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Power Corporation Reports Second Quarter 2025 Financial Results Français
Readers are referred to the sections Non-IFRS Financial Measures and Forward-Looking Statements later in this release. All figures are expressed in Canadian dollars unless otherwise noted. MONTRÉAL, Aug. 7, 2025 /CNW/ - Power Corporation of Canada (Power Corporation or the Corporation) (TSX: POW; today reported earnings results for the three and six months ended June 30, 2025. Power Corporation Consolidated results for the period ended June 30, 2025 HIGHLIGHTS POWER CORPORATION Net earnings from continuing operations 1 for the second quarter of 2025 were $772 million or $1.20 per share 2, compared with $730 million or $1.12 per share in the second quarter of 2024. Adjusted net earnings from continuing operations 1 3 4 were $883 million or $1.38 per share, compared with $739 million or $1.14 per share in the second quarter of 2024. Adjusted net asset value per share 3 was $64.76 at June 30, 2025, compared with $60.44 at December 31, 2024. Book value per share 5 was $35.90 at June 30, 2025, compared with $35.56 at December 31, 2024. Power group's interest in Wealthsimple, held collectively with IGM Financial and Portage Ventures I, was valued at $2.7 billion, an increase of 21% in the second quarter 6, reflecting Wealthsimple's strong business performance and an increase in peer multiples. The Corporation's direct investment, valued at $997 million, was reflected in the second quarter adjusted net asset value. The Corporation purchased for cancellation 4.4 million subordinate voting shares for a total of $209 million at June 30, 2025. GREAT-WEST LIFECO INC. (LIFECO) Second quarter net earnings from continuing operations were $894 million, compared with $1,005 million in the second quarter of 2024. Adjusted net earnings from continuing operations 7 were $1,149 million, compared with $1,038 million in the second quarter of 2024. Adjusted net earnings from continuing operations increased 11% from the second quarter of 2024, reflecting double-digit growth in Lifeco's Wealth and Group Benefits businesses. Second quarter net earnings from continuing operations primarily reflect higher charges from previously announced business transformation initiatives and unfavourable market experience. Lifeco announced its intention to purchase an additional $500 million of its common shares under its existing Normal Course Issuer Bid (NCIB), increasing the total in fiscal 2025 to $1 billion 8. IGM FINANCIAL INC. (IGM) Second quarter net earnings were $246.7 million, compared with $216.2 million in the second quarter of 2024. Adjusted net earnings 3 were $252.7 million, compared with $220.4 million in the second quarter of 2024. Adjusted net earnings increased 15% from the second quarter of 2024, reflecting strong results across IGM's core operating companies and strategic investments. Record high assets under management and advisement 5 of $283.9 billion, represented an increase of 3.2% from the first quarter of 2025 and 12.5% from June 30, 2024. Assets under management and advisement including strategic investments 5 were $521.1 billion at June 30, 2025, compared with $503.6 billion at March 31, 2025 and $431.7 billion at June 30, 2024. GROUPE BRUXELLES LAMBERT (GBL) GBL reported a net asset value 5 of €14.4 billion or €107.75 per share at June 30, 2025, compared with €15.7 billion or €113.30 per share at December 31, 2024. GBL completed a total of €170 million of share buybacks at June 30, 2025, and cancelled 5.2 million treasury shares. SAGARD HOLDINGS INC. (SAGARD) AND POWER SUSTAINABLE CAPITAL INC. (POWER SUSTAINABLE) Sagard raised US$1.5 billion in new commitments 9 in the second quarter of 2025, including US$0.6 billion raised at Sagard's subsidiary, Performance Equity Management. In the second quarter, the Corporation received cash proceeds of $262 million from the sale of wind projects, representing 425 MW 10, to the Power Sustainable Energy Infrastructure Partnership (PSEIP). The projects were developed by Potentia Renewables Inc., a wholly owned subsidiary of the Corporation. Second Quarter Net earnings from continuing operations attributable to participating shareholders were $772 million or $1.20 per share, compared with $730 million or $1.12 per share in 2024. Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $883 million or $1.38 per share, compared with $739 million or $1.14 per share in 2024. Net earnings attributable to participating shareholders were $772 million or $1.20 per share, compared with $730 million or $1.12 per share in 2024. Adjustments in the second quarter of 2025, excluded from adjusted net earnings from continuing operations, were a negative net impact to earnings of $111 million or $0.18 per share, mainly comprised of the Corporation's share of Adjustments of: Lifeco of negative $168 million, mainly related to business transformation impacts which include a restructuring charge recognized in the second quarter; Partially offset by: IGM of positive $8 million, mainly related to the effect of consolidation which includes a realized gain, recognized on the sale of a corporate investment classified by IGM as FVOCI, reflecting the application of the Corporation's accounting method for investments under common ownership; and Power Sustainable of positive $49 million, mainly related to a recovery on the revaluation of non-controlling interests (NCI) liabilities within the Power Sustainable Energy Infrastructure Partnership, due to a decrease in the fair value of projects held within the fund, and other market-related impacts. In the second quarter of 2024, Adjustments were a negative net impact to earnings of $9 million or $0.02 per share, mainly related to the Corporation's share of Adjustments of Lifeco, partially offset by the Corporation's share of Adjustments of Standalone businesses. Contributions to Power Corporation's Earnings from Continuing Operations (in millions of dollars, except per share amounts) Adjusted Net Earnings Net Earnings 2025 2024 2025 2024 Lifeco 2 790 708 615 686 IGM 2 158 137 154 135 GBL 2 (15) 21 (15) 21 Effect of consolidation - Lifeco and IGM 3 (9) (13) 10 (15) Publicly traded operating companies 924 853 764 827 Sagard and Power Sustainable 4 93 (1) 142 (5) Standalone businesses (2) (26) (2) (5) 1,015 826 904 817 Corporate operations and Other 5 (132) (87) (132) (87) 883 739 772 730 Per participating share 1.38 1.14 1.20 1.12 Average shares outstanding (in millions) 642.1 649.4 642.1 649.4 1 A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. 2 Contribution to net and adjusted net earnings based on earnings reported by Lifeco and IGM. Contribution to net earnings based on earnings reported by GBL. 3 Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent Management's Discussion and Analysis (MD&A) for additional information. 4 Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries. 5 Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, as well as corporate operations of the Corporation and Power Financial Corporation (Power Financial), which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the Earnings Summary below. Publicly traded operating companies: contribution to net earnings from continuing operations was $764 million, a decrease of 7.6% from the second quarter of 2024, and contribution to adjusted net earnings from continuing operations was $924 million, an increase of 8.3% from the second quarter of 2024: Lifeco: contribution to net earnings decreased by $71 million or 10.3% and contribution to adjusted net earnings increased by $82 million or 11.6%. IGM: contribution to net earnings and adjusted net earnings increased by $19 million or 14.1% and by $21 million or 15.3%, respectively. GBL: contribution to net earnings and to adjusted net earnings of negative $15 million in the second quarter of 2025, compared with a contribution to net earnings and adjusted net earnings of positive $21 million in the second quarter of 2024. Sagard and Power Sustainable: Sagard had a contribution to net earnings and adjusted net earnings of $106 million, mainly driven by fair value changes in the private equity portfolio. Power Sustainable's contribution to net earnings and adjusted net earnings