Quest Capital Repurchases $10 Million of Preferred Shares
03 December 2009 - 10:00PM
Marketwired
Quest Capital Corp. (TSX: QC)(NYSE Amex: QCC) ("Quest" or the
"Company"), today announced that it has made a $10 million payment
toward the repurchase and retirement of its outstanding $40 million
First Preferred Shares, Series A (the "Preferred Shares").
"Quest has made significant progress in reducing expenses,
monetizing its loan portfolio and improving its financial
flexibility this year and today's announcement is a clear signal
that Quest is gaining financial strength from these actions," said
A. Murray Sinclair, Quest Chairman. "This repayment is the first
step of our plan to extinguish all of our Preferred Share
liability."
In September, the Preferred Shareholders agreed to waive their
retraction rights and further agreed to amend the redemption
provisions, allowing the Company to redeem the preferred shares in
tranches of at least $2,500,000. In addition, the effective
dividend rate was reduced from 13.50% to 12.75% on October 1, 2009
and will be further reduced to 12.00% on January 1, 2010.
ABOUT QUEST
Quest Capital Corp. is a publicly traded mortgage investment
corporation. For more information about Quest, please visit our
website (www.questcapcorp.com) or SEDAR (www.sedar.com).
Forward Looking Statements
This press release may include certain statements that
constitute "forward-looking statements", and "forward looking
information" within the meaning of applicable securities laws
("forward-looking statements" and "forward-looking information" are
collectively referred to as "forward-looking statements", unless
otherwise stated). Such forward-looking statements involve known
and unknown risks and uncertainties that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking
statements may relate to the Company's future outlook and
anticipated events or results and may include statements regarding
the Company's future financial position, business strategy,
budgets, litigation, projected costs, financial results, taxes,
plans and objectives. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends affecting the financial
condition of our business. These forward-looking statements were
derived utilizing numerous assumptions regarding expected growth,
results of operations, performance and business prospects and
opportunities that could cause our actual results to differ
materially from those in the forward-looking statements. While the
Company considers these assumptions to be reasonable, based on
information currently available, they may prove to be incorrect.
Forward-looking statements should not be read as a guarantee of
future performance or results. Forward-looking statements are based
on information available at the
time those statements are made and/or management's good faith
belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
or suggested by the forward-looking statements. To the extent any
forward-looking statements constitute future-oriented financial
information or financial outlooks, as those terms are defined under
applicable Canadian securities laws, such statements are being
provided to describe the current potential of the Company and
readers are cautioned that these statements may not be appropriate
for any other purpose, including investment decisions.
Forward-looking statements speak only as of the date those
statements are made. Except as required by applicable law, we
assume no obligation to update or to publicly announce the results
of any change to any forward-looking statement contained or
incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other
factors affecting the forward looking statements. If we update any
one or more forward-looking statements, no inference should be
drawn that we will make additional updates with respect to those or
other forward-looking statements. You should not place undue
importance on forward-looking statements and should not rely upon
these statements as of any other date. All forward-looking
statements contained in this press release are expressly qualified
in their entirety by this cautionary notice.
Contacts: Quest Capital Corp. A. Murray Sinclair Chairman (800)
318-3094 or (604) 687-8378 Quest Capital Corp. Jim Grosdanis CFO
(800) 318-3094 or (604) 687-8378 www.questcapcorp.com
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