Pender Growth Fund Provides Financial Highlights and Company Updates
VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) — PTF Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and nine months ended September 30, 2024.
Financial Highlights (Unaudited)
- Net income was $5,815,990 for the three months ended September 30, 2024 (September 30, 2023 – Net loss $97,003) due to positive investment performance in the quarter.
- Net income per Class C common share (“Share”) was $0.80 for the three months ended September 30, 2024 (September 30, 2023 – Net loss per Share $0.01).
- The Company’s total shareholders’ equity increased by $39,630,185, from $69,886,178 at December 31, 2023 to $109,516,363 as at September 30, 2024, due to net income from positive investment performance of $40,612,249 during the 9 months, offset by shares repurchase of $982,064 under the Company’s Normal Course Issuer Bid (“NCIB”).
- Shareholders’ equity was $15.10 per Share as at September 30, 2024 (December 31, 2023 – $9.48).
- 7,250,429 shares were outstanding as at September 30, 2024 (December 31, 2023 – 7,368,229), a decrease of 117,800 shares as a result of shares repurchase under the NCIB, which was renewed on February 15, 2024.
- At September 30, 2024, 75.1% of the investment portfolio was made up of public companies and 24.9% of private companies and Net Assets were 38% publicly listed companies, 12.5% private unlisted companies, and 49.5% cash and other assets net of liabilities.
- Management Expense Ratio (“MER”) before performance fees was 2.39% for the quarter ended September 30, 2024, down 0.06% compared to 2.45% in the third quarter of 2023.
| PERFORMANCE (Based on Shareholders’ Equity) |
3 Month | 1 Year | 3 Year | 5 Year | Since Inception |
|||||
| Class C | 5.7% | 70.7% | 18.2% | 30.9% | 20.7% | |||||
Portfolio Highlights
The completion of the sale of Copperleaf in the third quarter of 2024 and the resulting injection of $70 million cash, substantially changed the Company’s portfolio. At June 30, 2024, the Company’s Net Assets were 95.7% publicly listed companies, 13.3% private unlisted companies and (-9.0%) cash and other assets net of liabilities. At September 30, 2024, Pender’s Net Assets were 38% publicly listed companies, 12.5% private unlisted companies, and 49.5% cash and other assets net of liabilities.
Since the Copperleaf closing, Pender has been deploying cash into opportunities that it believes show promise and by September 30, 2024, the portfolio included $58 million of cash. By October 31, 2024, the cash balance was $35 million and by November 15, 2024, a further $8 million had been deployed into investments, and the Company’s Net Assets were 49% publicly listed companies, 28% private unlisted companies and 23% cash and other assets net of liabilities.
In October, subsequent to the quarter end, the Company closed the purchase of four private technology companies from Pluribus Technologies. The acquisition was made by Pender Software Holdings (or “PSH”) a new entity owned 86% by Pender, with the balance owned by Acorn Partners Inc. (“Acorn”) and its principals. Acorn (www.acorncappartners.com) is a Vancouver based company that invests in tech companies and provides advisory services to clients. The four software companies acquired are each cash flow positive and stable. PSH is leaving existing management in place to facilitate a focus on operational excellence with strategic support and access to capital managed by Pender and Acorn. Ampere Chan, the founder and CEO of Acorn is the CEO of PSH. Pender intends to use PSH as a vehicle for investing in additional software companies. We believe this new enterprise has great potential.
We believe that the Company continues to be well-positioned today to pursue its investment objectives and we continue to find attractive investments opportunities as valuations in micro and small cap stocks in North America remain attractive despite the recent rally this year.
Investment results may be affected by future developments and new information that may emerge about broad economic conditions, inflation, central bank measures, geopolitical risks, market risk, unexpected judicial or regulatory proceedings, geopolitical and other global events, factors that are beyond the Company’s control.
While macro events have driven investor sentiment, we have remained focused on our bottom-up fundamental research to identify companies that can thrive in a wide range of economic scenarios. We believe that this environment provides compelling opportunities for long-term focused investors and that the Company is well-positioned to continue to pursue its investment objectives.
As always, this quarter we worked closely with our private portfolio companies and certain of our public portfolio companies.
Other Highlights
We continued to acquire shares of the Company in the market under our NCIB because we believe the shares are trading at a discount to their intrinsic value. On February 15, 2024, the Company launched a new NCIB, under which the Company may purchase a maximum of 630,188 shares, or 10% of the Company’s public float on launch date, during the one-year period ending February 14, 2025.
We encourage you to refer to the Company’s MD&A and quarterly unaudited financial statements for September 30, 2024, the annual audited financial statements for the year-ended December 31, 2023, and other disclosures available under the Company’s profile at www.sedarplus.ca for additional information.
