Terra Firma Capital Corporation Announces Review of Strategic Alternatives
December 22 2022 - 8:00AM
Terra Firma Capital Corporation (TSX-V: TII)
("
Terra Firma" or the
“
Company”), a real estate finance company, today
announced that its Board of Directors has initiated a review
process to evaluate potential strategic alternatives to maximize
shareholder value and liquidity. As part of the review process, the
Board will consider a full range of strategic alternatives.
“Since inception, Terra Firma has successfully
financed over $700 million of high-quality real estate transactions
in Canada and the United States, while raising over $400 million
through our global private investor network to support the growth
of our assets under management. The Company also has developed a
strong track record, and its current portfolio is performing and
fully compliant. Despite our effort, however, we continue to see a
significant disconnect between our market value and the intrinsic
value of our business,” said Y. Dov Meyer, Executive Chairman of
Terra Firma Capital Corporation. “Following board discussions over
the past several months, we have determined that it is prudent to
undertake a review of our strategic options to determine which
alternative or alternatives are in fact the best way to maximize
shareholder value and liquidity. The Terra Firma board is committed
to ensuring we evaluate all opportunities available to the Company.
Regardless of the outcome of our strategic review, the entire Terra
Firma Capital team is fully committed to meeting the needs of our
business partners, our fund investors and shareholders.”
There can be no assurance that the strategic
review process will result in any strategic alternative being
chosen, or any assurance as to its outcome or timing. The Company
has not set a timetable for completion of the review process and
does not intend to disclose developments related to the process
unless and until the Company executes a definitive agreement with
respect thereto, or the Board otherwise determines that further
disclosure is appropriate or required.
About Terra Firma
Terra Firma is a full service, publicly traded
real estate finance company that provides real estate financings
secured by investment properties and real estate developments in
the United States and Canada. The Company focuses on arranging and
providing financing with flexible terms to real estate developers
and owners who require shorter-term loans to bridge a transitional
period of one to five years where they require capital at various
stages of development or redevelopment of a property. These loans
are typically repaid with lower cost, longer-term debt obtained
from other Canadian financial institutions once the applicable
transitional period is over or the redevelopment is complete, or
from proceeds generated from the sale of the real estate assets.
Terra Firma offers a full spectrum of real estate financing under
the guidance of strict corporate governance, clarity and
transparency. For further information please visit Terra Firma’s
website at www.tfcc.ca.
Non-IFRS Financial MeasuresThe
TSX-V has neither approved nor disapproved the contents of this
press release. The TSX-V does not accept responsibility for the
adequacy or accuracy of this press release.
Forward-Looking Information
This Press Release contains forward‐looking
statements with respect matters concerning the business,
operations, strategy and financial performance of Terra Firma,
including any potential outcomes from the process to evaluate
potential strategic alternatives. These statements generally can be
identified by use of forward looking word such as “may”, “will”,
“expects”, “estimates”, “anticipates”, “intends”, “believe” or
“could” or the negative thereof or similar variations. The future
business, operations and performance of Terra Firma could differ
materially from those expressed or implied by such statements. Such
forward‐looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations,
including risks relating to the ability to identify and complete
strategic alternatives, market factors, competition, and dependence
on tenants’ financial conditions, environmental and tax related
matters, and reliance on key personnel and the risks disclosed in
Terra Firma’s most recently filed annual information form, annual
management’s discussion and analysis or interim management’s
discussion and analysis filed under Terra Firma’s profile on SEDAR
at www.sedar.com. Forward‐looking statements are based on a number
of assumptions which may prove to be incorrect, including that the
general economy, local real estate conditions and interest rates
are stable, and the absence of significant changes in government
regulation. There can be no assurances that forward‐looking
statements will prove to be accurate, 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. The cautionary statements qualify all
forward‐ looking statements attributable to Terra Firma and persons
acting on its behalf. Unless otherwise stated, all forward looking
statements speak only as of the date of this Press Release and
Terra Firma does not assume any obligation to update such
statements, whether as a result of new information, future events
or otherwise, except as required by applicable Canadian securities
laws.
For further information, please contact:
Terra Firma Capital CorporationGlenn WatchornChief Executive
Officer Phone: 416.792.4702gwatchorn@tfcc.ca
or
Terra Firma Capital CorporationY. Dov Meyer Executive Chairman
Phone: 416.792.4709 ydmeyer@tfcc.ca
or
Ali Mahdavi Managing DirectorSpinnaker Capital Markets Inc.
Phone: 416.962.3300am@spinnakercmi.com
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