Business News • MarketWire • Matrix and Marquest Business Combination Expected to Close in May |
Matrix and Marquest Business Combination Expected to Close in May |
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Matrix and Marquest Business Combination Expected to Close in May
TORONTO, ONTARIO--(Marketwired - April 17, 2013) - Matrix Asset Management Inc. ("Matrix") (TSX:MTA) and Marquest Asset Management Inc. ("Marquest") announced on February 13, 2013 that they were pursuing a business combination (the "Transaction") which was scheduled to close March 22, 2013. The details of the proposed Transaction are set out in that announcement.
There have been two recently negotiated amendments to the Transaction. First, the original terms of the Transaction allowed for Matrix to continue to accept and complete an alternative transaction under a continuing process it initiated prior to the date of the Letter of Intent, subject to a break fee. Matrix has agreed now to remove that right to complete such an alternative transaction. Second, Marquest agreed to advance $1 million to Matrix to be repaid at closing of the Transaction or October 15, 2013. The advance is secured by Matrix's shareholdings of a subsidiary. Matrix previously announced on August 7, 2012 the creation of a term loan arrangement of up to $2 million under which this advance would qualify.
View More : http://www.marketwire.com/mw/release.do?id=1780065&sourceType=3
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