About the Company
Pender Growth Fund Inc is an investment firm. Its investment objective is to achieve long-term capital growth. The Company utilizes its small capital base and long-term horizon to invest in unique situations, primarily small cap, special situations, and illiquid public and private companies. The firm invests in public and private companies principally in the technology sector. It trades on the TSX Venture Exchange under the symbol “PTF” and posts its NAV on its website, generally within five business days of each month end.
Please visit www.pendergrowthfund.com.
For further information, please contact:
Tony Rautava
Corporate Secretary
Pender Growth Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the Company’s decreased portfolio risk and future investment opportunities. The forward-looking statements in this news release are based on certain assumptions; they are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form available at www.sedarplus.ca. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
What's Happening With Canopy Growth: Is It Time To Buy?
Canopy Growth Corporation‘s CGC stock has fallen significantly from its recent highs in May 2024.
After reaching a peak of $16.41, the stock now trades around $3.93, raising questions about its potential for recovery and long-term investment viability. In this article, we take a closer look at Canopy’s medium-term performance and provide insights for investors who might be curious about this key industry player.
Fibonacci Analysis: Key Resistance And Support Levels
A Fibonacci retracement analysis shows that the stock has retraced to the 78.6% level (circa $3.86), a critical support point. Holding above this level could trigger a potential bounce, while failure to do so risks further declines toward the pre-rally starting point of $2.57.
On the upside, the 61.8% retracement level (circa $6.36) represents a significant resistance zone. The stock tested this level twice: once during the last week of October and again during the first week of November. Breaking through this resistance would signal renewed investor confidence and could open the door to testing the 50% level ($8.50) – a psychologically important milestone.
The company reported $1.23 billion in total assets for the most recent quarter, with $509.668 million in shareholder equity and a market capitalization of $396.154 million.
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Is Canopy A Good Investment?
At current levels, Canopy Growth presents a high-risk, high-reward profile, similar to other cannabis companies. The 78.6% retracement support makes it appealing for speculative investors betting on a recovery. However, if the stock falls below $3.86, further declines could follow, raising concerns about profitability and long-term sustainability.
In the short term, there may be trading opportunities, but careful monitoring of other technical indicators is necessary.
For long-term investors, Canopy’s future depends on its ability to grow revenue, reduce debt, and capitalize on the U.S. market: something that the company seems to be set to do. But, from a technical standpoint, until the stock breaks above circa $6.36, signaling a broader reversal, caution is recommended.
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Intuit Shares Fall After Q1 Results, FY25 Guidance Below Estimates
Intuit Inc. INTU reported its first-quarter results after Thursday’s closing bell. Here’s a look at the details from the report.
The Details: Intuit reported quarterly earnings of $2.50 per share, which beat the analyst consensus estimate of $2.35. Quarterly revenue came in at $3.28 billion which beat the consensus estimate of $3.14 billion and is an increase over sales of $2.98 billion from the same period last year.
- Global Business Solutions Group revenue grew to $2.5 billion, up 9%.
- Online Ecosystem revenue grew to $1.9 billion, up 20%.
- Credit Karma revenue reached $524 million, up 29%.
- Consumer Group revenue fell to $176 million, down 6%.
- ProTax Group revenue dipped to $39 million, down 7%, as the company lapped the period a year ago that included the extended tax filing deadline for most California filers.
Read More: Rumble CEO Considers Bitcoin Investment, Engages Michael Saylor As Shares Rally
“We’ve had a strong start to the year as we demonstrate the power of Intuit’s AI-driven expert platform strategy. By delivering ‘done-for-you’ experiences, enabled by AI with access to AI-powered human experts, we continue to fuel the success of consumers and businesses,” said Sasan Goodarzi, Intuit’s CEO.
“Our innovation and the proof points we’re observing continue to bolster our confidence in our strategy,” Goodarzi added.
Outlook: Inuit reiterated its fiscal year guidance for earnings of between $19.16 and $19.36 per share, versus the $19.33 estimate, and revenue of between $18.16 billion and $18.347 billion, versus the $18.26 billion estimate.
INTU Price Action: According to Benzinga Pro, Intuit shares are down 6.11% after-hours at $638.11 at the time of publication Thursday.
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Utility Drones Market Forecast 2024: Trends, Challenges, and Innovations | Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Nov. 21, 2024 (GLOBE NEWSWIRE) — The growing adoption of lithium-metal batteries is significantly contributing to the expansion of the utility drones market. Unlike the commonly used lithium-ion and lithium polymer (LiPo) batteries, lithium-metal batteries offer superior energy density, which enables drones to operate for longer periods without the frequent need for recharging. These batteries also feature non-flammable electrolytes, addressing safety concerns associated with lithium-ion batteries, which are prone to overheating, short circuits, and even explosions. This advancement in battery technology supports the increasing demand for drones in industries such as e-commerce, logistics, construction, and agriculture, where longer flight times and safer operation are crucial.
