Till Capital Ltd. (TSX.V: TIL) (the “Company” or “Till),
a Bermuda domiciled company, announces today its inaugural first quarter
earnings report showing net income of $2.0 million, or $0.69 per share.
Till’s book value per share was $17.45 as of June 30, 2014. All figures
are in Canadian dollars unless otherwise indicated.
“We are very pleased with our initial results from our new business
model, and extremely pleased to have produced net earnings in the first
reporting quarter,” stated William M. Sheriff, Chairman and CEO. “The
significant investment income in the period illustrates we are on course
with our trading and investment model. We continue to actively pursue
reinsurance premium revenue opportunities in this competitive
underwriting environment.”
Financial highlights for Till Capital for the first quarter ended June
30, 2014 include:
-
Pre-tax income, before reorganization related charges, of $1.0
million, or $0.33 per share;
-
Net income of $2.0 million, or $0.69 per share;
-
$33.7 million in cash and marketable securities;
-
Shareholders’ equity of $50.6 million.
"We are very pleased with the overall performance of the investment
strategy, particularly in our first reporting quarter which saw our
transition to the newly merged company,” said William Lupien, Chief
Investment Officer. “During this reporting period we completed several
initiatives associated with the transition to our reinsurance business
strategy.”
The partial sale of shareholdings in EMC Metals Corp. (TSX:EMC) resulted
in a realized a gain of approximately $600,000 during the period and a
share position no longer meeting the threshold for reporting as an
insider.
Financial statements are available under the Company’s profile on SEDAR
at www.sedar.com.
Investors Conference Call
Till will be hosting an audio
webcast call on Tuesday, September 9th, 2014 at 9 AM Eastern
Daylight Time to discuss the first quarter earnings and financial
results along with other corporate developments. To participate in a
conference call and webcast please use one of the following methods:
Conference Call Details - Till Capital Ltd. Investor Call:
Conference
ID # 94338718
Local Dial in Number: 416-764-8688
Toll Free
Dial in Number: 888-390-0546
Webcast Details
Webcast URL:
http://event.on24.com/r.htm?e=843703&s=1&k=C55BFD6458E98CF9C78E7E90D35C2A80
Participants should connect five to ten minutes before the call. A
question and answer period will follow a brief presentation.
A replay of the call will be available by telephone at the following:
Playback
Local Number: 416-764-8677
Playback Toll Free Dial in Number:
888-390-0541
Playback PIN#: 338718
The conference call will be recorded, and an archived audio webcast will
be available at www.tillcap.com
through September 9th, 2015.
Stock Options
The Company has granted 215,400 stock options
to directors, employees, and consultants at an exercise price of $10.00
per share and expiring five years from the grant date. The stock options
are subject to vesting pursuant to the Company’s stock option plan.
Till Capital Ltd.
Till Capital is a unique Bermuda-domiciled
company engaged in the reinsurance business through its wholly-owned
subsidiary Resource Re supported by a hybrid investment strategy. This
non-traditional approach creates a company with diversified investments
including royalties and physical gold, well-positioned for future growth
through access to and strategic deployment of capital. Our goal: to
maximize opportunity; mitigate risk; and invest in assets and
opportunities with significant upside potential.
For additional information:
Till Capital Ltd.
William M. Sheriff
Chairman
and Chief Executive Officer
(208) 635 5415
info@tillcap.com
www.tillcap.com
Cautionary Note
At this time, the Company has no current
plans to provide earnings guidance due to the volatility of investment
returns.
The Till Capital shares are restricted voting shares, whereby no
single shareholder of Till Capital is able to exercise voting rights for
more than 9.9% of the voting rights of the total issued and outstanding
Till Capital shares (the 9.9% Restriction”). However, if any one
shareholder of Till Capital beneficially owns, or exercises control or
direction over, more than 50% of the issued and outstanding Till Capital
shares, the 9.9% Restriction will cease to apply to the Till Capital
shares.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities of Till Capital or any
other securities, and shall not constitute an offer, solicitation or
sale in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful. Trading in the securities of Till Capital
should be considered speculative.
Neither the TSX Venture Exchange nor its Regulatory Service Provider
(as that term is defined in the policies of the TSX Venture Exchange)
nor the Bermuda Monetary Authority accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
Except
for statements of historical fact, this news release contains certain
“forward-looking information” within the meaning of applicable
securities law. Forward-looking information is frequently characterized
by words such as “plan”, “except”, “project”, “intend”, “believe”,
“anticipate”, “estimate”, “will”, “could” and other similar words, or
statements that certain events or conditions “may” occur. Such
forward-looking statements are subject to risks and uncertainties that
may cause actual results, performance or developments to differ
materially from those contained in the statements. These and all
subsequent written and oral forward-looking information are based on
estimates and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Except as required
by law, Till Capital assumes no obligation to update forward-looking
information should circumstances or management’s estimates or opinions
change.
Copyright Business Wire 2014