction closing) will remain in place following
completion of the Transaction, subject to associated lender
consent. This debt consists of (a) mortgage debt in tranches
comprised of (i) $160.0 million at a
floating rate of LIBOR + 1.15% maturing on October 31, 2023, (ii) $400.2 million at a fixed rate of 3.92% maturing
on October 31, 2024, and (iii)
$240.1 million at a fixed rate of
3.95% maturing on October 31, 2025
and (b) a $120 million credit
facility with a floating interest rate of LIBOR + 3.50% and
maturity date that is expected to be extended to 2022.
In addition to entering into the transitional services agreement
described above, the Manager will also receive a disposition fee in
connection with the Transaction on the terms set forth in its
existing management agreement with the Fund.
Upon completion of the Transaction, Starlight Group will have
the right to nominate one board member to the Tricon Board of
Directors for so long as certain insiders of the Fund continue to
hold at least 4.5% of the outstanding Tricon Shares and the right
to appoint Daniel Drimmer as a board
observer (with no voting rights) for a period of one year
following completion of the Transaction irrespective of the amount
of Tricon Shares held by such insiders.
The Transaction is expected to close in June 2019, and in no event later than an outside
date of July 31, 2019, subject to
extension by up to 60 days in certain circumstances and subject to
the satisfaction or waiver of certain closing conditions including:
Fund unitholder approval of the Transaction as described below,
Tricon shareholder approval of the associated issuance of Tricon
Shares, Fund lender and landlord consents, court approval of
the proposed plan of arrangement, the acceptance of the TSXV, the
approval of the Toronto Stock Exchange and certain other customary
closing conditions.
Required Approvals and Voting Support
The Fund and Tricon will be calling special meetings of their
respective unitholders and common shareholders to seek approval of
the Transaction and associated Tricon Share issuance and will
each mail a management information circular and certain
related documents to their respective unitholders or shareholders,
as applicable, in connection with the meetings, copies of which
will be filed on SEDAR at www.sedar.com. It is anticipated
that these special meetings will take place concurrently in
May 2019.
Fund unitholders must approve the Transaction by at least (i) 66
2/3% of the votes cast by the Fund unitholders present in person or
represented by proxy voting as a single class, and (ii) a majority
of the votes attached to Units voted by disinterested unitholders
pursuant to Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"), subject to receipt of discretionary relief from the
Canadian Securities Administrators ("CSA"), voting as a single
class. Votes cast by Starlight Group, Daniel Drimmer and the directors and senior
officers of the Manager and the Fund GP will be excluded for
purposes of the majority of minority vote described above.
The issuance of Tricon Shares in connection with the Transaction
requires the approval of a simple majority of the shareholders of
Tricon present in person or represented by proxy.
MI 61-101 requires approval of the Transaction to be received
from a majority of the votes attached to the Units voted by
disinterested unitholders voting separately on a class-by-class
basis at the Fund's meetings. However, the Fund has applied to the
CSA for exemptive relief from the requirement that the Fund obtain
approval separately for each class of Units on the basis that,
among other reasons (i) the Fund's limited partnership agreement
provides that unitholders vote as a single class unless the nature
of the business to be transacted at the meeting affects holders of
one class of Units in a manner materially different from its effect
on holders of another class of Units, and the Manager and the
general partner of the Fund have determined that the Transaction
does not affect holders of one class of Units in a manner
materially different from its effect on holders of another class of
Units; (ii) since the relative returns as between classes within
the Fund are to be determined in accordance with the terms
established in the limited partnership agreement of the Fund that
were set at the time of the Fund's initial public offering when
investors selected their preferred class and purchased their Units,
the interests of the holders of each class of Units are aligned in
respect of the Transaction; (iii) negotiation of the Transaction
was overseen by an independent committee of the Fund GP Board (the
"Special Committee"); (iv) both the Special Committee and the Fund
GP Board have received fairness opinions; (v) the Fund GP Board
believes that providing a class vote would provide disproportionate
power to a potentially small number of unitholders; and (vi) to the
best of the knowledge of the Manager and the general partner of the
Fund, there is no reason to believe that the Fund's unitholders of
any particular class would not approve the Transaction. There can
be no assurance that the requested relief will be granted by the
CSA.