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As drones gain traction for a variety of applications, including agricultural monitoring, aerial mapping, logistics, and surveillance, the logistics sector, in particular, is seeing considerable innovation. Companies like Zipline International, Walmart, DHL, and Amazon are leading efforts to incorporate drone delivery systems, improving operational efficiency and reducing delivery times. This trend is further fueled by the challenges of traffic congestion and the growing demand for faster delivery services, particularly in urban areas.
The market for commercial drones is expected to continue its rapid growth, driven by advancements in drone capabilities, improved battery technologies, and increasing investment from logistics and e-commerce companies. The market is estimated to grow at a compound annual growth rate (CAGR) of approximately 15-20% over the next few years, with the potential to reach a valuation of USD 7-10 billion by 2030. The continued development of drone-based delivery services is expected to remain a key driver in the market’s expansion.
Utility Drones Market Segment Insights:
Service-Based Segmentation: The utility drones market is primarily segmented into two key service categories: end-to-end solutions and point solutions. In 2022, the end-to-end solution segment accounted for the largest share of the market. These comprehensive services include the provision of drones, skilled pilots, engineers, software, data management, and analytics. Additionally, end-to-end solutions encompass drone advisory services and consultancy, which play a critical role in gathering reliable data about utility assets. These services are increasingly being adopted by utility companies to streamline operations, enhance safety, and improve data accuracy, with market growth projections indicating a continued demand for such all-inclusive services.
Type-Based Segmentation: Based on drone type, the utility drones market is divided into multi-rotor and fixed-wing categories. In 2022, multi-rotor drones held the largest market share. These drones, equipped with more than two rotor blades, differ from traditional single-rotor designs by generating lift through multiple rotors, typically arranged at angles of 90 degrees or less. Multi-rotor drones are versatile and are widely used for aerial photography, surveying, mapping, and inspection, as well as for commercial applications such as goods delivery and services provision. The high adaptability and ease of use in various applications are major drivers of their dominance in the market.
End-Use Segmentation: The market is also segmented based on end-use applications, including conventional power and renewable energy. In 2022, conventional power accounted for the largest share and is expected to continue to grow at a steady pace during the forecast period. Utility drones are increasingly utilized in the power industry, offering advantages such as reduced operational and maintenance costs, enhanced worker safety—by accessing potentially hazardous locations—and minimal environmental impact due to the use of little or no fuel. These factors make utility drones a vital tool in the power sector, driving their adoption and expansion in the coming years.
Market Projections: Overall, the utility drones market is anticipated to experience substantial growth across these segments, with market estimates suggesting a compound annual growth rate (CAGR) of around 18-22% over the next decade. This growth is driven by the increasing demand for efficient, safe, and sustainable solutions in both the power and commercial sectors.
Utility Drones Regional Insights:
The global utility drones market is analyzed across several key regions, including North America, Europe, Asia-Pacific, and the Rest of the World. In 2022, North America held the largest market share, exceeding 40%. This dominance is expected to continue throughout the forecast period due to increased demand from industries such as oil and gas, mining, and power generation. Key players in the region, including 3D Robotics, DJI, Parrot, Yuneec International BV, and Hover Camera Systems GmbH, are expected to drive significant market growth. The U.S. is the leading country in this region, followed by Canada, contributing to a large share of the regional market.
In Europe, the utility drones market holds the second-largest share, driven by increasing private investments and funding in electricity infrastructure development. Germany leads the European market in terms of market share, while the UK exhibits the fastest growth rate in the region, driven by its push toward advanced infrastructure solutions and a growing interest in drone technologies. Other significant countries in Europe include France, Italy, and Spain, all contributing to the market’s expansion.
Asia-Pacific is projected to experience the fastest growth in the utility drones market from 2023 to 2032. This is attributed to rapid industrialization, as well as the increased adoption of drones by commercial sectors like agriculture, construction, and infrastructure development. China holds the largest market share in the region, while India is expected to be the fastest-growing market. The expansion of infrastructure projects and increasing automation in commercial services are major factors driving the growth of utility drones in this region.
Regional Growth Projections:
- North America is expected to maintain a market share of 40-45%, driven by industrial demand and innovation.
- Europe will continue to account for around 30-35% of the market share, with Germany and the UK leading the charge.
- Asia-Pacific is anticipated to grow at a CAGR of 20-25%, with China and India playing pivotal roles in driving this expansion.
Utility Drones Key Market Players & Competitive Insights:
The competitive landscape of the utility drones market is highly dynamic, with leading players heavily investing in research and development (R&D) to expand their product offerings and enhance market growth. Companies are adopting strategic measures such as new product launches, mergers and acquisitions, partnerships, and investments to strengthen their market presence. These strategies are crucial for companies to stay competitive in a rapidly evolving market.
