Aston Hill Financial Inc. (TSXV:AHF)
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CALGARY, Aug. 18, 2011 /CNW/ --
CALGARY, Aug. 18, 2011 /CNW/ - Aston Hill Financial Inc. (the "Company"
or "Aston Hill") (TSXV: AHF) announces it has filed the unaudited
interim consolidated financial statements for the period ended June 30,
2011 and related Management Discussion and Analysis with Canadian
Securities Regulatory Authorities.
Recurring revenues for the second quarter of 2011 were approximately
$3.5 million as compared to $2.0 million in the second quarter of 2010,
representing a 75% year over year increase. As of June 30, 2011, Aston
Hill had approximately $3.4 billion in Assets under Advisory and
Management ("AUM") versus $2.0 billion at June 30, 2010, representing
an increase of 70%.
Subsequent to quarter end, on July 27, 2011, the Company closed a series
of transactions that have a material impact on its business. The
Company completed a bought deal financing of 6.00% extendible
convertible unsecured subordinated debentures in the aggregate
principal amount of $40.25 million trading on the TSX Venture Exchange
under the symbol AHF.DB.
Concurrently, on July 27, 2011, Aston Hill purchased all of the issued
and outstanding shares of BFML Management Limited ("BFML") for cash
consideration of $28.0 million which holds the management contracts for
7 closed-end funds, previously managed by Brompton Funds Management
Limited, representing approximately $800 million in AUM. Also,
concurrently with this acquisition and the financing, Aston Hill
acquired the business of Morrison Williams Investment Management LP and
its wholly-owned subsidiary, Morrison Williams Capital Advisors Inc.
(together referred to as "Morrison Williams") for cash consideration of
$11.5 million. The acquisition of Morrison Williams represents $1.6
billion in assets under management in institutional and other pension
related investment funds. These two acquisitions increase Aston Hill's
AUM from $3.4 billion to approximately $5.8 billion.
Aston Hill is an asset management company with expertise in income
products, energy investments and oil and gas property management. Aston
Hill has offices in Calgary and Toronto.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
Forward-Looking Statements: This news release contains certain "forward-looking statements" within
the meaning of such statements under applicable securities law.
Forward-looking statements are frequently characterized by words such
as "plan", "continue", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the
projections contained in the forward-looking statements throughout this
news release. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those
projected in the forward-looking statements.
For a detailed description of the risks and uncertainties facing the
Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and
analysis for the year ended December 31, 2010, both of which are
available at www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, unless required by law. The reader is cautioned not to
place undue reliance on forward-looking statements.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/18/c4710.html
p /p table border="0" valign="top" tr td nowrap="nowrap" Eric Tremblaybr/ Chief Executive Officerbr/ Aston Hill Financial Inc.br/ (403) 770-4817 /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" /td td nowrap="nowrap" Larry Titleybr/ Vice President and CFObr/ Aston Hill Financial Inc.br/ (403) 770-4808 /td /tr /table p /p