pcJ News Briefs – Urbana Corporation (TSX/CSE: URB & URB.A) has converted all of its non-equity interests in HighView Financial Holdings Inc., held directly or through HighView Investments Limited Partnership and Radar Capital Fund 1 Limited Partnership, into common shares of HighView as part of a capital restructuring of HighView.
As of December 31, 2016, Urbana held $1.6 million in unsecured promissory notes in HighView Financial Holdings while Radar Capital Fund 1 Limited Partnership owned 24% of the debt and equity of Highview Financial Group.
News Release
Urbana Corporation Investment in HighView Financial Holdings Inc.
Toronto, Ontario – July 14, 2017 – Urbana Corporation (“Urbana”) (TSX & CSE: URB & URB.A) and HighView Financial Holdings Inc. (“HighView”), announce that Urbana has converted all of its non-equity interests in HighView, held directly or through HighView Investments Limited Partnership and Radar Capital Fund 1 Limited Partnership, into common shares of HighView as part of a capital restructuring of HighView. Management of Urbana believes that taking a stronger equity position in HighView will enable Urbana to better benefit from HighView’s future growth.
“Urbana and Radar Capital Inc. have been our strategic capital partners for the past three years. This equitization transaction further strengthens our firm’s balance sheet to support our continued growth, independence and objectivity as Canada’s Outsourced Chief Investment Officer”, says Gary Brent, Chairman of HighView. “The opportunity for HighView management to purchase additional equity will also enable us to both retain and attract top industry talent”, says Mark Barnicutt, President & CEO of HighView.
“We are pleased and excited to be the strategic capital partner for HighView, Canada’s Outsourced Chief Investment Officer firm. They have a proven strategy, with an outstanding team, which we believe reflects the future for objective advice in Canada”, says Thomas Caldwell, President & CEO of Urbana Corporation.
Urbana’s investment activities encompass both private equity and large cap publicly traded securities. Two of Urbana’s larger private equity holdings became publicly traded this year (Bombay Stock Exchange and Real Matters Inc.).
About HighView
HighView is a professional boutique investment counselling firm for affluent Canadian families and foundations. Acting as an Outsourced Chief Investment Officer, HighView works closely with investors and their professional advisors to design, implement, and manage tailored investment strategies to protect their assets and create long-term sustainability. For more information on HighView, please visit www.highviewfin.com.
About Urbana Corporation
Urbana Corporation is a diversified investment corporation with a current focus across the financial services sector and beyond, from exchanges to banks to investment management businesses and information services.
The primary strategy of Urbana is to seek and invest in private investment opportunities for capital appreciation. Urbana also invests part of its portfolio in publicly traded securities to provide growth, income and liquidity. This part of the Urbana portfolio generates dividends and interest income and is available for sale to generate proceeds that can be redeployed to other uses including private or less liquid investments.
Please contact Elizabeth Naumovski, Urbana Investor Relations at 416-595-9106 for further information.