One of the key strategies in the industry is local manufacturing, aimed at reducing operational costs while improving product accessibility for clients. By manufacturing locally, companies can better meet the needs of regional markets while maintaining competitive pricing, which is essential for long-term success. Moreover, the utility drones industry has gained significant traction in sectors like medicine, providing crucial benefits through advanced aerial surveillance and data collection technologies.
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Some of the prominent players in the utility drones market include:
- SkyScape Industries (US): Focused on providing innovative aerial solutions for various utility applications, including surveillance and infrastructure inspections.
- Measure (US): Specializes in drone services for industrial sectors, helping businesses optimize operational efficiency through aerial data collection.
- Sharper Shape Inc. (US): Known for providing drone-based solutions for utility infrastructure inspections, enhancing the reliability and safety of power lines and other assets.
- Sky Futures (UK): A key player in the energy sector, offering drone inspection services for oil and gas platforms and power lines.
- Terra Drone (Japan): Provides high-tech drone solutions for industrial inspections, focusing on precision and safety in utility infrastructure monitoring.
- ABJ Drones (US): Offers drones designed for utilities and environmental monitoring, helping businesses track energy usage and improve system maintenance.
- ULC Robotics (US): Known for its advanced drone solutions in utilities, focusing on safe and efficient infrastructure inspection services.
Carbonix, an Australian leader in UAV manufacturing, has expanded its presence with a partnership with SA Power Networks and Nokia. This collaboration focuses on utilizing long-range, unmanned aerial vehicles (UAVs) for inspecting remote power lines and network assets in South Australia. The use of Beyond Visual Line of Sight (BVLOS) UAVs, integrated with the Nokia Digital Automation Cloud, is a significant step towards enhancing operational efficiency in remote utility monitoring.
DJI Technology Co., Ltd. (China), a global leader in drone technology, controls a large share of the consumer drone market (approximately 75-80%). DJI’s drones are widely used in sectors such as filmmaking, agriculture, and surveillance. The company’s advanced UAVs, such as the Phantom 4 RTK, are used for high-precision surveys, combining centimeter-level navigation with advanced imaging systems to improve survey efficiency and reduce operational costs.
Key Companies in the Utility Drones market include
- Cyberhawk Innovations Limited
- PrecisionHawk
- Delair
- SkyScape Industries
- Measure
- Sharper Shape Inc.
- Sky Futures
- Terra Drone
- ABJ Drones
- ULC Robotics
- Aerodyne Group
- Asset Drone
- Hemav
Utility Drones Industry Developments
- In July 2023, Skydio launched the X10, a drone optimized for utility inspections, equipped with advanced navigation systems powered by NVIDIA Jetson Orin. Its 360-degree visual field and autonomous capabilities make it ideal for inspecting critical infrastructure in complex environments. The X10 is especially useful for utilities seeking to enhance safety and reduce downtime, with applications in substation security and powerline monitoring
- August 2023 saw the introduction of DJI’s Mavic 3 Multispectral, a drone designed for energy infrastructure inspections. This model features multispectral sensors to capture data from various spectrums, improving the inspection of powerlines and substations. It aids utilities in detecting potential issues early, thus improving the reliability of energy grids
- In April 2023, Florida Power & Light (FPL) launched an autonomous drone fleet to inspect its extensive power grid. This initiative enhances both operational efficiency and safety by reducing the need for human inspectors in potentially dangerous conditions, such as after severe weather events
- In June 2023, the Vantis UAS network in North Dakota expanded to enable Beyond Visual Line of Sight (BVLOS) flights for utility inspections. The network’s expansion allows real-time data transmission from drones, improving the efficiency and accuracy of infrastructure monitoring, especially in remote areas
Utility Drones Market Segmentation:
Utility Drones Market By Service Outlook
- End-to-End Solution
- Point Solution
Utility Drones Market By Type Outlook
Utility Drones Market By End-Use Outlook
- Conventional Power
- Renewable
Utility Drones Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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Hugel and Medica join forces to boost botulinum toxin sales in Middle East, North Africa
- Hugel aims to secure strong business coverage in the region via the strategic partnership
- The MENA aesthetic market is projected to witness strong growth in the next few years with UAE and Saudi Arabia taking the lead
SEOUL, South Korea, Nov. 21, 2024 /PRNewswire/ — Hugel Inc., a leading global medical aesthetics company, said on Friday it will spur expansion in the botulinum toxin market of the Middle East and North Africa (MENA) via a strategic partnership with Dubai-headquartered aesthetic and medical distribution partner Medica Group.
