Sonor Investments Limited

April 25, 2016 13:48 ET

Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2015 and Three Months Ended March 31, 2016

TORONTO, ONTARIO--(Marketwired - April 25, 2016) - Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported its financial results for the year ended December 31, 2015 and the three months ended March 31, 2016.

Year ended December 31 3 months ended March 31
2015 2014 2016 2015
$000 $000 $000 $000
Revenue 4,057 4,130 186 237
Net Income 3,027 3,494 38 89

Michael Gardiner, Chairman, stated that as at March 31, 2016 the Company's assets totaled $57.6 million compared to $56.9 million as at December 31, 2015. These assets as at March 31, 2015 included $10.5 million of marketable securities, $35.6 million in a private investment and $11.4 million of cash and cash equivalents.

During the year ended December 31, 2015, the Company realized $184,000 in net capital gains on the sale of investments and recorded an impairment totaling $542,000 on five of its security investments. This compares to net capital gains of $218,000 on the sale of investments and an impairment recognition of $160,000 during the year ended December 31, 2014. During the three months ended March 31, 2015, the company realized $66,000 in net capital gains on the sale of investments compared to $109,000 in net capital gains during the corresponding period of the previous year.

During the periods under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.

As well, the Company announces that a semi-annual dividend of $0.225 per share on the Company's 9% first Preference Shares has been declared payable on September 15, 2016 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 1, 2016.

Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sonor Investments Limited
    Mr. Michael Gardiner
    (416) 369-1499
    (416) 369-0280 (FAX)

    Sonor Investments Limited
    Mr. Stephen Mills
    Treasurer & CFO
    (416) 369-1499
    (416) 369-0280 (FAX)