Strategic Review UpdateNo sale or anything. Seems like Pawnee is in the process of being wound down (employee count declining, receivable sales to the JV). Looking forward to their Q1 results (should be in early/mid May).
https://www.newswire.ca/news-releases/chesswood-provides-update-on-strategic-review-process-867703979.html
TORONTO, March 28, 2024 /CNW/ - Chesswood Group Limited ("Chesswood") (TSX: CHW), a specialty finance company with 40 years of experience in the commercial equipment finance market, today announces an update on its review of strategic alternatives to maximize shareholder value, previously announced on January 22, 2024.
In connection with the review process, Chesswood, through a special committee of its board of directors comprised of Edward Sonshine (Chair), Catherine Barbaro and Rags Davloor (the "Special Committee"), has engaged Stikeman Elliott LLP as legal counsel and RBC Capital Markets as its exclusive financial advisor to assist with the Special Committee's evaluation of potential strategic alternatives to determine the best path forward to maximizing value for shareholders.
As a result of the meaningful level of inbound interest from potential counterparties, the Special Committee intends to continue its efforts in exploring all available strategic initiatives. While the intention is to complete the review process in a timely manner, there can be no assurances as to the timing for completion of review by the Special Committee or that this process will result in any particular outcome. As such, undue reliance should not be placed on any expectations as to potential transactions or strategic alternatives that may be or may become available to Chesswood, or that there be any impact on shareholder value following completion of such review. Except as may be required by applicable securities laws, Chesswood does not expect to comment further regarding the Special Committee's review process until it determines additional disclosure is necessary or advisable.