The two companies have recently entered into an agreement to bolster the distribution of Hugel’s toxin Botulax in the key markets of the region. Hugel, which exports its own toxin to 64 markets including the US, Europe and China, the world’s three largest toxin buyers, obtained sales approval for Botulax in the Middle East last year.
Medica Group is a leading player in the region and has strong distribution networks through its head office in the United Arab Emirates (UAE) and branches in Saudi Arabia and Lebanon. The company distributes medical aesthetic products from about 30 global brands, proving their solid know-how in the field and strong execution capabilities in the MENA.
The MENA is one of the fastest growing regions for medical aesthetics, driven by strong economic momentum, favorable demographic characteristics, increasing accessibility to social media as well as social and consumption transformation.
Hugel’s Executive Chairman, Suk Cha, commented on the partnership: “We are very pleased to enter into this strategic collaboration with Medica Group. The Middle East represents a key market for Hugel, with its rapidly growing demand for medical aesthetic treatments. We have chosen Medica Group as our distributor because they share our commitment to excellence and quality. Their proven expertise, extensive reach and deep understanding of the region make them the ideal partner to bring our Botulax product to this dynamic region. Botulax is recognized globally for its quality, and we are confident that, through this partnership, it will become a leading choice for medical professionals and patients in the Middle East and Africa.”
Andre Daoud, CEO of Medica Group, highlighted the importance of this collaboration: “Our partnership with Hugel marks a key milestone for us as we continue to expand our portfolio and lead the aesthetics market with global solutions. The introduction of Botulax in the Middle East and Africa offers healthcare professionals access to a world-class botulinum toxin that is highly trusted for its quality, safety, and performance. This strategic partnership aligns with our mission to provide advanced, innovative products and services that meet the demands of the region’s growing beauty and medical aesthetics market. Hugel’s global expertise, combined with our deep local knowledge and network, will create tremendous value for our customers and their patients.”
About Hugel
Established in 2001, Hugel is a leading global medical aesthetics company that manufactures injectables for skin rejuvenation such as botulinum toxin, hyaluronic acid fillers and skin boosters as well as absorbable sutures and cosmetics products. The company is the only South Korean supplier to the world’s three largest botulinum toxin markets, the US, China and Europe. It exports medical aesthetic products and devices to around 70 countries and operates eight global subsidiaries in the US, Australia, Canada, Taiwan, China, Hong Kong and Singapore.
About Medica Group
A leading partner in the field of aesthetic medicine, Medica Group continues to push the boundaries of beauty and wellbeing in the region. Being at the forefront of the industry, the group is renowned for its innovative approach, state-of-the-art solutions with a solid commitment to delivering outstanding results and setting new standards in aesthetics. A trusted partner for international aesthetic brands, Medica showcases a commitment to excellence and quality through the technologies of its product and services, and the collaboration of the aesthetic medicine community.
Contact:
Jihyun Kim, Manager of the PR Team, Hugel
jihyun.kim@hugel-inc.com
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BROOKFIELD RESIDENTIAL HAS ACQUIRED AN OWNERSHIP POSITION IN KOLTER LAND TO EXPAND RESIDENTIAL LAND DEVELOPMENT IN SOUTHEAST U.S.
Strategic partnership to expand residential land acquisition and development to provide finished lots to homebuilders across the Southeast U.S.
DELRAY BEACH, Fla., Nov. 21, 2024 /PRNewswire/ — The Kolter Group (“Kolter”) is excited to introduce, a strategic partnership between Kolter’s land business (“Kolter Land“) and Brookfield Residential’s Land development group (“Brookfield Residential”). The Partnership will provide finished residential lots and mixed-use pads to builders in the Southeast U.S.
The Partnership combines Kolter’s operational strength in the Southeast with Brookfield Residential’s broad experience in real estate investments and scaling businesses. Deploying a shared commitment to excellence, the Partnership will capitalize on the Southeast’s long-term growth as well as an increasing desire among builders to place land development in the hands of expert partners.
Jim Harvey, a 30-year veteran of residential development, will be pivoting from his role as President of Kolter Land to head the Partnership. He said, “Our partnership with Brookfield Residential represents a significant milestone for Kolter Land. Our shared vision, and complementary strengths, position us to be the land developer of choice in the Southeast. We look forward to a successful collaboration that will benefit our Partnership and the communities we serve.”
Brookfield Residential specializes in land entitlement and development to create dynamic neighborhoods and master-planned communities across the US. The firm provides lots to third-party customers, including their own homebuilding business, and is one of the largest suppliers of lots to the homebuilding industry. It will build upon the already industry-leading relationships of Kolter Land, which has sold lots to the Southeast’s leading public and private builders as well as the sale of retail and multifamily parcels to other vertical developers.