was $36 million and negative $13 million, respectively. Six Months Net earnings from continuing operations attributable to participating shareholders were $1,461 million or $2.27 per share, compared with $1,488 million or $2.29 per share in 2024. Adjusted net earnings from continuing operations attributable to participating shareholders 1 were $1,670 million or $2.60 per share, compared with $1,449 million or $2.23 per share in 2024. Net earnings attributable to participating shareholders were $1,461 million or $2.27 per share, compared with $1,439 million or $2.21 per share in 2024. Contributions to Power Corporation's Earnings from Continuing Operations (in millions of dollars, except per share amounts) Adjusted Net Earnings Net Earnings 2025 2024 2025 2024 Lifeco 2 1,493 1,374 1,202 1,388 IGM 2 307 277 301 274 GBL 2 (12) 75 10 75 Effect of consolidation - Lifeco and IGM 3 (14) (28) 3 (33) Publicly traded operating companies 1,774 1,698 1,516 1,704 Sagard and Power Sustainable 4 127 (31) 164 (10) Standalone businesses (7) (49) 5 (37) 1,894 1,618 1,685 1,657 Corporate operations and Other 5 (224) (169) (224) (169) 1,670 1,449 1,461 1,488 Per participating share 2.60 2.23 2.27 2.29 Average shares outstanding (in millions) 642.6 650.0 642.6 650.0 1 A non-IFRS financial measure; refer to the Non-IFRS Financial Measures section later in this news release. 2 Contribution to net and adjusted net earnings based on earnings reported by Lifeco and IGM. Contribution to net earnings based on earnings reported by GBL. 3 Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information. 4 Consists of earnings (losses) from the alternative asset investment platforms, including controlled and consolidated subsidiaries. 5 Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, as well as corporate operations of the Corporation and Power Financial, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. Refer to the Earnings Summary below. Great-West Lifeco, IGM Financial and Groupe Bruxelles LambertResults for the quarter ended June 30, 2025 The information below is derived from Lifeco's and IGM's second quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation and which are included in Parts B and C, respectively, of the Corporation's interim MD&A for the period ended June 30, 2025, available under the Corporation's profile on SEDAR+ ( and are also available either under their respective profiles on SEDAR+ ( or from their websites, and The information below related to GBL is derived from publicly disclosed information, as issued by GBL in its half-year report at June 30, 2025. Further information on GBL's results is available on its website at Second Quarter Net earnings from continuing operations attributable to common shareholders were $894 million or $0.96 per share, compared with $1,005 million or $1.08 per share in 2024. Adjusted net earnings from continuing operations 1 attributable to common shareholders were $1,149 million or $1.24 per share, compared with $1,038 million or $1.11 per share in 2024. Net earnings attributable to common shareholders were $894 million or $0.96 per share, compared with $1,005 million or $1.08 per share in 2024. Adjustments in the second quarter of 2025, excluded from adjusted net earnings, were a net negative impact of $255 million, compared with a net negative impact of $33 million in 2024. Lifeco's Adjustments consisted of: Market experience relative to expectations of negative $104 million; Assumption changes and management actions of negative $3 million; Business transformation impacts, primarily related to a restructuring charge in Canada, of negative $121 million; and Amortization of acquisition-related finite life intangible assets of negative $38 million; Partially offset by tax legislative changes and other tax impacts of positive $11 million. IGM FINANCIAL INC. Second Quarter Net earnings available to common shareholders were $246.7 million or $1.04 per share, compared with $216.2 million or $0.91 per share in 2024. Adjusted net earnings attributable to common shareholders were $252.7 million or $1.07 per share, compared with $220.4 million or $0.93 per share in 2024. Assets under management and advisement (AUM&A) 2 at June 30, 2025 were $283.9 billion, an increase of 3.2% from March 31, 2025 and 12.5% from June 30, 2024. Net inflows 3 were $90 million in the second quarter of 2025, compared with net outflows of $1.1 billion in 2024. GROUPE BRUXELLES LAMBERT Second Quarter GBL reported a net loss of €50 million, compared with net earnings of €85 million in 2024. GBL reported a net asset value 2 of €14,352 million or €107.75 per share at June 30, 2025, compared with €15,681 million or €113.30 per share at December 31, 2024. Sagard and Power Sustainable Results for the quarter ended June 30, 2025 Sagard and Power Sustainable comprise the results of the Corporation's alternative asset investment platforms, which includes income earned from asset management and investing activities. Asset management activities includes fee-related earnings (a non-IFRS financial measure, see the Non-IFRS Financial Measures section later in this news release), which is comprised of management fees and fee-related performance revenues less investment platform expenses. Asset management activities also includes carried interest and income from other management activities. Investing activities comprises income earned on the capital invested by the Corporation (proprietary capital) in the investment funds managed by each platform and the share of earnings (losses) of controlled and consolidated subsidiaries held within the alternative asset investment platforms. For additional information, refer to the table later in this news release. Second Quarter Net earnings of the alternative asset investment platforms were $142 million, compared with a net loss of $5 million in 2024. The adjusted net earnings of the alternative asset investment platforms were $93 million, compared with an adjusted net loss of $1 million in 2024. The adjusted net earnings are comprised of: A positive contribution of $106 million from Sagard comprised of a positive contribution of $8 million from asset management activities and a positive contribution of $98 million from investing activities, mainly related to fair value changes in the private equity portfolio; and A negative contribution of $13 million from Power Sustainable comprised of a negative contribution of $14 million from asset management activities and a positive contribution of $1 million from investing activities. Adjustments in the second quarter of 2025, excluded from adjusted net earnings, were a positive impact of $49 million, compared with a negative impact of $4 million in 2024. Power Sustainable Adjustments consisted primarily of a recovery from the revaluation of NCI liabilities 1 within PSEIP, due to a decrease in the fair value of projects held within the fund, and other market-related impacts. 1 The Corporation controls and consolidates the activities of PSEIP in accordance with IFRS; however, limited partner equity interests held by third parties have redemption features and are classified as a financial liability and remeasured at their redemption value. Includes the share of losses from the consolidated activities of PSEIP attributable to third-party investors. The net asset value 2 of PSEIP was $2,097 million at June 30, 2025, compared with $2,012 million at December 31, 2024. In the second quarter of 2025, there was an unrealized decrease in fair value of the assets within the portfolio of $91 million, excluding foreign exchange losses. 2 Refer to the Other Measures section later in this news release. 3 Includes ownership in Wealthsimple Financial Corp. (Wealthsimple) valued at $2.6 billion at June 30, 2025 ($1.5 billion at June 30, 2024) and excludes assets under management of Sagard's private wealth investment platform. In the second quarter of 2025, Sagard acquired a controlling interest in BEX Capital SAS, representing assets under management of $3.1 billion at June 30, 2025. 