Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Lorne Park Capital Partners Inc. Acquires 1000989938 Ontario Inc.

V.LPC

Toronto, Ontario--(Newsfile Corp. - October 31, 2024) - Lorne Park Capital Partners Inc. (TSXV: LPC) ("LPCP" or the "Corporation") is pleased to announce that it has, through its wholly-owned subsidiary Bellwether Investment Management Inc. ("Bellwether"), closed an acquisition of 100% of the outstanding securities of 1000989938 Ontario Inc. (the "Acquiree"), an Ontario corporation that holds approximately $63 million in assets under management, all of which are currently being managed by Bellwether (the "Transaction").

The Acquiree was wholly-owned by Naguib Kerba, a financial advisor who has been with Bellwether for over six years. Mr. Kerba plans to retire at the end of 2025 and will work with Bellwether to ensure each client seamlessly transitions to another Bellwether registered representative.

Mr. Kerba has been in business since 1992. Since his career began, he has been quite active in the profession, including participating on various committees with FP Canada. Mr. Kerba was among the first 36 people in Canada to be conferred with the FP Canada Fellow Distinction. The distinction recognizes individuals who made significant contributions to advance professional financial planning in Canada. When serving with the Financial Planning Association, a global association, Mr. Kerba was chair of the International Advisory Committee, serving the needs of the 3,000 international members. Mr. Kerba was also the first Canadian member of Nazrudin Project - a global think tank at the leading edge of the financial planning process.

"Throughout my career, I strived to make a positive difference in every life I touch - my family, friends, clients and community," said Mr. Kerba. "Serving my clients and contributing to the financial services industry has been a privilege. I am confident that Bellwether will continue to uphold the high standards of service and dedication that our clients expect."

Robert Sewell, President and CEO, noted "Naguib's dedication to his clients and the industry has set a standard of excellence. We look forward to building on this legacy and continuing to provide the high level of service that has been a hallmark of Naguib's career."

Bellwether acquired all of the outstanding securities of the Acquiree in exchange for consideration of $1,900,000, to be paid by Bellwether as follows: $1,470,000 on closing, $250,000 within 30 days following January 1, 2025 and $180,000 within 30 days following January 1, 2026. The Transaction is at arm's length and no securities are being issued by LPCP in connection with the Transaction. On closing, the Acquiree will transfer to Bellwether all assets, and the Acquiree will be dissolved.

About Lorne Park Capital Partners Inc.

LPCP was created to bring together boutique investment management and wealth advisory firms in order to deliver robust, cost-effective investment solutions to affluent investors, foundations, estates and trusts. LPCP's unique strategy creates better alignment between investment managers and wealth advisors while providing them with additional resources to accelerate their growth.

About Bellwether Investment Management Inc.

Bellwether is a boutique investment manager that offers tailored investment solutions for affluent investors, foundations, estates and trusts utilizing its proprietary "Disciplined Dividend Growth" Investment Process. Bellwether provides discretionary investment management focused on North American Dividend Growth investing and is dedicated to serving the distinct needs of affluent families. Bellwether's suite of investment solutions includes Canadian, US and global equity and fixed income strategies. Bellwether is a subsidiary of LPCP, and is registered as a portfolio manager in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Saskatchewan, an exempt market dealer in Alberta, Ontario and Quebec, and an investment fund manager in Ontario and Quebec.

For further information, please contact:

Robert Sewell
Chief Executive Officer
Lorne Park Capital Partners Inc.
investor.relations@lpcp.ca
(905) 337-2227

Cautionary Notes

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains statementswhich constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "plan", and other similar expressions. Forward looking information in this news release includes, without limitation, LPCP's objectives, goals and future plans. Forward-looking information addresses possible future events, conditions and financial performance based upon management's current expectations, estimates, projections and assumptions. In particular, the forward-looking information contained in this news release reflects assumptions about the timing and results of the amalgamation and regulatory approvals. Management of LPCP considers the assumptions on which the forward-looking information contained herein are based to be reasonable. However, by its very nature, forward-looking information inherently involves known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such information. Such risks include, without limitation, changes in economic conditions, applicable laws or regulations. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. LPCP disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

/NOT FOR DISTRIBUTION IN THE UNITED STATES, ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228028



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today