Sprott (TSX:SII)
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TORONTO, Jan. 4 /CNW/ --
TORONTO, Jan. 4 /CNW/ - Sprott Inc. (TSX: SII) ("Sprott" or the
"Company") today announced its preliminary estimate of
gross Performance Fees for the year ended December 31, 2010 and its
preliminary estimate of Assets Under Management as at December 31,
2010.
On a preliminary and unaudited basis, the Company generated in excess of
$193 million in gross Performance Fees as at December 31, 2010. When
combined with Crystallized Performance Fees recorded in previous
months, gross Performance Fees for the 2010 fiscal year are estimated
to be approximately $196 million. Gross Performance Fees are before the
deduction of Performance Fee-related compensation, income taxes and any
other related expenses.
In keeping with its established practice, the Company expects that,
once its Annual Financial Statements have been audited and approved by
the Board of Directors, the Board of Directors will resolve to have the
Company pay out, by way of special dividend to its shareholders, a
substantial portion of Performance Fees (net of related
bonuses, expenses and taxes) earned for the year. In the interim
period, management will seek to invest its free cash balances in
an appropriate portfolio of interest bearing and other investments.
The Company also estimates that its Assets Under Management as at
December 31, 2010 were approximately $8.5 billion.
Non-GAAP Financial Measures
This press release includes financial terms (including Performance Fees
and Assets Under Management) that the Company utilizes to assess the
financial performance of its business that are not measures recognized
under Canadian generally accepted accounting principles ("GAAP"). These
non-GAAP measures should not be considered alternatives to performance
measures determined in accordance with GAAP and may not be comparable
to similar measures presented by other issuers. For additional
information regarding the Company's use of non-GAAP measures, including
the calculation of these measures, please refer to the "Non-GAAP
Financial Measures" section of the Company's Management's Discussion
and Analysis and its financial statements available on the Company's
website at www.sprottinc.com and on SEDAR at www.sedar.com.
Forward-Looking Statements
This release may contain "forward-looking statements" which reflect the
current expectations of the Company. These statements reflect
management's current beliefs with respect to future events and are
based on information currently available to management. Forward-looking
statements involve significant known and unknown risks, uncertainties
and assumptions. Many factors could cause actual results, performance
or achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by such
forward-looking statements including, without limitation, those listed
under the heading "Risk Factors" in the Company's annual information
form dated March 30, 2010. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results, performance
or achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release. These
forward-looking statements are made as of the date of this release and
the Company does not assume any obligation to update or revise them to
reflect new events or circumstances.
About Sprott Inc.
Sprott Inc. is a leading independent asset manager dedicated to
achieving superior returns for its clients over the long term. The
Company currently operates through three business units: Sprott Asset
Management LP, Sprott Private Wealth LP and Sprott Consulting LP.
Sprott Asset Management is the investment manager of the Sprott family
of mutual funds and hedge funds and discretionary managed accounts;
Sprott Private Wealth provides wealth management services to high net
worth individuals; and Sprott Consulting provides management,
administrative and consulting services to other companies, including
Sprott Resource Corp. (TSX: SCP) and Sprott Resource Lending Corp.
(TSX: SIL) (NYSE AMEX: SILU). Sprott Inc. is headquartered in Toronto,
Canada, and is listed on the Toronto Stock Exchange under the symbol
"SII". For more information on Sprott Inc., please visit www.sprottinc.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2011/04/c8403.html
pInvestor contact information: (416) 203-2310 or 1 (877) 403-2310 or a href="https://mail.equicomgroup.com/owa/redir.aspx?C=19cc9bf3ef2e428f960432f79c14ab7b&URL=mailto%3air%40sprott.com"ir@sprott.com/a/p