Adrian Foley, President & Chief Executive Officer of Brookfield Residential, stated, “We are thrilled to partner with Kolter to expand our operations in the Southeast market. Our combined expertise and resources will enable us to deliver high-quality residential and mixed-use communities that meet the growing demand in Florida, Tennessee, Georgia and the Carolinas.”
About The Kolter Group: The Kolter Group (“Kolter”) is a private investment firm focused on real estate development and investment. Kolter operates four residential development business units and has sponsored over $29 billion of realized and in-process residential real estate projects throughout the Southeast U.S. (including Florida, Georgia, South Carolina, North Carolina, and Tennessee). For more information, visit www.kolter.com or www.kolterland.com.
About Brookfield Residential: Brookfield Residential Properties ULC is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Corporation BNBN, a global alternative asset manager. For more information, visit www.BrookfieldResidential.com or www.BrookfieldResidentialLand.com.
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SOURCE The Kolter Group
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Abcourt Announces its Results for the First Quarter Ended September 30, 2024
ROUYN-NORANDA, Quebec, Nov. 21, 2024 (GLOBE NEWSWIRE) — Abcourt Mines Inc. (“Abcourt” or the “Corporation”) ABI (OTCQB : ABMBF) announces its results for the first quarter ended September 30, 2024. All monetary values in this press release are expressed in Canadian dollars, unless otherwise indicated. Financial statements and management discussion and analysis are available on SEDAR+.
Highlights for the Quarter ended September 30, 2024
Exploration:
- Exploration work totaling $2,603,486 for the quarter, mainly consisting of prospecting and evaluation expenses incurred on the Sleeping Giant property for the underground drilling campaign for an amount of approximately $2,386,014.
- During the quarter, the Corporation completed 1,127 metres of definition and exploration drilling at the Sleeping Giant mine on the 4 upper levels, in order to refine the geological model on these levels and to support engineering planning towards a pre-feasibility economic study. From December 1, 2023 to September 30, 2024, the Corporation completed 4,270 metres of definition and exploration drilling at Sleeping Giant.
- Highlights of the results obtained during the drilling campaign on the Sleeping Giant property in the 20 West Zone area on the 235 level during the quarter are as follows:
- 125.67 g/t Au over 0.5 metre in hole 23-489.
- 46.08 g/t Au over 1 metre in hole 23-485
- During the quarter, sales of approximately 189 ounces of gold at an average realized price of $3,181 (US$2,322) per ounce. Gold sales were from gold recovery on the Sleeping Giant property and the residual from the 5,000 tonne bulk sample from the Courville property (Pershing Manitou).
- During the quarter, the Corporation carried out stripping work on the Flordin property in the Cartwright area. Stripping work on 3 zones exposed the high-grade gold mineralized zone, and subsequently over 200 metres in distance, during a second round of stripping at the end of the quarter, and channel sampling of the newly exposed mineralized zone. The work completed during the quarter, and the results obtained from drilling in November 2023, support the Corporation’s assumption that the high-grade gold mineralization associated with pyrite bands would be continuous over more than 2 km between the Cartwright deposit and the South Zone discovered by Cambior in 1988.
- On June 17, 2024, the Corporation entered into an option agreement with Québec Lafleur Minerals Inc. (“LaFleur”) under which Abcourt granted LaFleur the right to acquire a 100% interest in 141 mining claims held by the Corporation and covering approximately 5,579 hectares. The optioned property includes portions of the Courville and Abcourt Barvue projects, namely the Jolin (Courville) and Bartec (Abcourt-Barvue) sectors and contiguous to the Swanson property.
- On July 8, 2024, LaFleur elected to accelerate the exercise of the remaining conditions of the option agreement by proceeding with the payment by the issuance of shares of its share capital for a total amount of $1,500,000, allowing it to acquire the remaining 75% interest in the property. LaFleur issued 4,299,211 shares to Abcourt at a deemed price of $0.3489 per share. The amount of $1,500,000 was recognized in net income in exploration and evaluation expenses under the heading disposal of a property.
Financial:
- On July 24, 2024, the Corporation closed a non-brokered private placement of 112,500,000 units at a price of $0.04 per unit for total gross proceeds of $4,500,000.
- Net loss of $1,839,901, or a loss per share of $0.00, compared to a net loss of $2,449,243, or a loss per share of $0.01, for the same period in 2023.
- As at September 30, 2024, negative working capital of $2,358,485, compared to negative working capital of $4,947,411 as at June 30, 2024. During the quarter, Abcourt improved it’s working capital by $2,588,926.
Corporate:
- On August 1st, 2024, the Corporation granted a total of 3,500,000 stock options to a director and certain employees of the Corporation.