Fund GP Board Process and Recommendation
The Fund GP Board constituted the Special Committee to oversee
negotiation of the Transaction for the Fund.
In connection with such process, the Fund GP Board retained CIBC
Capital Markets as financial advisor and Origin Merchant Partners
as independent financial advisor to provide advice. Origin Merchant
Partners has provided an opinion (the "Fairness Opinion") to the
Special Committee and the Fund GP Board stating that, and based
upon and subject to the assumptions, limitations and qualifications
therein, the Transaction is fair, from a financial point of view,
to the public unitholders, other than the insiders, of the Fund.
Based on the Fairness Opinion, the reasons set out above and other
considerations, the Special Committee concluded that the
Transaction is in the best interests of the Fund and unitholders of
the Fund and, accordingly, recommended that the Fund GP Board
approve the Transaction and related matters and recommended that
the Fund GP Board recommend that unitholders vote in
favour of the Transaction and related matters.
Based on the Fairness Opinion, the reasons set out above and
other considerations, the Fund GP Board unanimously concluded (with
Daniel Drimmer declaring his
interest and refraining from consideration and voting) that the
Transaction is in the best interests of the Fund and unitholders of
the Fund and, accordingly, unanimously approved the Transaction and
related matters and unanimously recommends that unitholders vote in
favour of the Transaction and related
matters. Starlight Group, the Fund GP Board and
executive officers of the Fund's general partner have also entered
into support agreements, agreeing to vote their Fund Units (which
collectively represent approximately 24% of outstanding Fund Units)
in favour of the Transaction.
Tricon Board Recommendation
Similarly, the Tricon Board has unanimously approved the
Transaction and will recommend that Tricon shareholders vote in
favour of the associated issuance of Tricon Shares.
Tricon's directors and executive officers have also entered into
support agreements, agreeing to vote their Tricon Shares in
favour of such issuance.
The foregoing summary is qualified in its entirety by the
provisions of the Arrangement Agreement, a copy of which will be
filed on SEDAR at www.sedar.com.
Transaction Advisors
Raymond James Ltd. is acting as Tricon's exclusive financial
advisor, and Goodmans LLP and Goulston & Storrs PC are acting
as its legal advisors in connection with the Transaction.
CIBC Capital Markets and Origin Merchant Partners are financial
advisors to the Fund in connection with the Transaction. Blake,
Cassels & Graydon LLP is counsel to the Fund and Wildeboer
Dellelce LLP is counsel to the Special Committee.
Tricon Conference Call
Management of Tricon will host a conference call to discuss the
Transaction at 5:00 p.m. ET today.
Please call 647-427-2311 or 1-866-521-4909 (conference ID
#8567359). A supplementary presentation about the Transaction will
be provided at www.triconcapital.com (Investor Information – Events
& Presentations) 10 minutes prior to the start of the call. A
replay of the conference call will be available from 8:00 p.m. ET on April 2,
2019 until midnight ET on
April 9, 2019. To access the replay,
please call 416-621-4642 or 1-800-585-8367 and use conference ID
#8567359.
About Tricon Capital Group Inc.
Tricon is an investment manager focused on the residential real
estate industry in North America
with approximately $5.7 billion
(C$7.6 billion) of assets under
management. Tricon invests in a portfolio of single-family rental
homes, multi-family rental apartments and for-sale housing assets,
and manages third-party capital in connection with its investments.
Since its inception in 1988, Tricon has invested in real estate and
development projects valued at approximately $20 billion. More information about Tricon is
available at www.triconcapital.com.
About Starlight U.S. Multi-Family (No. 5) Core
Fund
The Fund is a limited partnership formed under the Limited
Partnerships Act (Ontario) for
the primary purpose of indirectly acquiring, owning and operating a
portfolio of diversified income producing rental properties in the
U.S. multi-family real estate market. The Fund currently owns 23
properties, consisting of 7,289 suites with an average year of
completion of 2012.
For the Fund's complete consolidated financial statements and
management's discussion and analysis ("MD&A") for the fourth
quarter ended December 31, 2018 and
any other information relating to the Fund, please
visit www.sedar.com. Further details regarding the Fund's unit
performance and distributions, market conditions where the Fund's
properties are located, performance by the Fund's properties and a
capital investment update are also available in the Fund's
March 2019 Newsletter which is
available on the Fund's profile at www.starlightus.com.
