Olympia Confirms No Purchase Price Adjustment Required in Connection With Previous Sale of Corporate and Shareholder Services Assets
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 12/12/14 -- Olympia Financial Group Inc. (TSX: OLY) is pleased to report that no adjustment to the purchase price is required in connection with the previous sale of its transfer agency and corporate trust assets which was completed one year ago today. On December 12, 2013, Olympia completed the sale of its transfer agency and corporate trust assets (the "CSS Sale Transaction") to Computershare Trust Company of Canada ("Computershare") for cash consideration of $43.0 million (the "Purchase Price"), subject post-closing adjustments to be determined on the one year anniversary date. Pursuant to the agreement, the Purchase Price was to be reduced post-closing by an amount up to $7.5 million in the event that net revenue lost from terminated client agreements exceeds net revenue gained from new business agreements during the one year period following the closing date (the "Net Revenue Adjustment"). The agreement also provided that $2.5 million was to be held in escrow for a period of one year as security for any Net Revenue Adjustment, working capital adjustment or indemnification obligation of the Corporation in favour of Computershare required under the agreement. As no Net Revenue Adjustment or any other post-closing adjustments are required, the Purchase Price has not been adjusted and the escrowed funds (being $2.5 million) are expected to be released to Olympia prior to year end.
About Olympia Financial Group Inc.
Olympia Financial Group Inc. ("OFGI") conducts most of its operations through its wholly-owned subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick and Nova Scotia. Olympia Trust Company administers self-directed registered accounts and offers foreign currency exchange services. OFGI also offers private health services plans through its wholly-owned subsidiary Olympia Benefits Inc and operates an ATM business through its wholly-owned subsidiary Olympia ATM Inc.
OFGI's common shares are listed on the Toronto Stock Exchange under the symbol "OLY".
Contacts:
Olympia Financial Group Inc.
Rick Skauge
President and Chief Executive Officer
Olympia Financial Group Inc.
Gerhard Barnard
Vice-President, Finance and Chief Financial Officer
(403) 261-0900
(403) 265-1455 (FAX)
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Datum: 12.12.2014 - 21:30 Uhr
Sprache: Deutsch
News-ID 359199
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contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Commercial & Investment Banking
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