Canada-based Matrix Asset Management, which managed approximately $1.1 billion in assets, said that the previously announced share exchange terms of its proposed business combination with Marquest Asset Management has now been revised.
According to the revised transaction, Marquest will purchase certain assets of two Matrix subsidiaries, including all the operational assets of Seamark Asset Management Inc. and the portfolio management, custodian and related contracts of the Matrix Group of Mutual Funds held in GrowthWorks Capital.
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On closing this transaction, all employees of Seamark and certain employees of Matrix and GWC will become employees of Marquest.
The agreements are held in escrow pending Marquest’s advance of $1.8 million to Matrix and an external lender’s amendment of its loan.
Closing of the Transaction is subject to customary closing conditions, including obtaining necessary shareholder, stock exchange and regulatory approvals.
Pursuant to the transaction documents, a $500,000 break fee will be payable by either party to the other if that party fails to perform its obligations to pursue completion of the transaction and a $750,000 break fee will be payable if a party completes an alternative transaction that results in non-completion of the transaction.
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