Stone Investment Group provides updates on closing transactions with Starlight Capital, Canadian Business Journal

Toronto, June 23, 2022 (GLOBE NEWSWIRE) — June 22, 2022, Starlight Capital Investments LP (“”Starlight Capital“) Is Stone Investment Group Limited (“) as of yesterday’s date.SIG” or “Ltd.“) Did not meet the termination condition yet (“)AUM state“) Maintain assets under management of at least $ 630 million (“)AUM“) Public investment trust (“Stone fundAs required under the agreement dated April 7, 2022 between SIG, Starlight Capital, Stone-SIG Acquisition Limited, 13613429 Canada Inc., and 13909841 Canada Inc., amended on May 6, 2022. Manage your account accordingly (“Arrangement contract“). Starlight Capital will further complete the transaction in accordance with the Arrangement Agreement if AUM conditions are not met before June 30, 2022, unless there is at least 10,500 of Stone’s unpaid 9.0% senior unsecured bonds. He said he had no plans.Bonds“) Is revised by Stone-SIG Acquisition Limited for $ 800 per corporate bond (corrected on December 15, 21, 22, and 27) by 5 pm on June 24, 2022 in November 2021. Offers launched on the 29th will be irrevocably deposited., 2021, and March 31, 2022, January 28, 2022, “Stone offer“).

As previously announced by Kosha, Stone Offers will remain accepted until June 30, 2022.

Kosha wants to make it clear that the decline in AUM is a function of the sharp decline in global capital markets in recent weeks and does not reflect the relative performance of stone funds and managed accounts. Stone Asset Management Limited, a portfolio manager for stone funds and managed accounts, works with all sub-advisors to ensure that their investment portfolio is well managed on a case-by-case basis.

Richard Stone, President and Chief Executive Officer of the Corporation, said: When we signed the asset agreement on April 7, we were comfortably above the AUM threshold. It is a pity that the collapse of the global market began just a few weeks before our scheduled closure date. Given the timeline of approvals from shareholders, courts and regulatory agencies, there was nothing we could do to accelerate the deal. Despite this challenge, the company, its managers and sub-advisors are steadily dedicated to the best interests of Stone Fund investors and our managed account clients. It’s certainly not the ideal situation at this point, but we’re still optimistic about the closing of the deal with Starlight Capital and we’re working hard to consolidate our business. We are doing everything we can to achieve this. “

To demonstrate his own commitment to complete the transaction, Stone will put all 728 corporate bonds he profitably owns into the Stone Offer, provided they are approved in connection with the completion of the arrangement-based transaction. We have executed and sent a cover page for deposit based on. agreement. He added: “I’m sure this is the right deal for the company. I’m ready to do what I can to successfully complete it.”

In addition to Mr. Stone’s corporate bonds, we also have a firm commitment to deposit an additional 336 corporate bonds under the same terms as Mr. Stone’s deposits. Management and the Board expect other bondholders, especially important bondholders, to assist in the transaction and deposit additional bonds in the Stone Offer according to Mr. Stone.

About Stone Investment Group Limited

Co., Ltd. is an independent wealth management company. Through our wholly owned subsidiary, Stone Asset Management Limited, we build and manage quality investment products for Canadian investors.

For more information:

Stone Investment Group Limited
Richard stone
Chief executive officer
416 867 2525
[email protected]

Disclaimer for information about future prospects

Certain information contained in this press release may contain forward-looking statements within the meaning of applicable securities law. “Continue”, “Plan”, “Propose”, “Do”, “Do”, “Believe”, “Expect”, “Position”, “Expect”, “Improve”, “Strengthen” The use of any of the words and similar expressions are intended to identify forward-looking statements. More specifically, but not limited to, this document contains forward-looking statements regarding: Completion of transactions intended for arrangement contracts, corporate bonds, stone offers, whether corporate bonds are bid on stone offers, whether AUM conditions are met under the arrangement agreement, and transactions for which Starlight Capital is intended below. Arrangement contract whether to complete.

Forward-looking statements inevitably include risks. This includes, but is not limited to, the risks associated with the ability of the parties to the arrangement contract to meet the terms and conditions, general business, economic and social uncertainties. Ability of a company to survive as a going concern. The ability of a company to continue to realize its assets and fulfill its liabilities and commitments. Access to Kosha’s future liquidity positions and capital to fund ongoing operations and obligations (including debt). Kosha’s ability to stabilize its business and financial position. A company’s ability to implement and successfully achieve business priorities. Kosha’s ability to comply with contractual obligations, including but not limited to obligations under debt contracts. A general regulatory environment operated by Kosha. The importance of corporate tax treatment and legal and regulatory procedures. General economic, financial, market and political conditions that affect the industries and markets in which Kosha operates. The ability of a company to maintain or improve profitability, fund a business with existing capital, and / or raise additional capital to fund the business. The ability of a company to generate sufficient cash flow from its business. Impact of competition; Kosha’s ability to acquire and retain qualified staff, equipment and services in a timely and efficient manner (especially in light of Kosha’s debt restructuring efforts). Kosha’s ability to retain members of a senior management team, including but not limited to Kosha officers.

Depending on the event or situation, actual results may differ materially from expectations as a result of set risk factors and other known and unknown risks, uncertainties, and other factors. Many of these factors are beyond the control of the SIG. In addition, forward-looking statements or information were used to create such statements and information, but may turn out to be incorrect and create such statements and information to provide. It is based on many factors and assumptions used to make it. Stakeholders with a more complete perspective on the future work of the SIG. Please note that such information may turn out to be inaccurate and the reader may not be appropriate for other purposes. We believe that the expectations reflected in such forward-looking statements or information are reasonable, but we cannot provide any assurance that such expectations are correct. You should not place excessive reliance on forward-looking statements. In addition to other factors and assumptions that may be identified in this book, assumptions are made, among other things, regarding the impact of competition and the general stability of the economic and political environment in which the SIG operates. Note that the above list does not cover all the factors and assumptions used. As a result, actual results may differ materially from those expected in the forward-looking statements. In addition, forward-looking statements contained in this document have been prepared as of the date of this document and the SIG will publicly update or include future information as a result of new information, future events, etc. We undertake no obligation to revise any forward-looking statement. , Except as required by applicable securities law.

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Stone Investment Group provides updates on closing transactions with Starlight Capital, Canadian Business Journal

Source link Stone Investment Group provides updates on closing transactions with Starlight Capital, Canadian Business Journal

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