TORONTO, ONTARIO--(Marketwire - June 29, 2012) - Primary Corp. (TSX:PYC) (the "Company") announces that the Company's shareholders approved all matters submitted by management for their consideration at the annual and special meeting of shareholders (the "Meeting") held on June 27, 2012 in Toronto, Ontario.
At the Meeting Barry Allan, John Anderson, Frank Davis, David Gluskin and the Honourable Brian Tobin were elected as directors of the Company. The shareholders reappointed KPMG LLP, Chartered Accountants, as the Company's auditor. In addition, the shareholders approved the reduction of the stated capital of the common shares of the Company by $15 million, the change of name of the Company to "Marret Resource Corp." and the increase in the number of common shares which may be issued under the stock option plan of the Company by 750,000 common shares. Particulars of each of the above matters are described in the management information circular of the Company dated May 30, 2012, which is available on SEDAR. In addition, Mr. Allan has been appointed the President and Chief Executive Officer of the Company and Mr. Tobin has been appointed as Chairman of the Company.
Primary also announces that it has declared a quarterly dividend of $0.07 per share on its outstanding common shares. The dividend is payable on July 25, 2012 to shareholders of record at the close of business on July 11, 2012 and is an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada).
About Primary Corp.
Primary trades on the Toronto Stock Exchange under the symbol PYC. Primary is focused on natural resource lending. Primary's business is primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource‐related businesses and investing in public and private equity and quasi‐equity securities. Primary seeks to generate income mainly from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.
Marret Asset Management Inc. is responsible for implementing Primary's investment strategy and managing Primary's investment portfolio.
About Marret Asset Management Inc.
Marret is an employee-owned firm based in Toronto and has over $6.0 billion of assets under management. Marret and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies.
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This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements relating to the Company's future outlook and anticipated events or results and statements regarding the Company's future financial position, business strategy, budgets, financial results, plans and objectives and statements regarding the market and economic conditions. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such risks include, but are not limited to, market and economic conditions and the other risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.