Fiera Sceptre shareholders approve Natcan transaction
- Fiera's assets under management grow to reach $54 billion
- Jean-Guy Desjardins remains the controlling shareholder of Fiera
- Fiera Capital Corporation becomes the company's new name
MONTREAL, March 29, 2012 /CNW Telbec/ – Fiera Sceptre Inc. ("Fiera" or the "Company") (TSX: FSZ) announced today that 99.93 per cent of the holders of Class A shares of Fiera voted in favor of a resolution authorizing the issuance of Class A shares to the National Bank (the "Bank"), representing 35% of the issued and outstanding shares of Fiera, as well as an option to increase the participation of the Bank to 40%. The amount of the transaction totaled $309.5 million, subject to reduction. The shareholder vote was held today at the annual and special meeting of shareholders of Fiera.
A special resolution of shareholders to rename the Company "Fiera Capital Corporation," was also adopted during the meeting.
Fiera will hold approximately $54 billion in assets under management following the closing of this transaction, making it one of the largest independent asset managers in Canada, providing it with the scale and talent to assume a leading role in the Canadian asset management industry.
"It's a great day for Fiera. The acquisition of the Natcan is an extraordinary springboard, giving us added depth of research and portfolio management and access to an outstanding distribution network. Our goal is to quickly become a major player among asset managers in North America, "said Jean-Guy Desjardins, Chairman, CEO and Chief Investment Officer of Fiera. "The board recommended that shareholders vote in favor of this transaction and we are pleased that shareholders recognized the value of this transaction," he added.
Jean-Guy Desjardins will continue to serve as Chairman of the Board, CEO and Chief Investment Officer, and will remain the controlling shareholder of Fiera.
The transaction, which is scheduled to close on April 2, 2012, must be approved by regulatory authorities and satisfy other customary conditions.
Board of Directors
At the annual and special meeting, shareholders elected nine members of the Board of Directors: David R. Shaw, Arthur R.A. Scace, W. Ross Walker, Christiane Bergevin, Denis Berthiaume, Sylvain Brosseau, Jean-Guy Desjardins, Jean C. Monty and Neil Nisker.
Upon the closing of the transaction, the board will consist of twelve directors, as approved by shareholders at the annual and special meeting. The three additional members elected to serve on the board are: Louis Vachon, Luc Paiement and David Pennycook.
Fiera is a leading publicly traded, independent investment firm. The firm is one of only a handful of full service, multi-product investment firms in Canada, offering clients a proven top tier track record in equity and fixed income management as well as depth and expertise in asset allocation and alternative investments. For more information, visit www.fierasceptre.ca.
Additional information relating to the Firm, including the Firm's annual information form, is on SEDAR at www.sedar.com.
Caution Regarding Forward-Looking Information
Fiera's public communications often include oral or written forward-looking statements. Statements of this type are included in this press release and may be included in other filings with Canadian securities regulators or in other communications. Forward-looking statements may include comments with respect to Fiera's objectives, strategies to achieve those objectives, expected financial results (including those in the area of risk management), and the outlook for Fiera's businesses and for the Canadian, United States and global economies. Such statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "intent," "estimate," "plan," "may increase," "may fluctuate," and similar expressions of future or conditional verbs, such as "will," "should," "would" and "could."
By their very nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward-looking statements will not prove to be accurate. Do not unduly rely on forward-looking statements, as a number of important factors, many of which are beyond Fiera's control, could cause actual results to differ materially from the estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the economic and financial conditions in Canada and globally; fluctuations in interest rates and currency values; liquidity; significant market volatility and interruptions; the failure of third parties to comply with their obligations to Fiera and its affiliates; the effect of changes in monetary policy; legislative and regulatory developments in Canada and elsewhere, including changes in tax laws; operational and reputational risks; the risk that Fiera's risk management models may not take into account all relevant factors; the accuracy and completeness of information received by Fiera; Fiera's ability to complete Natcan's acquisition and integrate the Natcan business and its other growth strategies; changes in accounting policies and methods Fiera uses to report its financial condition and the results of its operations, including uncertainties associated with critical accounting assumptions and estimates; the effect of applying future accounting changes; Fiera's ability to attract and retain key executives; technological developments; fraud by internal or external parties; consolidation in the Canadian investment management sector; competition, both from new entrants and established competitors; judicial and regulatory proceedings; acts of God, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments, including terrorist acts and war on terrorism; the effects of disease or illness on local, national or international economies; disruptions to public infrastructure, including transportation, communication, power and water; and Fiera's anticipation of and success in managing the risks implied by the foregoing.
These and other factors may cause Fiera's actual performance to differ materially from that contemplated by forward-looking statements. For more information, see the discussion starting on page 1 of Fiera's annual information form dated December 15, 2011 for the financial year ended September 30, 2011 and the proxy management circular dated March 1, 2012.
The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.