4 Associated companies includes commitments from Lifeco, IGM and GBL, as well as commitments from management. Adjusted Net Asset Value and Participating Shareholders' EquityAt June 30, 2025 Adjusted Net Asset Value Adjusted net asset value is presented for Power Corporation and represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company (the gross asset value) less their net debt and preferred shares. Refer to the Non-IFRS Financial Measures section later in this news release for a description and reconciliation. The Corporation's adjusted net asset value per share was $64.76 at June 30, 2025, compared with $60.44 at December 31, 2024, an increase of 7.1%. (in millions of dollars, except per share amounts) June 30, 2025 December 31, 2024 Variation % Publicly traded operating companies Lifeco 32,910 30,292 9 IGM 6,364 6,792 (6) GBL 2,551 2,162 18 41,825 39,246 7 Alternative asset investment platforms Sagard 1 2,467 2,181 13 Power Sustainable 1 2 830 1,155 (28) 3,297 3,336 (1) Other Standalone businesses 87 85 2 Cash and cash equivalents 1,664 1,606 4 Other assets and investments 536 451 19 2,287 2,142 7 Gross asset value 47,409 44,724 6 Liabilities and preferred shares (5,845) (5,750) (2) Adjusted net asset value 41,564 38,974 7 Shares outstanding (in millions) 641.8 644.8 Adjusted net asset value per share 64.76 60.44 7 1 Includes the management companies as well as the fair value of proprietary capital invested in assets managed within the platforms. The management company of Sagard is presented at its fair value and the management company of Power Sustainable is presented at its carrying value. 2 In the second quarter of 2025, wind assets developed by Potentia Renewables Inc., a wholly owned subsidiary, representing 425 MW were sold to PSEIP. The Corporation received cash proceeds of $262 million. 1 At June 30, 2025 2 Held through Parjointco SA (Parjointco), a jointly controlled corporation (50%) Participating Shareholders' Equity Book value per participating share represents Power Corporation's participating shareholders' equity divided by the number of participating shares outstanding at the end of the reporting period. Participating shareholders' equity is calculated as the total assets of the combined Power Corporation and Power Financial holding company, including investments in subsidiaries presented using the equity method, less their net debt and preferred shares. The Corporation's book value per participating share was $35.90 at June 30, 2025, compared with $35.56 at December 31, 2024, an increase of 1.0%. (in millions of dollars, except per share amounts) June 30, 2025 December 31, 2024 Variation % Publicly traded operating companies Lifeco 17,253 17,108 1 IGM 4,144 4,094 1 GBL 3,518 3,683 (4) 24,915 24,885 − Alternative asset investment platforms Sagard 1,316 1,146 15 Power Sustainable 366 503 (27) 1,682 1,649 2 Other Standalone businesses 91 89 2 Cash and cash equivalents 1,664 1,606 4 Other assets and investments 536 451 19 2,291 2,146 7 Total assets 28,888 28,680 1 Liabilities and preferred shares (5,845) (5,750) (2) Participating shareholders' equity 23,043 22,930 − Shares outstanding (in millions) 641.8 644.8 Book value per participating share 35.90 35.56 1 Dividend on Power Corporation Participating Shares The Board of Directors declared a quarterly dividend of 61.25 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable October 31, 2025 to shareholders of record September 29, 2025. Dividends on Power Corporation Non-Participating Preferred Shares The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable October 15, 2025 to shareholders of record at September 24, 2025: Investor Information About Power Corporation Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit At June 30, 2025, Power Corporation held the following economic interests: 1 Held through Parjointco, a jointly controlled corporation (50%). 2 Undiluted equity interest held by Portag3 Ventures Limited Partnership (Portage Ventures I), Power Financial and IGM, representing a fully diluted equity interest of 42.2%. 3 The Corporation held a 47.4% interest in Sagard Holdings Management Inc., and Lifeco and GBL also held interests of 11.8% and 5.2%, respectively. 4 The Corporation held a 74.7% interest in Power Sustainable Manager Inc., and Lifeco also held a 20.8% interest. Earnings Summary Contribution to Adjusted Net Earnings and Net Earnings Three months ended June 30, Six months ended June 30, (in millions of dollars, except per share amounts) 2025 2024 2025 2024 Adjusted net earnings from continuing operations 1 Lifeco 2 790 708 1,493 1,374 IGM 2 158 137 307 277 GBL (15) 21 (12) 75 Effect of consolidation – Lifeco and IGM 3 (9) (13) (14) (28) 924 853 1,774 1,698 Sagard and Power Sustainable 93 (1) 127 (31) Standalone businesses (2) (26) (7) (49) Corporate operations and Other 4 (132) (87) (224) (169) Adjusted net earnings from continuing operations 5 883 739 1,670 1,449 Adjustments 6 (111) (9) (209) 39 Net earnings from continuing operations 5 Lifeco 2 615 686 1,202 1,388 IGM 2 154 135 301 274 GBL 2 (15) 21 10 75 Effect of consolidation – Lifeco and IGM 3 10 (15) 3 (33) 764 827 1,516 1,704 Sagard and Power Sustainable 142 (5) 164 (10) Standalone businesses (2) (5) 5 (37) Corporate operations and Other 4 (132) (87) (224) (169) Net earnings from continuing operations 5 772 730 1,461 1,488 Net earnings (loss) from discontinued operations – Putnam 7 − − − (49) Net earnings 5 772 730 1,461 1,439 Earnings per share – basic 5 Adjusted net earnings from continuing operations 1.38 1.14 2.60 2.23 Adjustments (0.18) (0.02) (0.33) 0.06 Net earnings from continuing operations 1.20 1.12 2.27 2.29 Net earnings (loss) from discontinued operations – Putnam − − − Net earnings 1.20 1.12 2.27 2.21 1 For a reconciliation of Lifeco, IGM, and Sagard and Power Sustainable's non-IFRS adjusted net earnings to their net earnings, and the contribution to adjusted net earnings from GBL and standalone businesses, refer to the Non-IFRS Financial Measures and Sagard and Power Sustainable sections below. 2 Contribution to net and adjusted net earnings based on earnings reported by Lifeco and IGM. Contribution to net earnings based on earnings reported by GBL. 3 Refer to the detailed table in the Contribution to Net Earnings and Adjusted Net Earnings section of the Corporation's most recent MD&A for additional information. 4 Includes the contribution to net earnings and adjusted net earnings from the Corporation's other investment activities, as well as corporate operations, which includes operating expenses, financing charges, depreciation, income taxes, and dividends on non-participating and perpetual preferred shares. 5 Attributable to participating shareholders. 6 Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below. 7 Putnam U.S. Holdings I, LLC (Putnam). Sagard and Power Sustainable Three months ended June 30, Six months ended June 30, (in millions of dollars) 2025 2024 2025 2024 Contribution to Power Corporation's: Adjusted net earnings (loss) Asset management activities 1 Sagard 2 8 1 4 − Power Sustainable (14) (18) (20) (32) Investing activities (proprietary capital) Sagard 3 98 26 139 32 Power Sustainable 4 1 (10) 4 (31) Adjusted net earnings (loss) 93 (1) 127 (31) Adjustments 5 Power Sustainable 49 (4) 37 21 Net earnings (loss) 142 (5) 164 (10) 1 Includes management fees charged by the investment platforms on proprietary capital. Management fees paid by the Corporation are deducted from income from investing activities. 2 In the second quarter of 2025, Sagard recognized a retroactive management fee of $5 million related to new capital committed in the fundraising close of Sagard Healthcare Partners, PEM-PVC VI and PEM-PDI V ($4 million in the second quarter of 2024 related to the fundraising close of Portage Capital Solutions). 3 Includes the Corporation's share of earnings (losses) of Wealthsimple. The second quarter of 2025 includes a charge of $14 million related to the Corporation's share of the carried interest payable due to the increase in fair value of the investment held in Wealthsimple. 4 Consists mainly of the Corporation's share of earnings (losses) from direct investments in energy infrastructure and in the consolidated activities of PSEIP, as well as fair value changes of other investments managed within the Power Sustainable platform. 5 Refer to the detailed table of Adjustments in the Non-IFRS Financial Measures section below. Corporate operations and Other 1 Includes the Corporation's investments held in private investment funds, as well as foreign exchange gains or losses and interest on cash and cash equivalents. 