|By Marketwired .||
|March 27, 2014 06:14 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 03/27/14 -- NorRock Realty Finance Corporation ("NorRock" or the "Corporation") (TSX VENTURE: RF.H) announces the release of its financial statements and management report of fund performance ("MRFP") for the year ended December 31, 2013. All capitalized terms used and not defined in this press release have the meaning given to then in the MRFP.
2013 Review and Outlook
The Corporation reports the following operational and financial highlights.
On January 30, 2014, NorRock Realty Finance Corporation ("NorRock") (TSX VENTURE: RF.H) announced an amendment to its proposed reactivation transaction that was previously disclosed via press release on February 27, 2013 and June 13, 2013. NorRock entered into a letter of intent on June 7, 2013 with Highview Financial Holdings Inc. ("Highview") to become Highview's strategic capital partner and will continue to proceed with its subscription for 7,000,000 common shares from treasury, such that NorRock shall own, on a fully diluted basis, 70% of the issued and outstanding common shares of Highview (the "Highview Shares") upon the closing of the transaction (the "Highview Acquisition").
Highview is a private corporation incorporated under the federal laws of Canada and is the parent company to Highview Asset Management Ltd., an Ontario corporation, and Highview Wealth Practices Inc., a federally incorporated corporation.
Highview is one of Canada's leading outsourced Chief Investment Officer (CIO) firms managing the private wealth of affluent families, the pension and investable assets of their businesses, and the foundations & endowments which they support. While the outsourced CIO industry in the United States & Europe is extremely well-established, Canada is in the early stages of growth in this important new niche segment in the Canadian asset management industry. With approximately $900 million of client assets under its care (AUM & AUA), Highview services its clients directly and in partnership with its professional advisors. Highview is objective and transparent in architecting financial portfolios for its clients and does not engage in any related investment management businesses.
The Highview Acquisition is intended to constitute a reactivation transaction (the "Reactivation Transaction") of NorRock to enable it to list on the Exchange. The Reactivation Transaction will constitute a reverse takeover transaction ("RTO") as defined in Policy 5.2 of the Corporate Finance Manual of the Exchange. The transaction is subject to shareholder and regulatory approvals.
Following closing of the Reactivation Transaction, it is NorRock's intention to change its previous business focus from being a secured lender in the commercial real estate industry to carrying on business in the financial services industry with a focus on wealth management.
Cash on Hand
At December 31, 2013, the Corporation had approximately $32,000 cash on hand.
Distributions to Shareholder
There were no Distributions in 2013.
Net Asset Value
The net book value per Class A share as at December 31, 2013 was ($0.085).
For detailed information on financial results please refer to the Corporation's financial statements and management report of fund performance for the period ending December 31, 2013 available under the Corporation's profile on SEDAR (www.sedar.com).
The Corporation is a mutual fund corporation under the Income Tax Act (Canada), incorporated under the laws of Ontario. The Manager is a wholly-owned subsidiary of Green Tree Capital Management Corp., an Ontario based private holding company.
Certain statements included in this news release constitute forward-looking statements including statements identified by the words "plan", "will" and "intend", and similar expressions or the negative thereof. The forward-looking statements are not historical facts but reflect the Corporation's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Readers are cautioned not to place undue reliance on forward-looking information. The Corporation undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information except as required by law.
Neither TSX Venture Exchange nor its Regulator Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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