- The private placement closed on July 24, 2024 resulted in the creation of a new controlling shareholder (as such term is defined in the policies of the TSX Venture Exchange) due to the issuance of 100,000,000 units to Noureddine Mokaddem, for a total consideration of $4,000,000. The latter participated in the private placement in order to support the short- and medium-term growth of the Corporation. He intends to hold his securities for investment purposes and may, depending on certain circumstances, including market conditions, increase or decrease his beneficial ownership of or control over the common shares, Warrants or other securities of the Corporation.
- On July 24, 2024, Noureddine Mokkadem was appointed director of the Corporation. Mr. Mokaddem is a mining engineer with approximately 40 years of professional experience in Africa and North America. He has successfully led all the stages of the implementation of several projects, ranging from feasibility studies to the start-up of production units of different sizes.
- On July 24, 2024, Daniel Adam resigned as director of the Corporation, to leave a vacancy for Mr. Mokaddem.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian gold exploration company with properties strategically located in northwestern Quebec, Canada. Abcourt owns the 100% owned Sleeping Giant Mine and Mill, where it focuses its operations. The Sleeping Giant Mine has a mining lease and environmental certificates of authorization to extract up to 800 tonnes per day from its underground mine.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt’s profile on www.sedarplus.ca.
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute “forward-looking information” within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by forward-looking terminology, such as “plans”, “aims”, “expects”, “projects”, “intends”, “anticipates”, “estimates”, “could”, “should”, “likely”, or variations of these words and phrases or statements specifying that certain acts, events or results “may”, “would”, “would”, “would”, “would”, “would”, “occur” or “be achieved” or other expressions Similar. Forward-looking statements are based on Abcourt’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set out in Abcourt’s public filings, are available on SEDAR+ at www.sedarplus.ca. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any of these forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Central 1 reports 2024 third quarter financial results
VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) today reported third quarter performance reflecting steady financial results across business lines, consistent with plans and expectations.
“Our stable third quarter results were in line with our expectations,” said Sheila Vokey, Central 1’s President & CEO. “Central 1 continues to grow its critical payments, treasury and clearing and settlement services, which we provide at scale to financial institutions who deliver banking choice to Canadians.”
Third quarter 2024 compared with third quarter 2023:
- Net income was $5.8 million, compared with $3.9 million
- Net fair value gain1 was $6.9 million, compared with loss of $2.0 million
- Net interest income was $9.7 million, compared with $19.6 million
- Return on average equity2 of 2.1%, compared with 1.6%
Year-to-date 2024 compared with year-to-date 2023:
- Net income was $47.8 million, compared with $23.6 million
- Net fair value gain1 was $60.2 million, compared with $24.2 million
- Net interest income was $34.0 million, compared with $41.3 million
- Return on average equity2 of 8.0%, compared with 4.4%
Central 1’s third quarter and year-to-date (YTD) results continue to report strong financial performance in 2024. Central 1’s net income for the third quarter was $5.8 million, an increase of $1.9 million compared to the third quarter last year. This is primarily reflecting higher net fair value gains1 and higher non-interest income, excluding strategic initiatives1, partially offset by lower net interest income.
The reported YTD net income was $47.8 million, an increase of $24.2 million compared to the same period last year, reflecting an increase of $36.0 million in net fair value gains1 largely due to credit spreads narrowing.
Core Business & Financial Performance
Treasury
Treasury delivered consistently strong results in the quarter and reported a net income of $11.3 million, broadly in line with $11.5 million reported in the third quarter last year. Net interest income was $10.1 million, a decrease of $9.9 million compared to the third quarter last year. However, the decline in net interest income was offset by an $8.9 million increase in net fair value gains1. Non-interest income, including revenue from Treasury’s fee-for-service operations, also increased by $2.4 million compared to the third quarter last year.
Payments & Digital Banking
Payments & Digital Banking reported net loss for the quarter was $3.8 million, compared with a reported net loss of $4.7 million in the third quarter last year, driven by the Digital Banking business and partially offset by the net income in Payments. The year-over-year reduction in net loss for the current quarter can be attributed to reduced spending on strategic initiatives1. This decline is due to the pause earlier in the year in the Payments Modernization initiative, awaiting details from Payments Canada. Additionally, there were lower professional fees associated with Forge implementations, and completion of certain digital strategy projects.
After the close of the quarter, Central 1 announced its intention to wind down its digital banking business and transition clients to one or more alternative digital banking providers. While no firm date has been set for completing this transition, Central 1 is working with digital banking providers and clients to complete transitions within a three-to-four-year timeline.
Non-GAAP and Other Financial Measures
Central 1 uses a number of financial measures and ratios to assess overall performance. Some of these measures do not have a standardized definition prescribed by Generally Accepted Accounting Principles (GAAP) and might not be comparable to similar measures presented by other companies. Presenting non-GAAP financial measures and ratios provides readers with an enhanced understanding of how management analyzes Central 1’s results and assesses the underlying business performance. The discussions of non-GAAP financial measures and ratios that Central 1 uses in evaluating its operating results are presented as footnotes in the respective sections of the Management’s Discussion and Analysis together with the required disclosure below in accordance with National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.
