Wilmington Capital Management Inc.
TSX : WCM.A
TSX : WCM.B

Wilmington Capital Management Inc.

August 17, 2011 20:00 ET

Wilmington Announces Acquisition of Interest in NCI Management Ltd.

TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - Wilmington Capital Management Inc. ("Wilmington") (TSX:WCM.A)(TSX:WCM.B) is pleased to announce that today it has acquired a 50% interest in NCI Management Ltd. ("NCI") from Network Capital Inc. ("Network") (the "Acquisition"). NCI is a private, Calgary based investment management company focused on private equity having a mandate to identify and create early stage opportunities in energy, energy services, real estate and special situations. NCI has a 15 year track record of delivering exemplary returns to its investors and shareholders.

The purchase price for the Acquisition was satisfied by Wilmington issuing Class A common shares ("Class A Shares") to Network. As part of the Acquisition, Joseph Killi, President and CEO of Wilmington, has been appointed to the board of directors of NCI such that the board of directors of NCI is now comprised of Mr. Killi and Mr. David Richards, the President and Chief Compliance Officer of NCI. Wilmington, Network and NCI have also entered into a Unanimous Shareholders Agreement ("USA") governing NCI. The USA provides that after December 31, 2016, Network has the right to sell all of its remaining shares of NCI to Wilmington and Wilmington has the right to require Network to sell all of its remaining shares of NCI to Wilmington. The price for the remaining shares of NCI is based on a pre-agreed formula.

Wilmington believes the Acquisition is in keeping with its new strategic plan which broadens the Corporation's investment strategy to include selective investments in the real estate as well as energy sectors.

Contact Information

  • Wilmington Capital Management Inc.
    Joseph F. Killi
    President and CEO
    (403) 867-0869