Dundee Corporation Strengthens Commitment to Core Strategy and Announces the Sale of its Investment Management Business
30 Setembro 2024 - 6:01PM
Dundee Corporation (TSX: DC.A) (the “
Company” or
“
Dundee”) announced today that, in alignment with
its commitment to its core strategic objectives, it has entered
into a definitive agreement to sell its investment management
business (the “
Investment Management Business”)
operated through Goodman & Company, Investment Counsel Inc. to
Next Edge Capital Corp. (“
Next Edge”) (the
“
Transaction”). The decision to sell the
Investment Management Business enables the Company to enhance its
focus on its core investment strategy while streamlining operations
and further rationalizing its cost structure.
Lila Manassa Murphy, Executive Vice President
and Chief Financial Officer of Dundee, commented:
“This transaction represents a significant
strategic step toward cost rationalization, allowing us to more
fully concentrate our resources on our core investment strategy.
While these funds have played a significant role in Dundee’s
history, this move ensures we can streamline our operations and
optimize our expense structure. As we look to the future, we are
well-positioned to capitalize on investment and growth
opportunities for the benefit of our shareholders.”
Rob Anton, President of Next Edge,
commented:
“We are excited to close on this transaction and
we look forward to further diversifying our alternative and
value-added product offerings in Canada.”
The Transaction is subject to customary closing
conditions, including regulatory approval and the approval of the
unitholders of CMP 2023 Resource Limited Partnership (“CMP
2023”) and the shareholders of Dundee Global Fund
Corporation (“Dundee Global Fund”).
Unitholders of CMP 2023 and shareholders of
Dundee Global Fund will be asked to approve the change of manager
at a special meeting. Details about the Transaction will be
contained in the meeting materials mailed to unitholders and
shareholders.
Following the closing of the Transaction, Next
Edge will become investment fund manager and portfolio manager of
both CMP 2023 and Dundee Global Fund.
CMP 2023 and Dundee Global Fund referred the
Transaction to their independent review committee (the
“IRC”), and the IRC determined that, if
implemented, the Transaction would achieve a fair and reasonable
result for CMP 2023 and Dundee Global Fund.
ABOUT DUNDEE
CORPORATION
Dundee Corporation is a public Canadian
independent holding company, listed on the Toronto Stock Exchange
under the symbol “DC.A”. Through its operating subsidiaries, Dundee
is an active investor focused on delivering long-term, sustainable
value as a trusted partner in the mining sector with more than 30
years of experience making accretive mining investments.
ABOUT NEXT EDGE CAPITAL
CORP.
Next Edge Capital Corp. is an investment fund
manager and a leader in the structuring and distribution of
alternative, private credit and value-added fund products in
Canada. The firm is led by an experienced management team that has
launched numerous investment solutions in a variety of product
structures and has been responsible for raising over $3 billion of
alternative assets since 2000.1 Next Edge specializes and focuses
on providing unique, non-correlated pooled investment vehicles to
the Canadian marketplace.
FORWARD-LOOKING
STATEMENTS:
This press release may contain forward-looking
information within the meaning of applicable securities
legislation, which reflects the Company’s current expectations
regarding future events. Forward- looking information is based on a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond the Company’s control,
which could cause actual results and events to differ materially
from those that are disclosed in or implied by such forward-looking
information. Such risks and uncertainties include, but are not
limited to, the factors discussed under “Risk Factors” in the
Annual Information Form of the Company and subsequent filings made
with securities commissions in Canada. The Company does not
undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required by applicable law.
FOR FURTHER
INFORMATION PLEASE
CONTACT:
Investor and Media Relations T: (416) 864-3584E:
ir@dundeecorporation.com
1 Please note that over CAD $2 billion of the CAD $3 billion of
alternative assets raised relates to assets that were raised at a
previous firm(s).
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