2 Includes operating expenses, financing charges, depreciation and income taxes of the Corporation and Power Financial. BASIS OF PRESENTATION The condensed consolidated interim financial statements of the Corporation have been prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted and are the basis for the figures presented in this news release, unless otherwise noted. NON-IFRS FINANCIAL MEASURES Net earnings from continuing operations attributable to participating shareholders are comprised of: Adjusted net earnings from continuing operations (adjusted net earnings) attributable to participating shareholders; and Adjustments, which include the after-tax impact of any item that in management's judgment, including those identified by management of Lifeco and IGM, would make the period-over-period comparison of results from operations less meaningful. Includes the Corporation's share of Lifeco's impact of market-related impacts, where actual market returns in the current period are different than longer-term expected returns; assumption changes and management actions that impact the measurement of assets and liabilities; direct equity and interest rate impacts on the measurement of surplus assets and liabilities; and amortization of acquisition-related finite life intangible assets, as well as items that management believes are not indicative of the underlying business results which include those identified by management of a subsidiary or a jointly controlled corporation, including: business transformation impacts (including restructuring or reorganization and integration costs, acquisition and divestiture costs); material legal settlements; material impairment charges; material impacts of the remeasurement of deferred tax assets and liabilities including those as a result of income tax rate changes, and other tax impairments; certain non-recurring material items, net gains, losses or costs related to the disposition or acquisition of a business, including those related to an investment in an associate or jointly controlled corporation; impacts related to remeasurements due to market changes that result in an accounting mismatch including the remeasurement of derivatives where the hedged item is not also measured at fair value and hedge accounting is not applied, and the revaluation of redemption liabilities, share warrants and conversion options on convertible and exchangeable debt obligations; the impact of the revaluation of non-controlling interests liabilities related to PSEIP which result from changes in fair value of assets held within the fund, and the share of earnings (losses) from the consolidated activities of PSEIP attributable to third-party investors; and other items that, when removed, assist in explaining underlying operating performance. Adjusted net earnings from continuing operations (or adjusted net earnings) represents net earnings from continuing operations excluding Adjustments. In 2024, the Corporation modified the definition of adjusted net earnings, a non-IFRS earnings measure, to better reflect the underlying performance of the Corporation. Effective the fourth quarter of 2024, the definition of Adjustments was modified to include the impacts from applying the definition of Adjustments to the net earnings disclosed by GBL, the results of the Corporation's investing activities and the standalone businesses. The definition was also expanded to include impacts related to remeasurements due to market changes that result in an accounting mismatch. The comparative periods have been restated to conform with the current definition. Management uses these financial measures in its presentation and analysis of the financial performance of Power Corporation, and believes that they provide additional meaningful information to readers in their analysis of the results of the Corporation. Adjusted net earnings, as defined by the Corporation, assists the reader in the comparison of the current period's results to those of previous periods as it reflects management's view of the operating performance of the Corporation and its subsidiaries, excluding items that are not considered to be part of the underlying business results. Fee-related earnings is presented for Sagard and Power Sustainable and includes management fees and fee-related performance revenues earned across all asset classes, less investment platform expenses which include i) fee-related compensation including salary, bonus, and benefits, and ii) operating expenses. Fee-related performance revenues represents the realized portion of performance revenues from perpetual capital vehicles that are i) measured and expected to be received on a recurring basis, ii) not dependent on realization events from underlying investments, and iii) not subject to clawback. Fee-related earnings is presented on a gross pre-tax basis, including non-controlling interests. Fee-related earnings excludes i) share-based compensation expenses, ii) amortization of acquisition-related finite life intangible assets, iii) foreign exchange-related gains and losses, iv) net interest, and v) other items that in management's judgment are not indicative of underlying operating performance of the alternative asset investment platforms, which include restructuring costs, transaction and integration costs related to business acquisitions and certain non-recurring material items. Management uses this measure to assess the profitability of the asset management activities of the alternative asset investment platforms. This financial measure provides insight as to whether recurring revenues from management fees and fee-related performance revenues, which are not based on future realization events, are sufficient to cover associated operating expenses. Adjusted net asset value is commonly used by holding companies to assess their value. Adjusted net asset value represents the fair value of the participating shareholders' equity of Power Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company less their net debt and preferred shares. The investments held in public entities (including Lifeco, IGM and GBL) are measured at their market value and investments in private entities and investment funds are measured at management's estimate of fair value. The definition of adjusted net asset value involves a number of assumptions, judgments and estimates that may prove to be inaccurate, and the adjusted net asset value per share is not a representation or guarantee of the value a participating shareholder will be able to realize. This measure presents the fair value of the participating shareholders' equity of the holding company, and assists the reader in determining or comparing the fair value of investments held by the holding company or its overall fair value. Adjusted net earnings attributable to participating shareholders, fee-related earnings, adjusted net asset value, gross asset value, adjusted net earnings from continuing operations per share (adjusted net earnings per share) and adjusted net asset value per share are non-IFRS financial measures and ratios that do not have a standard meaning and may not be comparable to similar measures used by other entities. Presentation of Holding Company Activities The Corporation's reportable segments include Lifeco, IGM and GBL, which represent the Corporation's investments in publicly traded operating companies, as well as the holding company. These reportable segments, in addition to the asset management activities, reflect Power Corporation's management structure and internal financial reporting. The Corporation evaluates its performance based on the operating segment's contribution to earnings. The holding company comprises the corporate activities of the Corporation and Power Financial, on a combined basis, and presents the investment activities of the Corporation. The investment activities of the holding company, including the investments in Lifeco, IGM and controlled entities within the alternative asset investment platforms, are presented using the equity method. The holding company activities present the holding company's assets and liabilities, including