Sprott to buy Toscana Capital and Toscana Energy - THRUE?https://www.proactiveinvestors.co.uk/companies/news/84111/sprott-to-buy-toscana-capital-and-toscana-energy--25598.html
Ceci est le cache Google de https://www.proactiveinvestors.co.uk/companies/news/84111/sprott-to-buy-toscana-capital-and-toscana-energy--25598.html. Il s'agit d'un instantan de la page telle qu'elle tait affiche le 26 fvr. 2020 03:11:27 GMT. Il se peut que la page actuelle ait chang entre-temps. Asset manager Sprott () said Wednesday it signed a letter of intent to acquire Calgary-based Toscana Capital Corp. and Toscana Energy Corp. in a cash and stock deal valued at $14 million, plus potential earn-outs.
The move is expected to benefit Sprott’s organization through sharing investment ideas, deal origination and the development of new products across the oil and gas sector, it said.
"In the Toscana companies, we are acquiring a leading team of energy specialists and lenders as well as a Calgary presence," Sprott’s chief executive Peter Grosskopf said in a statement.
"We believe that each of Toscana's energy lending business, managed working interest portfolio and flow through investment vehicles have significant growth potential."
Upon closing of the proposed deal, in addition to the $14 million in cash and shares, Sprott said it would pay an extra $5.25 million in common shares of the company as additional consideration over three years, once Toscana reaches certain financial performance hurdles.
The deal is subject to satisfactory results of due diligence investigations of the Toscana companies, and the negotiation of a definitive agreement, Sprott said.
Sprott hopes to close the transaction by the middle of the second quarter.
Toscana Capital manages Toscana Financial Income Trust, an open-ended trust established in June 2006 focused on providing mezzanine debt financing to private and public oil and gas companies.
Toscana Energy Corp. manages Toscana Resources, a mutual fund established in April 2010 with a focus on investing in medium and long-term non-operating working interests in the oil and gas sector.
Toscana Capital and Toscana Energy currently have total assets of about $161 million.
CEO of Toscana, Joseph Durante, said: “Sprott is a well-known natural investor and with the combination of our two companies, Sprott's footprint in Calgary will only grow.”
Toronto-based Sprott, formed in 2008, provides asset management, portfolio and wealth management and administrative and consulting services. The company offers mutual funds, hedge funds and offshore funds along with managed accounts.