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Aston Hill Financial Inc Announces Agreement to Acquire 80% of Closed-End Fund Business of Connor, Clark & Lunn; Related Bought Deal Financing


Monday, 15 Jul 2013 04:38pm EDT 

Aston Hill Financial Inc announced that it has entered into a share purchase agreement with Connor, Clark & Lunn Financial Group Ltd. (CC&L FG) (the Agreement) pursuant to which Aston Hill will acquire, subject to certain conditions, an 80% interest (the Acquisition) in Connor, Clark & Lunn Capital Markets Inc. (CC&L CM). Aston Hill has: entered into the Agreement with CC&L FG, Connor, Clark & Lunn Capital Markets Partnership, CC&L CM, and Messrs. Neil Murdoch and Darren Cabral (the principals of CC&L CM) pursuant to which Aston Hill will acquire an 80% interest in CC&L CM, which will be renamed Aston Hill Capital Markets Inc. on closing of the transaction; and entered into an agreement with a syndicate of underwriters, led by CIBC, RBC Capital Markets and Scotiabank (the Underwriters), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 13,600,000 subscription receipts of Aston Hill (the Subscription Receipts) at a price of $1.40 per Subscription Receipt for gross proceeds of $19 million (the Bought Deal). Pursuant to the Agreement, Aston Hill will acquire 80% of the outstanding shares of CC&L CM for $16.4 million in cash. Following closing, Messrs. Murdoch and Cabral, the current principals of the CC&L CM business, will hold the remaining 20% interest in Aston Hill Capital Markets Inc. and are expected to continue to conduct the closed end business. 

Company Quote

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24 Jul 2014