Non-GAAP Financial Measures
The following non-GAAP financial measures exclude certain items from our financial results prepared in accordance with International Financial Reporting Standards (IFRS) Accounting Standards. The tables below present reconciliations of these measures to their respective most directly comparable financial measures disclosed in Central 1’s Interim Consolidated Financial Statements.
Net Fair Value Gain (Loss)
Net fair value gain (loss) used across this press release is comprised of gain (loss) on disposal of financial instruments plus changes in fair value of financial instruments reported in the Consolidated Statement of Income (Loss). Reporting them combined provides better information on the fair value movements of Central 1’s financial instruments to the readers.
| For the nine months ended September 30 | |||||||||||||||||||
| $ millions | Q3 2024 | Q3 2023 | Change | 2024 | 2023 | Change | |||||||||||||
| Gain (loss) on disposal of financial instruments as reported | $ | (3.9 | ) | $ | 0.8 | $ | (4.7 | ) | $ | 54.0 | $ | 17.1 | $ | 36.9 | |||||
| Change in fair value of financial instruments as reported | 10.8 | (2.8 | ) | 13.6 | 6.2 | 7.1 | (0.9 | ) | |||||||||||
| Net fair value gain (loss) | $ | 6.9 | $ | (2.0 | ) | $ | 8.9 | $ | 60.2 | $ | 24.2 | $ | 36.0 | ||||||
Non-Interest Income, excluding Strategic Initiatives
Non-interest income, excluding strategic initiatives, presented in the Overall Performance and Results by Segment sections of this press release is derived by excluding Central 1’s income from investments in strategic initiatives. Excluding income from strategic initiatives allows readers to better understand Central 1’s recurring financial performance and related trends.
Overall Performance
| For the nine months ended September 30 | |||||||||||||||||||
| $ millions | Q3 2024 | Q3 2023 | Change | 2024 | 2023 | Change | |||||||||||||
| Non-interest income as reported | $ | 42.7 | $ | 39.4 | $ | 3.3 | $ | 124.8 | $ | 119.2 | $ | 5.6 | |||||||
| Less: strategic initiatives income | 1.0 | 0.7 | 0.3 | 3.2 | 1.5 | 1.7 | |||||||||||||
| Non-interest income, excluding strategic initiatives | $ | 41.7 | $ | 38.7 | $ | 3.0 | $ | 121.6 | $ | 117.7 | $ | 3.9 | |||||||
Results by Segment
Payments & Digital Banking
| For the nine months ended September 30 | |||||||||||||||||||
| $ millions | Q3 2024 | Q3 2023 | Change | 2024 | 2023 | Change | |||||||||||||
| Non-interest income as reported | $ | 31.6 | $ | 31.1 | $ | 0.5 | $ | 95.9 | $ | 90.4 | $ | 5.5 | |||||||
| Less: strategic initiatives income | 1.0 | 0.7 | 0.3 | 3.2 | 1.5 | 1.7 | |||||||||||||
| Non-interest income, excluding strategic initiatives | $ | 30.6 | $ | 30.4 | $ | 0.2 | $ | 92.7 | $ | 88.9 | $ | 3.8 | |||||||
Central 1’s third quarter Management’s Discussion and Analysis (MD&A) and Financial Statements have been filed on Central 1’s SEDAR profile at www.sedarplus.com and are also available at central1.com/investor-relations.
About Central 1
Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.
Notes
1. These are non-GAAP financial measures and non-GAAP financial ratios. Refer to the “Non-GAAP and Other Financial Measures” section of this release or the MD&A for more information.
2. This is a non-GAAP financial ratio. Refer to the “Non-GAAP and Other Financial Measures” section of the MD&A for more information.
Caution Regarding Forward Looking Statements
This press release and announcement contain historical and forward-looking statements. All statements other than statements of historical fact are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. These include, without limitation, statements relating to our financial and non-financial performance objectives, vision and strategic goals and priorities, including focus on capital and cost management, the economic, market and regulatory review and outlook for the Canadian economy and the provincial economies in which our member credit unions operate , the impacts of external events such as international conflicts, protests, natural disasters or pandemics, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results and the timing of such results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, international conflicts, natural disasters or pandemics, geopolitical uncertainty, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Contacts
Media:
Heather Merry
Senior Manager, Communications
Central 1 Credit Union
T 1.800.661.6813 ext. 2355
E communications@central1.com
Investors:
Brent Clode
Chief Investment Officer
Central 1 Credit Union
T 905.282.8588 or 1.800.661.6813 ext. 8588
E bclode@central1.com
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