Aston Hill Announces Second Quarter 2011 Results
August 18 2011 - 1:42PM
PR Newswire (Canada)
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
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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
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