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TORONTO, Feb. 10, 2022 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) in the present day reported outcomes for the fiscal 2022 third quarter and 9 months ended December 31, 2021 and materials occasions subsequent to quarter finish. (All figures are in Canadian {dollars} until in any other case acknowledged)
Highlights
- December 31, 2021 e book worth was $972.1 million or $64.58 per share in contrast with $895.9 million or $59.49 per share as at September 30, 2021
- Web revenue for the quarter ended December 31, 2021 was $76.5 million or $5.08 per share. For the 9 months ended December 31, 2021, internet revenue was $123.2 million or $8.20 per share
- Clairvest and Clairvest Fairness Companions VI (“CEP VI”) made a brand new fairness funding in Delaware Park racetrack and on line casino (“Delaware Park”)
- Subsequent to quarter finish and as beforehand introduced, Clairvest and Clairvest Fairness Companions V (“CEP V”) accomplished the sale of their curiosity in Additionally Power Holdings Inc. (“AlsoEnergy”)
- Topic to the approval of the Toronto Inventory Trade, Clairvest’s Board of Administrators permitted a brand new regular course issuer bid
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Clairvest’s e book worth was $972.1 million or $64.58 per share as at December 31, 2021, in contrast with $895.9 million or $59.49 per share as at September 30, 2021. The rise in e book worth for the quarter was attributable to internet revenue for the quarter of $76.5 million, or $5.08 per share, which primarily resulted from a rise within the valuation of AlsoEnergy inside our non-public fairness funding portfolio. In the course of the quarter, the Firm bought and cancelled 6,000 widespread shares which was accretive to the e book worth per share.
In December 2021, Clairvest introduced the sale of AlsoEnergy which was anticipated to have a optimistic affect on Clairvest’s e book worth per share of roughly $5 per share. Subsequent to quarter finish, the sale was accomplished as introduced. As at December 31, 2021, Clairvest’s funding in AlsoEnergy was carried at roughly the sale proceeds obtained subsequent to quarter finish.
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In December 2021, Clairvest along with CEP VI made a US$71.2 million fairness funding in Delaware Park, a racino situated in Wilmington, Delaware, serving the Delaware, Maryland, New Jersey, and Pennsylvania markets. Clairvest’s portion of the funding was US$19.3 million (C$24.6 million).
“Our third quarter was a busy quarter for the Clairvest crew. We closed the acquisition of Delaware Park, our fifth funding in CEP VI, which is true within the wheelhouse of our land-based gaming experience. Moreover, subsequent to quarter finish, we accomplished the sale of AlsoEnergy for an impressive outcome. As well as, the steadiness of our portfolio is faring very nicely. I’m happy with the continued momentum we now have skilled over the previous few months,” stated Ken Rotman, CEO of Clairvest. “Trying forward, our crew is targeted on constructing trade data and relationships in our lively domains, and pursuing enticing alternatives on this dynamic market atmosphere, which we’ll proceed to navigate with self-discipline.”
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Topic to the approval of the Toronto Inventory Trade, Clairvest’s Board of Administrators has permitted a brand new regular course issuer bid to buy as much as 5% of the excellent widespread shares on the Toronto Inventory Trade throughout a 12-month interval anticipated to begin on March 8, 2022.
Abstract of Monetary Outcomes – Unaudited | ||||||||
Monetary Outcomes | Quarter ended | 9 months ended | ||||||
December 31 | December 31 | |||||||
2021 | 2020 | 2021 | 2020 | |||||
($000’s, besides per share quantities) | $ | $ | $ | $ | ||||
Web funding acquire | 90,647 | 61,561 | 132,580 | 111,636 | ||||
Web carried curiosity from Clairvest Fairness Companions III and IV | (1,152 | ) | 678 | 146 | (7,087 | ) | ||
Distributions, curiosity revenue, dividends and charges | 10,269 | 9,177 | 34,619 | 28,334 | ||||
Complete bills, excluding revenue taxes | 14,255 | 15,476 | 26,157 | 33,265 | ||||
Web revenue and complete revenue | 76,532 | 49,937 | 123,191 | 90,055 | ||||
Primary and totally diluted internet revenue per share | 5.08 | 3.32 | 8.18 | 5.98 |
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Monetary Place | December 31 | March 31, |
2021 | 2021 | |
($000’s, besides share data and per share quantities) | $ | $ |
Complete property | 1,102,950 | 985,025 |
Complete money, money equivalents and non permanent investments | 271,708 | 279,373 |
Carried curiosity from Clairvest Fairness Companions III and IV | 29,795 | 34,318 |
Company investments(1) | 708,616 | 534,667 |
Complete liabilities | 130,879 | 127,218 |
Administration participation from Clairvest Fairness Companions III and IV | 22,588 | 25,996 |
Ebook worth(2) | 972,071 | 857,807 |
Frequent shares excellent | 15,052,301 | 15,058,401 |
Ebook worth per share(2) | 64.58 | 56.96 |
(1) Contains carried curiosity of $133,224 (March 31: $88,343) and administration participation of $91,576 (March 31: $60,346) from Clairvest Fairness Companions V and VI, and $64,987 (March 31, 2021: $65,953) in money, money equivalents and non permanent investments held by Clairvest’s acquisition entities.
(2) Ebook worth is a Non-IFRS measure calculated as the worth of complete property much less the worth of complete liabilities.
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Clairvest’s third quarter fiscal 2022 monetary statements and MD&A can be found on the SEDAR web site at www.sedar.com and the Clairvest web site at www.clairvest.com.
About Clairvest
Clairvest’s mission is to accomplice with entrepreneurs to assist them construct strategically vital companies. Based in 1987 by a gaggle of profitable Canadian entrepreneurs, Clairvest is a prime performing non-public fairness administration agency with over CAD $2.6 billion of capital beneath administration. Clairvest invests its personal capital and that of third events by way of the Clairvest Fairness Companions restricted partnerships in owner-led companies. Underneath the present administration crew, Clairvest has initiated investments in 57 completely different platform firms and generated prime quartile efficiency over an prolonged interval.
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Contact Info
Stephanie Lo
Supervisor, Investor Relations and Advertising and marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753
stephaniel@clairvest.com
Ahead-looking Statements
This information launch accommodates forward-looking statements with respect to Clairvest Group Inc., its subsidiaries, its CEP restricted partnerships and their investments. These statements are based mostly on present expectations and are topic to identified and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of Clairvest, its subsidiaries, its CEP restricted partnerships and their investments to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. Such elements embody basic and financial enterprise situations and regulatory dangers. Clairvest is beneath no obligation to replace any forward-looking statements contained herein ought to materials info change as a result of new data, future occasions or in any other case.
www.clairvest.com
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