cash, investments, debentures and non-participating shares. The discussions included in the sections Financial Position and Cash Flows of the Corporation's most recent MD&A present the segmented balance sheets and cash flow statements of the holding company, which are presented in Note 20 of the Interim Consolidated Financial Statements. This presentation is useful to the reader as it presents the holding company's (parent) results separately from the results of its consolidated operating subsidiaries. Power Corporation Adjusted net earnings from continuing operations Three months ended June 30, Six months ended June 30, (in millions of dollars) 2025 2024 2025 2024 Adjusted net earnings from continuing operations – Non-IFRS financial measure 1 883 739 1,670 1,449 Share of Adjustments 2, net of tax Lifeco (168) (23) (286) 8 IGM 8 (3) 6 (2) GBL − − 22 − Sagard and Power Sustainable 49 (4) 37 21 Standalone businesses − 21 12 12 (111) (9) (209) 39 Net earnings from continuing operations – IFRS financial measure 1 772 730 1,461 1,488 Net earnings (loss) from discontinued operations – Putnam − − − (49) Net earnings – IFRS financial measure 1 772 730 1,461 1,439 1 Attributable to participating shareholders of Power Corporation. 2 Refer to the Adjustments section for more details on Adjustments from Lifeco, IGM, GBL, Sagard and Power Sustainable and the Standalone businesses. Adjustments (excluded from Adjusted net earnings) Three months ended June 30, Six months ended June 30, (in millions of dollars) 2025 2024 2025 2024 Lifeco 1 Market experience relative to expectations (pre-tax) (80) 30 (157) 123 Income tax (expense) benefit 8 (11) 23 (31) Assumption changes and management actions (pre-tax) (3) 1 (32) 3 Income tax (expense) benefit 1 26 8 23 Business transformation impacts (pre-tax) 2 (124) (24) (133) (69) Income tax (expense) benefit 41 4 43 16 Amortization of acquisition-related finite life intangible assets (pre-tax) (34) (35) (69) (69) Income tax (expense) benefit 8 10 18 18 Tax legislative changes and other tax impacts 8 (23) 8 − (175) (22) (291) 14 Effect of consolidation (pre-tax) 3 7 (1) 5 (6) Income tax (expense) benefit − − − − (168) (23) (286) 8 IGM 1 Rockefeller debt refinancing (pre-tax) − (2) − (2) Income tax (expense) benefit − − − − Share of Lifeco adjustments (pre-tax) (4) − (6) (1) Income tax (expense) benefit − − − − (4) (2) (6) (3) Effect of consolidation (pre-tax) 3 14 (1) 14 − Income tax (expense) benefit (2) − (2) 1 8 (3) 6 (2) GBL Share of Affidea's gain on debt modification − − 22 − Sagard and Power Sustainable Currency translation reclassification on Power Sustainable China (pre-tax) − − − 54 Income tax (expense) benefit − − − − Revaluation of NCI liabilities and other market-related impacts (pre-tax) 38 (2) 24 (18) Income tax (expense) benefit 11 − 13 (1) Restructuring charges (pre-tax) − (2) − (14) Income tax (expense) benefit − − − − 49 (4) 37 21 Standalone businesses Gain on disposal of an affiliated business of Peak (pre-tax) − 46 − 46 Income tax (expense) benefit − − − − Lion impairment and other market-related impacts (pre-tax) − (30) − (42) Income tax (expense) benefit − 5 − 8 LMPG remeasurement of deferred tax liabilities − − 12 − − 21 12 12 (111) (9) (209) 39 1 As reported by Lifeco and IGM. 2 Business transformation impacts include restructuring and integration costs as well as acquisition and divestiture costs. 3 The Effect of consolidation reflects: i) the elimination of intercompany transactions; and ii) the application of the Corporation's accounting method for investments under common ownership to the Adjustments reported by Lifeco and IGM, including a realized gain recognized by IGM in the second quarter of 2025 on the sale of a portion of its interest in Conquest Planning Inc., a corporate investment classified by IGM as FVOCI. Adjusted net asset value Adjusted net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Adjusted net asset value is calculated as the fair value of the assets of the combined Power Corporation and Power Financial holding company less their net debt and preferred shares. The Corporation's adjusted net asset value per share is presented on a look-through basis. The following table presents a reconciliation of the participating shareholders' equity reported in accordance with IFRS to the adjusted net asset value, a non-IFRS financial measure: (in millions of dollars, except per share amounts) June 30, 2025 December 31, 2024 Participating shareholders' equity – IFRS financial measure Share capital – participating shares 9,219 9,236 Retained earnings 11,774 11,364 Reserves 2,050 2,330 23,043 22,930 Fair value adjustments 1 Lifeco 15,657 13,184 IGM 2,220 2,698 GBL (967) (1,521) Sagard and Power Sustainable 1,615 1,687 Standalone businesses (4) (4) 18,521 16,044 Adjusted net asset value – Non-IFRS financial measure 41,564 38,974 Per share 2 Participating shareholders' equity (book value) 35.90 35.56 Adjusted net asset value 64.76 60.44 1 Refer to the table below for more details on the fair value adjustments. 2 Attributable to participating shareholders. The Corporation's adjusted net asset value per share was $64.76 at June 30, 2025, compared with $60.44 at December 31, 2024, representing an increase of 7.1%. The Corporation's book value per participating share was $35.90 at June 30, 2025, compared with $35.56 at December 31, 2024, representing an increase of 1.0%. June 30, 2025 December 31, 2024 (in millions of dollars, except per share amounts) Holding company balance sheet Fair value adjustment Adjusted net asset value Holding company balance sheet Fair value adjustment Adjusted net asset value Holding company assets Investments Power Financial Lifeco 17,253 15,657 32,910 17,108 13,184 30,292 IGM 4,144 2,220 6,364 4,094 2,698 6,792 GBL 1 3,518 (967) 2,551 3,683 (1,521) 2,162 Alternative asset investment platforms Asset management companies 2 Sagard 153 253 406 115 314 429 Power Sustainable 16 − 16 2 − 2 Investing activities Sagard 3 1,163 898 2,061 1,031 721 1,752 Power Sustainable 350 464 814 501 652 1,153 Standalone businesses 91 (4) 87 89 (4) 85 Cash and cash equivalents 1,664 − 1,664 1,606 − 1,606 Other assets and investments 536 − 536 451 − 451 Total holding company assets 28,888 18,521 47,409 28,680 16,044 44,724 Holding company liabilities and non-participating shares Debentures and other debt instruments 897 − 897 897 − 897 Other liabilities 4 1,168 − 1,168 1,073 − 1,073 Non-participating shares and perpetual preferred shares 3,780 − 3,780 3,780 − 3,780 Total holding company liabilities and non-participating shares 5,845 − 5,845 5,750 − 5,750 Net value Participating shareholders' equity (IFRS) / Adjusted net asset value (non-IFRS) 23,043 18,521 41,564 22,930 16,044 38,974 Per share 35.90 64.76 35.56 60.44 1 The Corporation's share of GBL's reported net asset value was $3.9 billion (€2.5 billion) at June 30, 2025 ($3.9 billion (€2.6 billion) at December 31, 2024). 2 The management company of Sagard is presented at its fair value. The management company of Power Sustainable is presented at its carrying value. 3 Includes the Corporation's investments in Portage Ventures I, Portage Ventures II and Wealthsimple, held by Power Financial. 