Custom Search

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
Return to previous post from GrowthWorks and Seamark Asset Management Agree to Merger Plans

Related Posts:

How Do Mutual Funds Work The Loads

Defintion of Mutual Funds

Alternative Energy Mutual Funds

Green Mutual Fund Investing

Index Mutual Funds

Tax Free Savings Account

Investment Strategy Dollar Cost Averaging

Market Timing

The Best Mutual Funds

Finding the Best Mutual Fund


1 comment:

  1. I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

    Alena

    http://grantfoundation.net

    ReplyDelete

Stock Ticker

Disclaimer

The Hoss is not a financial adviser. This blog is a reflection of his personal opinion, experience and financial choices. For financial assistance, please consult a licensed financial services professional.

The contents of http://free-financial-money-magazine.blogspot.com are provided for informational and entertainment purposes only, and should not be construed as advice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.

While the information shared on this website is believed to be accurate and reliable, the owners/operators of this website specifically disclaim all warranties, express, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. Individuals leaving comments on this site are solely responsible and liable for the contents of their comments. Because this website is intended to provide general information only, you should discuss your specific needs with a qualified licensed financial services professional.

Links to other websites are for convenience only, and are independent from http://free-financial-money-magazine.blogspot.com. No liability is assumed for any inaccuracies in the information or for the content of any linked websites. No endorsement or approval of any other products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this website. No liability is assumed for incompatibility, non-suitability, viruses or other destructive/disruptive components on or from such websites.