/NOT FOR DISTRIBUTION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, April 15, 2016 /CNW/ - Lorne Park Capital
Partners Inc. (TSXV:LPC) ("LPCP") announced today that
effective April 14, 2016 it has
completed the acquisition of all of the issued and outstanding
shares in the capital of Index Wealth Management Inc.
("Index"), an independent portfolio manager with offices in
Vancouver, Calgary and Winnipeg (the "Transaction").
Index provides discretionary investment management services,
maximizing the benefits of ETFs for individuals and foundations.
Index has approximately $120 million
in assets under management.
Robert Sewell, the Chief
Executive Officer of LPCP and Bellwether commented: "The
acquisition of Index is transformative for LPCP and Bellwether
Investment Management Inc. ("Bellwether"). With the
integration of Index and Bellwether, we have significantly expanded
our national reach, our portfolio management team and our ability
to offer broader investment solutions to our clients and partner
advisors. We are pleased to welcome the Index team to LPCP and look
forward to working with them."
Transaction
The Transaction is at arm's length and does not represent a
reverse takeover of LPCP nor a fundamental acquisition under the
TSX Venture Exchange ("TSXV") policies and no change of
control of LPCP will result from the Transaction.
LPCP acquired the shares in the capital of Index in exchange for
the issuance of 1,375,000 common shares of LPCP and cash
consideration paid on closing and in two future installments
payable in 12 and 18 months, subject to adjustment at each payment
date. The total purchase price for the shares is expected to be
$2,236,913, subject to future
adjustments.
The common shares of LPCP issued pursuant to the Transaction
were issued at $0.40 per common
share, being approximately equal to the 6 month volume weighted
average price of the common shares of the LPCP on the TSXV,
determined as of December 31,
2015.
LPCP expects that Index will amalgamate today with LPCP's wholly
owned subsidiary, Bellwether, a registered portfolio manager and
investment fund manager, and Index will continue as a division of
Bellwether.
About Lorne Park Capital Partners Inc.
LPCP was created to bring together boutique investment
management and wealth advisory firms in order to deliver robust,
cost effective investment solutions to affluent investors. LPCP's
unique strategy creates better alignment between investment
managers and wealth advisors while providing them with additional
resources to accelerate their growth.
About Bellwether Investment Management Inc.
Bellwether is a boutique investment manager that offers tailored
investment solutions for affluent investors utilizing its
proprietary "Disciplined Dividend Growth" Investment Process.
Bellwether provides discretionary investment management focused on
North American Dividend Growth investing. Bellwether's suite of
investment solutions includes Canadian, US and global equity and
fixed income strategies. Bellwether is a subsidiary of LPCP.
About Index Wealth Management Inc.
Index is an independent portfolio manager that provides
discretionary investment management services for individuals and
foundations. Index manages client portfolios utilizing an
investment philosophy which maximizes the benefits of Exchange
Traded Funds (ETFs) as its core holdings which are
often combined with equity option strategies to enhance income
or reduce volatility.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains certain forward-looking
statements. LPCP has tried, whenever possible to identify these
forward-looking statements using words such as "anticipates",
"believes", "estimates", "expects", "plans", "intends",
"potential", "may" and other similar expressions. These
statements reflect LPCP's current belief and are based upon
currently available information. Accordingly, such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which could cause LPCP's actual
results, performance or achievements to differ materially from
those expressed in or implied by such statements. LPCP
undertakes no obligation to update or advise in the event of any
change, addition or alteration to the information contained in this
news release including such forward-looking statements, unless
otherwise required under applicable law.
SOURCE Lorne Park Capital Partners Inc.