4 In accordance with IAS 12, Income Taxes, no deferred tax liability is recognized with respect to temporary differences associated with investments in subsidiaries and jointly controlled corporations as the Corporation is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. If the Corporation were to dispose of an investment in a subsidiary or a jointly controlled corporation, income taxes payable on such disposition would be minimized through careful and prudent tax planning and structuring, as well as with the use of available tax attributes not otherwise recognized on the balance sheet, including tax losses, tax basis, safe income and foreign tax surplus associated with the subsidiary or jointly controlled corporation. This news release also contains other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries including adjusted net earnings and adjusted net earnings per share. The section below includes the description and reconciliation of the non-IFRS financial measures included in this news release as reported by the Corporation's subsidiaries. The information below is derived from Lifeco's and IGM's second quarter MD&As, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which are also available either directly from SEDAR+ ( or from their websites, and Lifeco Adjusted net earnings (loss) from continuing operations attributable to Lifeco's common shareholders Adjusted net earnings (loss) from continuing operations 1 (adjusted net earnings (loss)) reflects Lifeco management's view of the underlying business performance of Lifeco and provides an alternate measure to understand the underlying business performance compared with IFRS net earnings. Adjusted net earnings (loss) excludes the following items from IFRS-reported net earnings: Market-related impacts, where actual market returns in the current period are different than longer-term expected returns; Assumption changes and management actions that impact the measurement of assets and liabilities; Business transformation impacts which include acquisition and divestiture costs and restructuring and integration costs; Material legal settlements, material impairment charges related to goodwill and intangible assets, impacts of income tax rate changes on the remeasurement of deferred tax assets and liabilities and other tax impairments, net gains, losses or costs related to the disposition or acquisition of a business, and net earnings (loss) from discontinued operations; The direct equity and interest rate impacts on the measurement of surplus assets and liabilities; Amortization of acquisition-related finite life intangible assets; and Other items that, when removed, assist in explaining Lifeco's underlying business performance. Three months ended June 30, Six months ended June 30, (in millions of dollars) 2025 2024 2025 2024 Adjusted net earnings – Non-IFRS financial measure 1 2 1,149 1,038 2,179 2,016 Adjustments 3 Market experience relative to expectations (pre-tax) (116) 45 (229) 181 Income tax (expense) benefit 12 (17) 34 (46) Assumption changes and management actions (pre-tax) (5) 1 (47) 4 Income tax (expense) benefit 2 38 12 34 Business transformation impacts (pre-tax) 4 (181) (35) (194) (102) Income tax (expense) benefit 60 6 63 24 Amortization of acquisition-related finite life intangible assets (pre-tax) (51) (52) (102) (102) Income tax (expense) benefit 13 15 27 27 Tax legislative changes and other tax impacts (pre-tax) − − − − Income tax (expense) benefit 11 (34) 11 − (255) (33) (425) 20 Net earnings from continuing operations – IFRS financial measure 2 894 1,005 1,754 2,036 Net earnings (loss) from discontinued operations (post-tax) − − − (115) Net gain from disposal of discontinued operations (post-tax) − − − 44 Net earnings – IFRS financial measure 2 894 1,005 1,754 1,965 1 Defined as "base earnings" and identified as a non-GAAP financial measure by Lifeco. 2 Attributable to Lifeco common shareholders. 3 Described as "items excluded from base earnings" by Lifeco. 4 Business transformation impacts include restructuring and integration costs as well as acquisition and divestiture costs. IGM Financial Adjusted net earnings attributable to IGM's common shareholders Adjusted net earnings attributable to common shareholders excludes Adjustments, which includes the after‐tax impact of any item that management of IGM considers to be of a non‐recurring nature, or that could make the period‐over‐period comparison of results from operations less meaningful. Effective in the first quarter of 2024, adjusted net earnings also excludes IGM's proportionate share of items that Lifeco excludes from its IFRS-reported net earnings in arriving at Lifeco's base earnings. 1 Available to IGM common shareholders. 2 Described as "Other items" by IGM. OTHER MEASURES This news release and other continuous disclosure documents also include other measures used to discuss activities of the Corporation, its consolidated publicly traded operating companies and alternative asset investment platforms including, but not limited to, "assets under management", "assets under administration", "assets under management and advisement", "assets under management and advisement including strategic investments", "book value per participating share", "carried interest", "net asset value", and "unfunded commitments". Refer to the section "Other Measures" in the Corporation's most recent MD&A, which can be located in the Corporation's profile on SEDAR+ at for definitions of such measures, which definitions are incorporated herein by reference. ELIGIBLE DIVIDENDS For purposes of the Income Tax Act (Canada) and any similar provincial legislation, all of the above dividends on the Corporation's preferred shares (including the Participating Preferred Shares) and Subordinate Voting Shares are eligible dividends. FORWARD-LOOKING STATEMENTS Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, and capital commitments to strategies of the investment platforms. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government administrations, regulation, legislation and policies, changes in tax laws, the impact of trade relations and ongoing trade tensions, including the threat of tariffs and other governmental actions, as well as retaliatory actions, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises, the Corporation's and its subsidiaries' ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the Corporation's and its subsidiaries' success in anticipating and managing the foregoing factors and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, the factors identified by such subsidiaries in their respective MD&A. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, and that strategic transactions, acquisitions, divestitures or other growth or optimization strategies will be completed on expected terms, including that any required approvals will be received when and on such terms as are expected, as well as other considerations that are believed to be appropriate in the circumstances, including that the list of risks and uncertainties in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and with respect to forward-looking statements of the Corporation's subsidiaries disclosed in this news release, that the risks identified by such subsidiaries in their respective MD&A and Annual Information Form are not expected to have a material impact on the Corporation. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect. Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent annual MD&A and subsequent interim MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and available at
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30-07-2025
- Business
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Amerigo Announces Q2-2025 Results & Quarterly Dividend
Q2-2025 Net Income of $7.5 million Robust EBITDA1 of $17.8 million and Free Cash Flow to Equity1 of $6.5 million 16th Consecutive Quarterly Dividend of Cdn$0.03 Declared $7.6 million Returned through Dividends and Share Buybacks in Q2-2025 VANCOUVER, British Columbia, July 30, 2025 (GLOBE NEWSWIRE) -- Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) ('Amerigo' or the 'Company') is pleased to announce a strong financial performance for the three months ended June 30, 2025 ('Q2-2025'). Dollar amounts in this news release are in U.S. dollars unless indicated otherwise. Amerigo's Q2-2025 financial results included net income of $7.5 million, earnings per share ('EPS') of $0.05, EBITDA1 of $17.8 million, operating cash flow from operations before changes in non-cash working capital1 of $11.9 million and free cash flow to equity1 of $6.5 million. In Q2-2025, Amerigo returned $3.5 million to shareholders through its quarterly dividend of Cdn$0.03 per share and $4.0 million from the purchase and cancellation of 3.1 million common shares through a Normal Course Issuer Bid ('NCIB'). 'We are pleased to report strong financial results for the second quarter of 2025. Our operation, Minera Valle Central ('MVC'), once again met its production, cash cost1 and safety targets. Building upon those achievements, Amerigo is on track to meet annual guidance and be debt-free by year-end,' said Aurora Davidson, Amerigo's President and CEO. 