Key Developments: Sprott Inc (SPOXF.PK)
3.12USD
23 May 2013
-- (+0.01%)
$3.12
$3.13
$3.13
$3.12
8,300
4,119
$5.66
$2.57
Latest Key Developments (Source: Significant Developments)
Sprott Inc Announces Acquisition Of Sprott Resource Lending Corp
Sprott Inc (Sprott) and Sprott Resource Lending Corp announced that they have entered into a definitive agreement pursuant to which Sprott will acquire, by way of a court-approved plan of arrangement under the Canada Business Corporations Act (CBCA), all of the issued and outstanding common shares of Sprott Resource Lending. Pursuant to the terms of the Arrangement Agreement, each Sprott Resource Lending shareholder (other than Sprott) will receive 0.5 of a Sprott common share and CAD0.15 in cash for each Sprott Resource Lending common share held, implying an offer of CAD1.65 per share based on Sprott's closing price on the Toronto Stock Exchange (TSX) on May 7, 2013. The offer represents approximately a 20.4% premium to the Company's 20-day volume weighted average price on the TSX for the period ending May 7, 2013 and a 11.5% premium to the Company's closing price on the TSX on May 7, 2013. The transaction values the Company's equity at approximately CAD243 million on a non-diluted basis. Following completion of the transaction, Sprott Resource Lending shareholders will own approximately 28.1% of Sprott's outstanding common shares on a non-diluted basis, based on their current shareholdings in Sprott Resource Lending. Full Article
Sprott Inc Declares First Quarter 2013 Dividend
Sprott Inc announced that an eligible dividend of $0.03 per common share for the quarter ended March 31, 2013, payable on May 31, 2013 to shareholders of record at the close of business on May 16, 2013. Full Article
Sprott Resource Lending Corp Renews Relationship With Sprott Inc's Sprott Lending Consulting LP
Sprott Resource Lending Corp announced that it has renewed strategic relationship with Sprott Lending Consulting LP (SLCLP), a wholly owned subsidiary of Sprott Inc. The Company and SLCLP agreed upon certain changes to their management services and resource lending arrangements, which were effected through the execution of an Amended and Restated Management Services Agreement (the MSA) and an Amended and Restated Partnership Agreement (the PA) relating to Sprott Resource Lending Partnership (the Partnership), the vehicle through which the Company's natural resource loans are made. Under the provisions of the PA, on September 7, 2013, SLCLP's annual fee will be reduced to 1.5% (from 2.0%) on non-real estate lending assets and the Annual Hurdle to which performance fee is tied will be fixed at 5%. The Annual Hurdle is currently based on the three year Government of Canada Bond (which currently yields approximately 1.1%) and is capped at 6%. There is no change to the performance fee of 20% of the pretax income of the resource lending operations over the Annual Hurdle. Under the provisions of the MSA, SLCLP will continue to provide certain management services to the Company for a term that has been extended until September 7, 2015 and which will be automatically renewed from time to time thereafter for additional terms of one year unless terminated by either party pursuant to provisions. Full Article
Sprott Inc Declares Fourth Quarter 2012 Dividend
Sprott Inc announced that it has declared an eligible dividend of $0.03 per common share for the quarter ended December 31, 2012, payable on April 23, 2013 to shareholders of record at the close of business on April 8, 2013. Full Article
Zijin Mining Group Co Ltd Announces Formation Of A Joint Venture With Sprott Inc. And Americas Now
Zijin Mining Group Co Ltd announced that the Company, Sprott Inc. and Americas Now Resources Investment Management Corp. (Americas Now) entered into a joint venture agreement (JV Agreement) on March 19, 2013 to establish an offshore investment fund (Fund), which will be co-managed by the Company and Sprott. The Fund will primarily invest in equities and debt instruments in relation to gold and other precious metals, copper, and other minerals. The target size of the fund is USD500 million. Pursuant to the JV agreement, the Company agreed to make capital contributions to the Fund of USD100 million. Sprott agreed to make initial capital contributions to the fund of USD10 million and to continue to invest to match at least 5% of the aggregate capital contributions of the Fund. The Fund will also seek out other investors. Under the JV Agreement, Americas Now agreed to provide technical and marketing services to the joint venture. Full Article
Sprott Inc Announces Non-Brokered Private Placement
Sprott Inc announced that it has entered into a definitive agreement with an institutional investor to issue, on a private placement basis, 7,575,758 common shares at a price of $3.30 per share, for total gross proceeds of $25 million. The transaction is expected to close on or about March 13, 2013 and is applicable regulatory approval. Full Article
Sprott Inc Declares Third Quarter 2012 Dividend
Sprott Inc announced that it has declared an eligible dividend of $0.03 per common share for the quarter ended September 30, 2012, payable on December 4, 2012 to shareholders of record at the close of business on November 22, 2012. Full Article
Sprott Inc. Declares Second Quarter 2012 Dividend
Sprott Inc. announced that it declared an eligible dividend of $0.03 per common share for the quarter ended June 30, 2012, payable on September 4, 2012 to shareholders of record at the close of business on August 17, 2012. Full Article
Sprott Inc. Completes Acquisition Of Flatiron Capital Management
Sprott Inc. announced that it has completed the acquisition of Flatiron Capital Management Partners (Flatiron), an alternative investment manager specializing in market-neutral strategies. As at the date hereof, Flatiron has approximately $260 million in assets under management (AUM). Financial terms were not mentioned. Full Article
Sprott Inc. Completes Acquisition Of Toscana Companies
Sprott Inc.announced that it has completed its acquisition of Toscana Capital Corporation and Toscana Energy Corporation (collectively, the Toscana Companies). Full Article
UPDATE 1-Sprott, Zijin Mining to set up $500 mln mining fund
March 20 - Canadian asset manager Sprott Inc and Chinese gold miner Zijin Mining Group Co Ltd said on Wednesday they have agreed to set up an offshore mining fund with a target size of $500 million.
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