TORONTO, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Mount Logan Capital Inc. (MLC.NE) (“Mount Logan,” “our,” “we,” or the “Company”) announces that its board of directors (the “Board”) has determined to proceed with a consolidation of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation share for every eight (8) pre-consolidation shares (the “Consolidation”). Upon completion of the Consolidation, the Company will have approximately 10,605,235 common shares outstanding, subject to adjustment for fractional shares and assuming no additional shares are issued prior to the Consolidation becoming effective. The Company expects the effective date for the Consolidation will be on or about December 3, 2019.
Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, noted, “We believe the share consolidation will result in a share price that better reflects the institutional nature of our business. Subject to board approval, we intend to follow our share consolidation with a dividend before year end and will in the ordinary course continue to evaluate additional capital raise opportunities in the near term.”
At the Company’s annual and special meeting of shareholders held on May 30, 2019 (the “Meeting”), shareholders approved the consolidation of the Company’s common shares on the basis of one (1) post-consolidation share for up to ten (10) pre-consolidation shares and gave authority to the Board to determine the ratio for the share consolidation within such range and to implement such share consolidation at any time prior to the next annual meeting of shareholders.
The Consolidation is subject to acceptance by the NEO Exchange. For additional details regarding the Consolidation, please see the Company’s management information circular dated April 29, 2019 prepared in connection with the Meeting which is available under the Company’s SEDAR profile at www.sedar.com.
About Mount Logan Capital Inc.
Mount Logan Capital Inc. is a Canada-based asset manager created to source and execute on credit investment opportunities in North America. The Company holds and actively manages and monitors a portfolio of loans and other investments with credit-oriented characteristics. The Company intends to actively source, evaluate, underwrite, monitor, and primarily invest in additional loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Forward-looking statements can be identified by the expressions "seeks", "expects", "believes", "estimates", "will", "target" and similar expressions. The forward-looking statements are not historical facts but reflect the current expectations of the Company regarding future results or events and are based on information currently available. Certain material factors and assumptions were applied in providing these forward-looking statements. The forward-looking statements discussed in this release include, but are not limited to, statements relating to the proposed Consolidation, including the acceptance by the NEO Exchange, the effective date of the Consolidation and any resulting impact on the price of the Company’s shares, and statements relating to proposed dividends of the Company or future capital raising opportunities. All forward-looking statements in this press release are qualified by these cautionary statements. The Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions; however, the Company can give no assurance that the actual results or developments will be realized by certain specified dates or at all. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks Factors" in the most recently filed annual information form and management discussion and analysis for the Company. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances except as required by securities laws. These forward-looking statements are made as of the date of this press release.
This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in MLC or in any fund or other investment vehicle.
For additional information, contact:
Chief Financial Officer
Mount Logan Capital Inc.
365 Bay Street, Suite 800
Toronto, ON M5H 2V1