In This Article:
TORONTO, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Company” or “Dundee”) announced today that, in alignment with its commitment to its core strategic objectives, it has entered into a definitive agreement to sell its investment management business (the “Investment Management Business”) operated through Goodman & Company, Investment Counsel Inc. to Next Edge Capital Corp. (“Next Edge”) (the “Transaction”). The decision to sell the Investment Management Business enables the Company to enhance its focus on its core investment strategy while streamlining operations and further rationalizing its cost structure.
Lila Manassa Murphy, Executive Vice President and Chief Financial Officer of Dundee, commented:
“This transaction represents a significant strategic step toward cost rationalization, allowing us to more fully concentrate our resources on our core investment strategy. While these funds have played a significant role in Dundee’s history, this move ensures we can streamline our operations and optimize our expense structure. As we look to the future, we are well-positioned to capitalize on investment and growth opportunities for the benefit of our shareholders.”
Rob Anton, President of Next Edge, commented:
“We are excited to close on this transaction and we look forward to further diversifying our alternative and value-added product offerings in Canada.”
The Transaction is subject to customary closing conditions, including regulatory approval and the approval of the unitholders of CMP 2023 Resource Limited Partnership (“CMP 2023”) and the shareholders of Dundee Global Fund Corporation (“Dundee Global Fund”).
Unitholders of CMP 2023 and shareholders of Dundee Global Fund will be asked to approve the change of manager at a special meeting. Details about the Transaction will be contained in the meeting materials mailed to unitholders and shareholders.
Following the closing of the Transaction, Next Edge will become investment fund manager and portfolio manager of both CMP 2023 and Dundee Global Fund.
CMP 2023 and Dundee Global Fund referred the Transaction to their independent review committee (the “IRC”), and the IRC determined that, if implemented, the Transaction would achieve a fair and reasonable result for CMP 2023 and Dundee Global Fund.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.