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Sunday, November 8, 2009

GrowthWorks and Seamark Asset Management Agree to Merger Plans

GrowthWorks Capital Ltd. and Seamark Asset Management Ltd. announced plans to execute a share swap which will result in a new publicly traded company to be called Matrix Asset Management Inc. The new company will control about $3 billion in assets, $2 billion of which comes from Seamark.

The deal is subject to the approval by the shareholders of the two companies, regulatory authorities and the TSX.

David Levi, founder, president and CEO of GrowthWorks said “We already have support agreements from 53 per cent of the shareholders of Seamark, and 74 per cent of from the shareholders of GrowthWorks supporting it.”

Earlier this year GrowthWorks purchased Mavrix Funds Management for $2.2 million, not to be confused with the newly formed company Matrix Asset Management Inc.

There had been lots of speculation that Seamark was a takeover candidate due to a high number of redemptions and the loss lost of some clients earlier this year.

According to Mr. Levi, Seamark shareholders will end up with 25 per cent of Matrix, while GrowthWorks shareholders will wind up with 75 per cent.

Under Matrix, the Seamark unit will continue with the institutional fund management business and GrowthWorks will work on the venture capital side.

Current plans are for Mr. Levi to become president and CEO of the merged company while current Seamark CEO Brent Barrie will retain his position and Seamark founder, Peter Marshall will serve on the board with both Mr. Levi and Mr. Barrie.

It will be interesting to watch the progress of this new company in the upcoming year. It is not often two companies, on opposite ends of the continent, merge to form one. GrowthWorks is Vancouver-based and Seamark is Halifax-based.

Stay on track,

The Hoss
Next Hoss Cents Free Financial Money Magazine Post: Nov.15, 2009
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1 comment:

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