This press release contains forward-looking statements and
information relating to expected future events and the Company's
and the Fund's financial and operating results and projections,
including statements regarding the Company's or the Fund's growth
and investment opportunities and performance goals and expectations
of its investees, including, in particular, targeted returns, that
involve risks and uncertainties. Such forward-looking information
is typically indicated by the use of words such as "will", "may",
"expects" or "intends".
The forward-looking statements and information contained in
this press release include, without limitation, statements
regarding the Transaction and associated equity issuance by the
Company; the expected timing for closing the Transaction; the
timing and quantum of expected or targeted investment returns and
performance (including the extent to which the Transaction will be
accretive) and the benefits of the Transaction to Tricon and the
Fund unitholders generally; the impact of the Transaction on the
Company's market capitalization and access to capital, shareholder
diversity and the liquidity of Tricon Shares; the extension of the
maturity of any Fund debt; the impact of the Transaction on the
Company's assets under management, NAV, EPS, Book Value per
Share, Fees and FFO; the integration of the Fund
Portfolio into the Company and expected synergies; the Company's
plans and ability to internalize certain management activities;
expectations for the overall growth in the Company's business; the
expected Exchange Ratios and implied value per Unit and the
Company's future strategic plans. Such forward-looking information
and statements involve risks and uncertainties and are based on
Company and Fund management's current expectations, intentions and
assumptions in light of its understanding of relevant current
market conditions, investee business plans, and the Company's and
the Fund's prospects respectively. If unknown risks arise, or if
any of the assumptions underlying the forward-looking statements
prove incorrect, actual results may differ materially from
management expectations as projected in such forward-looking
statements. Examples of such risks and uncertainties include, but
are not limited to, the occurrence of any event, change or other
circumstances that could give rise to the termination of the
Arrangement Agreement; the outcome of any legal proceedings that
may be instituted against the Company or the Fund related to the
Arrangement Agreement; the inability to complete the Transaction
due to the failure to satisfy the conditions to closing of the
Transaction (including the failure to obtain the required vote of
the Company's shareholders or the Fund's unitholders, the failure
to receive court approval of the proposed plan of arrangement or
TSX approval of the proposed equity issuance, or the failure to
obtain the required consents from the Fund's lenders or
landlords); the meeting date for the Fund and
Company's special meetings; the disruption of management's
attention from the Company's and the Fund's ongoing business
operations due to the Transaction; the effect of the announcement
of the Transaction on the Company's and the Fund's relationships
with its customers, operating results and business generally; the
effects of local and national economic, credit and capital market
conditions; and other risk factors described in the Company's and
the Fund's continuous disclosure materials from time to time,
available on SEDAR at www.sedar.com. Accordingly,
although we believe that our 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. The Company and the Fund disclaim any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required by applicable law.
The Company has included herein certain supplemental measures
of key performance, including NAV and FFO, as well as certain key
indicators of the performance of its investees. The Company
utilizes these measures in managing its business, including
performance measurement and capital allocation, and believe that
providing these performance measures on a supplemental basis is
helpful to investors in assessing the overall performance of the
Company's business. However, these measures are not recognized
under IFRS. Since non-IFRS measures do not have standardized
meanings prescribed by IFRS, Tricon's use of these measures may not
be comparable to similar measures reported by other issuers and
they should not be construed as alternatives to net income (loss)
or cash flow from the Company's activities, determined in
accordance with IFRS, in measuring the Company's performance. The
definition, calculation and reconciliation of the non-IFRS measures
used herein are provided in Sections 6 and 7 of the Company's
MD&A for the periods ending December 31,
2018. Details on the Fund's non-IFRS measures are set
out in the Fund's Management Discussion & Analysis for the
fourth quarter ended December 31,
2018 and are available on the Fund's profile on SEDAR
at www.sedar.com.
This press release may contain information and statistics
regarding the markets in which the Company, the Fund and their
respective investees operate. Some of this information has been
obtained from market research, publicly available information and
industry publications. This information has been obtained from
sources believed to be reliable, but the accuracy or completeness
of such information has not been independently verified by the
Company or the Fund and cannot be guaranteed.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Tricon Capital Group Inc.