'On the back of MVC's stellar operational performance and rising copper prices, Amerigo continues to rapidly return capital to shareholders under the Company's well-established Capital Return Strategy. In Q2-2025 alone, Amerigo bought and cancelled 3.1 million shares under its Normal Course Issuer Bid and paid its fifteenth consecutive quarterly dividend. In the first half of the year, the Company's free cash flow to equity1 was $11.3 million, and $12.1 million was returned to shareholders,' she added. 'We continue to expect strong, long-term copper demand around the world. Supportive fundamentals remain in place, despite trade tensions and the tariff-induced short-term logistical repositioning of significant copper cathode stocks to the United States. This repositioning has created a historical price arbitrage between the Comex and LME markets, which we believe will be resolved over time, albeit with continued upward pressure on copper prices. 1 This is a non-IFRS measure. See 'Non-IFRS Measures' for further information. In this macro setting, we believe that Amerigo's unique business model, which produces copper without a mine and avoids traditional mining and exploration risks, will continue to shine. With minimal debt and a significant, consistent return of capital to shareholders, Amerigo provides a clean and unencumbered exposure to the rising copper prices that we expect will continue,' Ms. Davidson added. On July 28, 2025, Amerigo's Board of Directors declared its sixteenth consecutive quarterly dividend. The dividend will be in the amount of Cdn$0.03 per share, payable on September 19, 2025, to shareholders of record as of August 29, 20253. Amerigo designates the entire amount of this taxable dividend to be an 'eligible dividend' for purposes of the Income Tax Act (Canada), as amended from time to time. Based on Amerigo's June 30, 2025, share closing price of Cdn$2.17, the Cdn$0.03 quarterly dividend declared on July 28, 2025, represents an annual dividend yield of 5.53%. This news release should be read with Amerigo's interim consolidated financial statements and Management's Discussion and Analysis ('MD&A') for Q2-2025, available on the Company's website at and on the SEDAR+ website at Q2-2025 Q2-2024 $ $ MVC's copper price ($/lb)4 4.42 4.39 Revenue ($ millions) 50.8 51.6 Net income ($ millions) 7.5 9.8 EPS ($) 0.05 0.06 EPS (Cdn) 0.06 0.08 EBITDA1 ($ millions) 17.8 22.3 Operating cash flow before changes in non-cash working capital1 ($ millions) 11.9 14.3 FCFE1 ($ millions) 6.5 6.7 June 30, 2025 Dec. 31, 2024 Cash ($ millions) 23.3 35.9 Restricted cash ($ millions) 0.9 4.4 Borrowings ($ millions) 7.0 10.7 Shares outstanding at end of period (millions) 161.5 164.5 Highlights and Significant Items In Q2-2025, Amerigo's posted net income of $7.5 million (Q2-2024: $9.8 million), driven by copper production from MVC of 15.5 million pounds ('M lbs') (Q2-2024: 14.0 M lbs) at an average MVC copper price of $4.42 per pound ('/lb') (Q2-2024: $4.39/lb). In Q2-2024, net income was higher as a result of $6.9 million in positive fair value adjustments to copper revenue receivables from a sharp quarter-on-quarter copper price appreciation (Q2-2025: $0.7 million). EPS in Q2-2025 was $0.05 (Cdn$0.06), compared to $0.06 (Cdn$0.08) in Q2-2024. The Company generated operating cash flow before changes in non-cash working capital1 of $11.9 million in Q2-2025, compared to $14.3 million in Q2-2024. The Company's quarterly net operating cash flow was $6.3 million (Q2-2024: $23.8 million) after changes in working capital in the period, most notably a $9.5 million reduction in current income tax liabilities associated with MVC's final 2024 income tax payment and reductions of $2.1 million in trade and other receivables. Free cash flow to equity1 was $6.5 million in Q2-2025 (Q2-2024: $6.7 million), after debt repayments of $4.0 million (Q2-2024: $4.2 million) and capital expenditures ('Capex') payments of $1.4 million (Q2-2024: $3.4 million). In Q2-2025, Amerigo returned $7.6 million to shareholders (Q2-2024: $3.6 million). This included $3.5 million returned to shareholders through Amerigo's regular quarterly dividend of Cdn$0.03 per share (Q2-2024: $3.6 million or Cdn$0.03 per share) and $4.0 million from the purchase and cancellation of 3.1 million common shares through a NCIB (Q2-2024: $nil). Q2-2025 cash cost1 was $1.82/lb (Q2-2024: $1.96/lb). The $0.14/lb reduction in cash cost was primarily due to a $0.19/lb decrease in smelting and refining charges, in response to the current annual benchmark, offset by a $0.03/lb increase in lime cost and a $0.03/lb increase in other direct costs. On June 30, 2025, the Company held cash and cash equivalents of $23.3 million (December 31, 2024: $35.9 million), restricted cash of $0.9 million (December 31, 2024: $4.4 million), and its working capital deficiency was $5.4 million, down from a working capital deficiency of $6.5 million on December 31, 2024. The Company's financial performance is sensitive to changes in copper prices. MVC's Q2-2025 provisional copper price was $4.42/lb. The final prices for April, May, and June 2025 sales will be based on the average London Metal Exchange ('LME') prices for July, August, and September 2025, respectively. A 10% increase or decrease from the $4.42/lb provisional price used on June 30, 2025, would result in a $6.9 million change in revenue in Q3-2025 regarding Q2-2025 production4. Investor Conference Call on July 31, 2025 Amerigo's quarterly investor conference call will occur on Thursday, July 31, 2025, at 11:00 a.m. Pacific Daylight Time/2:00 p.m. Eastern Daylight Time. Participants can join by visiting and entering their name and phone number. The conference system will then call the participants and place them instantly into the call. Alternatively, participants can dial directly to be entered into the call by an Operator. Dial 1-888-510-2154 (Toll-Free North America) and state they wish to participate in the Amerigo Resources Q2-2025 Earnings Call. Interactive Analyst Center Amerigo's public financial and operational information is available for download in Excel format through Virtua's Interactive Analyst Center ('IAC'). You can access the IAC by visiting under Investors > Interactive Analyst Center. About Amerigo and Minera Valle Central ('MVC') Amerigo Resources Ltd. is an innovative copper producer with a long-term relationship with Corporación Nacional del Cobre de Chile ('Codelco'), the world's largest copper producer. Amerigo produces copper concentrate, and molybdenum concentrate as a by-product at the MVC operation in Chile by processing fresh and historic tailings from Codelco's El Teniente mine, the world's largest underground copper mine. Tel: (604) 681-2802; Web: ARG:TSX; OTCQX: ARREF. Contact Information Aurora Davidson Graham Farrell President and CEO Investor Relations (604) 697-6207 (416) 842-9003 ad@ graham@ Summary Consolidated Statements of Financial Position June 30, December 31, 2025 2024 $ thousands $ thousands Cash and cash equivalents 23,253 35,864 Restricted cash 876 4,449 Property, plant and equipment 138,652 143,708 Other assets 23,722 21,450 Total assets 186,503 205,471 Total liabilities 83,177 100,682 Shareholders' equity 103,326 104,789 Total liabilities and shareholders' equity 186,503 205,471 Summary Consolidated Statements of Income and Comprehensive Income Three months ended June 30, 2025 2024 $ thousands $ thousands Revenue 50,846 51,602 Tolling and production costs (38,697 ) (35,109 ) Other expenses (1,542 ) (797 ) Finance expense (419 ) (353 ) Income tax expense (2,644 ) (5,576 ) Net income 7,544 9,767 Other comprehensive (loss) income (430 ) 42 Comprehensive income 7,114 9,809 Earnings per share - basic & diluted 0.05 0.06 Summary Consolidated Statements of Cash Flows Three months ended June 30, 2025 2024 $ thousands $ thousands Cash flow from operating activities 11,869 14,315 Changes in non-cash working capital (5,525 ) 9,490 Net cash from operating activities 6,344 23,805 Net cash used in investing activities (1,357 ) (3,384 ) Net cash used in financing activities (9,414 ) (6,001 ) Net decrease in cash and cash equivalents (4,427 ) 14,420 Effect of foreign exchange rates on cash 22 515 Cash and cash equivalents, beginning of period 27,658 13,801 Cash and cash equivalents, end of period 23,253 28,736 1 Non-IFRS Measures This news release includes five non-IFRS