FONT-SIZE Plus   Neg

Matrix Asset Management To Sell Two Units To Marquest Asset Management

Matrix Asset Management Inc. (MTA.TO), an asset management holding company, said that the previously announced share exchange terms of its proposed business combination with Marquest Asset Management Inc., has now been revised.

According to the revised transaction, Marquest will purchase certain assets of two Matrix subsidiaries, including all the operational assets of Seamark Asset Management Inc. and the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds held in GrowthWorks Capital Ltd. On closing this transaction, all employees of Seamark and certain employees of Matrix and GWC will become employees of Marquest.

Both the company's executed a binding promissory note and binding asset sale term sheet on Saturday. The agreements are held in escrow pending Marquest's advance of $1.8 million to Matrix and an external lender's amendment of its loan, which are expected to take place on May 27. Subject to customary conditions, the closure of this transaction is unknown, Matrix said in a statement.

Pursuant to the transaction documents, a $500,000 break fee will be payable by either party to the other if that party fails to perform its obligations to pursue completion of the transaction and a $750,000 break fee will be payable if a party completes an alternative transaction that results in non-completion of the transaction

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a profit for the third quarter beating Wall Street estimates by a large margin, driven primarily by record production and deliveries. Shares of the company gained over 5 percent in extended hours after the company reaffirmed its delivery... Auvi-Q, the rival for EpiPen, will be coming back in 2017, pharmaceutical company Kaleo announced on Wednesday. Auvi-Q is a epinephrine injection used to treat life-threatening allergic reactions, including anaphylaxis, in people who are at risk for or have a history of serious allergic reactions. Auvi-Q... Uber's self-driving technology start-up Otto has partnered with Anheuser-Busch InBev to complete the world's first shipment by a self-driving truck. Otto said in a blog post that the company and Anheuser-Busch delivered 51,744 cans of Budweiser beer from Fort Collins, through downtown Denver, to Colorado Springs.
comments powered by Disqus
Follow RTT