Tuckamore Capital Management Inc.

Tuckamore Capital Management Inc.

April 17, 2012 17:08 ET

Tuckamore Enters into Agreement to Sell Interest in Armstrong Partnership

TORONTO, ONTARIO--(Marketwire - April 17, 2012) -


Tuckamore Capital Management Inc. ("Tuckamore") (TSX:TX)(TSX:TX.DB.B)(TSX:TX.DB.C) announced today that it has entered into an agreement through a wholly-owned subsidiary to sell its indirect ownership interest in Armstrong Partnership LP and its general partner to Thornbury Financial Ltd. for an aggregate transaction value of approximately $5.4 million which includes settlement of certain amounts owing. In accordance with the terms of the purchase agreement, approximately $5.1 million is payable on closing with the balance payable on September 28, 2012. Closing is conditional upon satisfaction of customary conditions and deliveries, and is expected to occur on or about June 29, 2012. Net proceeds of this transaction will be used by Tuckamore to reduce outstanding senior indebtedness.

About Tuckamore

Tuckamore (formerly Newport Inc.) is a publicly-traded company which invests in successful Canadian private businesses. Following the closing of this transaction, Tuckamore will have $336 million invested in 7 businesses representing a diverse cross-section of the Canadian economy.

Caution Regarding Forward-Looking Statements

Certain information included in this news release may constitute forward-looking information within the meaning of securities laws. Such forward-looking information reflects management's current beliefs and is based on information currently available to management of Tuckamore. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information involves significant risks and uncertainties (both general and specific) and the risk that the expectations represented in such forward-looking statements will not be achieved. In addition, in evaluating this information, investors should specifically consider various factors, including the risks outlined in the annual information form of Tuckamore dated March 30, 2012 and Tuckamore's other public disclosure documents filed on SEDAR at www.sedar.com, which may cause actual events or results to differ materially from any forward-looking statement. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting Tuckamore and its operating partnerships will continue substantially in the ordinary course, including without limitation, with respect to general levels of economic activity. Although the forward-looking information is based on what management of Tuckamore and the operating partnerships consider to be reasonable assumptions based on information currently available to them, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect. This forward-looking information is made as of the date of this news release, and Tuckamore does not assume any obligation to update or revise them to reflect new events or circumstances. Undue reliance should not be placed on forward-looking information.

Contact Information

  • Tuckamore Capital Management Inc.
    Keith Halbert
    Chief Financial Officer
    416-775 3796