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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wilmington Capital Management | TSX:WCM.B | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.90 | 6.25 | 7.55 | 0 | 14:40:11 |
On January 7, 2011, all of the issued and outstanding common shares of Parkbridge Lifestyle Communities Inc. were acquired by the British Columbia Investment Management Corporation for $7.30 in cash per common share. Pursuant to this transaction, Wilmington received $40.6 million in proceeds, realized a pre-tax gain of $23.6 million and repaid its $14.6 million loan payable facility relating to the Parkbridge shares.
In February, 2011, Wilmington acquired a 46.15% indirect interest in a portfolio of five self-storage facilities and two development properties in Alberta, British Columbia and Ontario through the Real Storage Private Trust (the "Trust"). The five operating properties are in the initial lease up stage and are expected to reach stabilized occupancy and cash flow in 2012. Wilmington's share of the cash consideration to complete the acquisition consisted of $2.5 million in additional equity to the Trust and a $1.625 million bridge loan to the Trust repayable upon demand and bearing interest at 7% per annum. The bridge loan and accrued interest have since been fully repaid with proceeds from the sale of one of the development properties. The Trust now owns 17 self-storage facilities comprising 645,978 square feet of rentable area and one development property.
Wilmington also owns land leased to commercial property owners which is located at 370 Third Street in San Francisco, California. During the fourth quarter of 2010, Wilmington reorganized its investment in this property and entered into a new secured credit facility on which $1.5 million net is drawn, bears interest at 4% per annum and is repayable on January 1, 2013. At maturity this credit facility is payable, at the borrower's discretion, in cash or in shares of the Corporation's wholly owned subsidiary which owns the property.
Beginning January 1, 2011, the Corporation has prepared its financial statements in accordance with IFRS. Accordingly, certain adjustments were made to comply with IFRS for the current and comparable periods.
The Corporation has recently completed its 2011 strategic plan and will be taking steps to broaden its investment strategy to include selective investments in the real estate as well as the energy sectors. The Corporation's principal objective will continue to be aimed at generating appreciation in value from its investments as opposed to current income. Accordingly, net income, excluding gains and losses from investment dispositions, is expected to be minimal in any given year.
FINANCIAL HIGHLIGHTS
As reported under International Financial Reporting Standards
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------- Unaudited Three months ended June 30 Six months ended June 30 (Thousands of Canadian Dollars, except per share amounts) 2011 2010 2011 2010 ---------------------------------------------------------------------------- Income Investment and other income $ 79 $ 208 $ 161 $ 210 Income from investment property 285 306 577 610 Foreign exchange gain 9 9 16 --- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 373 523 754 820 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Expenses Interest 285 342 578 680 General and administrative 131 59 197 101 Foreign exchange loss --- --- --- 11 ---------------------------------------------------------------------------- 416 401 774 792 ---------------------------------------------------------------------------- Income (loss) before gain on sale, share of net loss from equity accounted investment and income tax expense (benefit) (43) 122 (20) 28 Gain on sale of investment in Parkbridge Lifestyle Communities Inc. --- --- 23,581 --- Share of net loss from equity accounted investment (64) --- (254) --- ---------------------------------------------------------------------------- Income (loss) before income taxes (107) 122 23,307 28 Income tax expense (benefit) (20) 43 3,066 20 ---------------------------------------------------------------------------- Net Income (loss) $ (87) $ 79 $20,241 $ 8 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income (loss) per share - basic $(0.01) $0.01 $ 2.55 $0.00 Net income (loss) per share - diluted $(0.01) $0.01 $ 2.55 $0.00
CONDENSED INTERIM CONSOLIDATED BALANCE SHEET
---------------------------------------------------------------------------- Unaudited (Thousands of Canadian Dollars) June 30, 2011 December 31, 2010 January 1, 2010 ---------------------------------------------------------------------------- Assets Non-current assets Investment property $17,854 $18,507 $19,489 Investment in associate 7,065 4,819 --- Investment in Parkbridge Lifestyle Communities Inc. --- 40,466 28,109 Deferred tax asset 54 --- --- ---------------------------------------------------------------------------- 24,973 63,792 47,598 ---------------------------------------------------------------------------- Current assets Loan to associate --- --- --- Receivables and other assets 71 67 56 Cash and cash equivalents 25,653 2,085 1,569 ---------------------------------------------------------------------------- 25,724 2,152 1,625 ---------------------------------------------------------------------------- Total assets $50,697 $65,944 $49,223 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Liabilities Non-current liabilities Secured debt $18,291 $18,949 $19,962 Loan payable 1,484 16,103 10,501 Deferred tax liabilities --- 3,431 1,933 ---------------------------------------------------------------------------- 19,775 38,483 32,396 ---------------------------------------------------------------------------- Current liabilities Accounts payable and accrued liabilities 664 588 700 Income taxes payable 3,309 --- --- ---------------------------------------------------------------------------- 3,973 588 700 ---------------------------------------------------------------------------- Total liabilities 23,748 39,071 33,096 ---------------------------------------------------------------------------- Equity ---------------------------------------------------------------------------- Shareholders' equity 26,949 26,873 16,127 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total liabilities and equity $50,697 $65,944 $49,223 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
---------------------------------------------------------------------------- Unaudited Three months ended June 30 Six months ended June 30 (Thousands of Canadian Dollars) 2011 2010 2011 2010 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Net income (loss) $ (87) $ 79 $ 20,241 $ 8 ---------------------------------------------------------------------------- Foreign currency translation (37) 17 (36) 17 Reversal of the fair value increment of available for sale securities --- (1,614) (23,414) 612 Future income taxes on above items --- 160 3,285 (119) ---------------------------------------------------------------------------- Other comprehensive income (loss) (37) (1,437) (20,165) 510 ---------------------------------------------------------------------------- Comprehensive income $(124) $(1,358) $ 76 $ 518 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Executive Officers of the Corporation will be available at 403-800-0869 to answer any questions on the Corporation's financial results.
This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.
Contacts: Wilmington Capital Management Inc. Francis Cooke Treasurer (403) 800-0869
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