Royal Oak Announces Third Quarter Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/18/13 -- Royal Oak Ventures Inc. ("Royal Oak" or the "company") recorded net income of $298 thousand ($nil per share) for the three months ended September 30, 2013, compared to net income of $368 thousand ($nil per share) recorded in the same period in 2012. Net income in 2013 included $181 thousand of investment income recorded on the sale of securities for proceeds of $363 thousand.
The company classifies securities within its investment portfolio as available-for-sale financial instruments and accordingly records unrealized change in the fair value of these investments in other comprehensive income. The company recorded a pre-tax unrealized gain of $145 thousand during the period (2012 - $603 thousand) as a result of an increase in the fair value of the company's securities. Comprehensive income was $424 thousand in the current quarter (2012 - $890 thousand).
Net income and comprehensive income for the nine months ended September 30, 2013 were $655 thousand (2012 - $767 thousand) and $840 thousand (2012 - $1.5 million), respectively.
On October 30, 2013, Royal Oak and Brookfield Holdings Canada Inc. ("BHCI"), a subsidiary of Brookfield Asset Management Inc. (NYSE: BAM)(TSX: BAM.A)(EURONEXT: BAMA), entered into an agreement to privatize Royal Oak, whereby, BHCI offered to acquire all of the issued and outstanding common shares and all of the issued and outstanding non-voting shares of Royal Oak not already owned by BHCI or its affiliates at a price of $0.15 per share (the "Offer").
A Special Committee was formed by the directors of Royal Oak to consider the Offer. The Special Committee unanimously determined that the proposed transaction is in the best interests of Royal Oak and is fair, from a financial point of view, to the shareholders of Royal Oak other than BHCI and its affiliates. In light of the conclusions of the Special Committee and the independent valuation, the board of directors of Royal Oak has unanimously approved (with interested directors abstaining) the proposed transaction and recommends that shareholders vote in favour of the proposed transaction. A special meeting of shareholders will be held in mid-December to consider the Offer and will be subject to shareholder approvals.
Contacts:
Royal Oak Ventures Inc.
Derek E. Gorgi
Vice-President Finance
(416) 363-9491
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Datum: 18.11.2013 - 15:31 Uhr
Sprache: Deutsch
News-ID 1284525
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