Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Matrix Asset Management To Sell Two Units To Marquest Asset Management

Matrix Asset Management Inc. (MTA.TO: Quote), 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

Register
To receive FREE breaking news email alerts for Matrix Asset Management Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Kraton Performance Polymers, Inc. (KRA), Wednesday reported second-quarter net income of $11.1 million or $0.33 per share, up from $3.8 million or $0.12 per share last year. Adjusted earnings improved to $0.46 per share from $0.15 per share last year. Revenues for the quarter dropped to $323.8... Organic grocer Whole Foods Market, Inc. said Wednesday after the markets closed that its third quarter profit rose 6.3% from last year, as same-store sales increased 3.9%. The company's quarterly earnings per share also came in above analysts' expectations, but its quarterly sales fell shy of analyst' forecast. Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.