measures: (i) EBITDA, (ii) operating cash flow before changes in non-cash working capital, (iii) free cash flow to equity ('FCFE'), (iv) free cash flow ('FCF') and (v) cash cost. These non-IFRS performance measures are included in this news release because they provide key performance measures used by management to monitor operating performance, assess corporate performance, and plan and assess the overall effectiveness and efficiency of Amerigo's operations. These performance measures are not standardized financial measures under International Financial Reporting Standards as issued by the International Accounting Standards Board ('IFRS Accounting Standards'), and, therefore, amounts presented may not be comparable to similar financial measures disclosed by other companies. These performance measures should not be considered in isolation as a substitute for performance measures in accordance with IFRS Accounting Standards. (i) EBITDA refers to earnings before interest, taxes, depreciation, and administration and is calculated by adding depreciation expense to the Company's gross profit. (Expressed in thousands) Q2-2025 Q2-2024 $ $ Gross profit 12,149 16,493 Add: Depreciation and amortization 5,686 5,821 EBITDA 17,835 22,314 (ii) Operating cash flow before changes in non-cash working capital is calculated by adding back the decrease or subtracting the increase in changes in non-cash working capital to or from cash provided by operating activities. (Expressed in thousands) Q2-2025 Q2-2024 $ $ Net cash provided by operating activities 6,344 23,805 Add (deduct): Changes in non-cash working capital 5,525 (9,490 ) Operating cash flow before non-cash working capital 11,869 14,315 (iii) Free cash flow to equity ('FCFE') refers to operating cash flow before changes in non-cash working capital, less capital expenditures, plus new debt issued less debt repayments. FCFE represents the amount of cash generated by the Company in a reporting period that can be used to pay for the following: a) potential distributions to the Company's shareholders and b) any additional taxes triggered by the repatriation of funds from Chile to Canada to fund these distributions. Free cash flow ('FCF') refers to FCFE plus repayments of borrowings. (Expressed in thousands) Q2-2025 Q2-2024 $ $ Operating cash flow before changes in non-cash working capital 11,869 14,315 Deduct: Cash used to purchase plant and equipment (1,357 ) (3,384 ) Repayment of borrowings, net of new debt issued (4,000 ) (4,244 ) Free cash flow to equity 6,512 6,687 Add: Repayment of borrowings, net of new debt issued 4,000 4,244 Free cash flow 10,512 10,931 (iv) Cash cost is a performance measure commonly used in the mining industry that is not defined under IFRS. Cash cost is the aggregate of smelting and refining charges, tolling/production costs net of inventory adjustments and administration costs, net of by-product credits. Cash cost per pound produced is based on pounds of copper produced and is calculated by dividing cash cost by the number of pounds of copper produced. (Expressed in thousands) Q2-2025 Q2-2024 $ $ Tolling and production costs 38,697 35,109 Add (deduct): Smelting and refining charges 3,554 5,791 Transportation costs 407 374 Inventory adjustments (367 ) (548 ) By-product credits (7,023 ) (6,399 ) Depreciation and amortization (5,686 ) (5,821 ) DET royalties - molybdenum (1,299 ) (1,056 ) Cash cost 28,283 27,450 Copper tolled (M lbs) 15.52 13.98 Cash cost ($/lb) 1.82 1.96 2 Capital returned to shareholders The table below summarizes the capital returned to shareholders since the implementation of Amerigo's Capital Return Strategy in October 2021. (Expressed in millions) Shares repurchased Dividends Paid Total $ $ $ 2021 8.8 2.8 11.6 2022 12.3 15.8 28.1 2023 2.6 14.6 17.2 2024 1.8 19.4 21.2 2025 5.1 7.0 12.1 30.6 59.6 90.2 3 Dividend dates A dividend of Cdn$0.03 per share will be paid on September 19, 2025, to shareholders of record as of August 29, 2025. Under the 'T+1 settlement cycle', the Company's shares will commence trading on an ex-dividend basis at the opening of trading on August 29, 2025. Shareholders purchasing Amerigo shares on or after the ex-dividend date will not receive this dividend, as it will be paid to the selling shareholders. Shareholders purchasing Amerigo shares before the ex-dividend date will receive the dividend. 4 MVC's copper priceMVC's copper price is the average notional copper price for the period before smelting and refining, DET notional copper royalties, transportation costs and excluding settlement adjustments to prior period sales. MVC's pricing terms are based on the average LME copper price of the third month following the delivery of copper concentrates produced under the DET tolling agreement ('M+3'). This means that when final copper prices are not yet known, they are provisionally marked to market at the end of each month based on the progression of the LME-published average monthly M and M+3 prices. Provisional prices are adjusted monthly using this consistent methodology until they are settled. Q1-2025 copper deliveries were marked to market on March 31, 2025, at an average price of $4.42/lb and were settled in Q2-2025 as follows: January 2025 sales settled at the April 2025 LME average price of $4.17/lb February 2025 sales settled at the May 2025 LME average price of $4.32/lb March 2025 sales settled at the June 2025 LME average price of $4.46/lb Q2-2025 copper deliveries were marked to market on June 30, 2025, at an average price of $4.42/lb and will be settled at the LME average prices for July, August, and September 2025. Cautionary Statement Regarding Forward-Looking Information This news release contains certain 'forward-looking information' as such term is defined under applicable securities laws (collectively called "forward-looking statements"). This information relates to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning: forecasted production and operating costs; our strategies and objectives; our estimates of the availability and quantity of tailings and the quality of our mine plan estimates; prices and price volatility for copper, molybdenum and other commodities and materials we use in our operations; the demand for and supply of copper, molybdenum and other commodities and materials that we produce, sell and use; sensitivity of our financial results and share price to changes in commodity prices; our financial resources and financial condition; interest and other expenses; domestic and foreign laws affecting our operations; our tax position and the tax rates applicable to us; our ability to comply with our loan covenants; the production capacity of our operations, our planned production levels and future production; potential impact of production and transportation disruptions; hazards inherent in the mining industry causing personal injury or loss of life, severe damage to or destruction of property and equipment, pollution or environmental damage, claims by third parties and suspension of operations estimates of asset retirement obligations and other costs related to environmental protection; our future capital and production costs, including the costs and potential impact of complying with existing and proposed environmental laws and regulations in the operation and closure of our operations; repudiation, nullification, modification or renegotiation of contracts; our financial and operating objectives; our environmental, health and safety initiatives; the outcome of legal proceedings and other disputes in which we may be involved; the outcome of negotiations concerning metal sales, treatment charges and royalties; disruptions to the Company's information technology systems, including those related to cybersecurity; our dividend policy, including the security of the quarterly dividends and our Capital Return Strategy; and general business and economic conditions, including, but not limited to, our assessment of strong market fundamentals supporting copper forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such statements. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including risks that may affect our operating or capital plans; risks generally encountered in the operation, permitting and development of mineral projects such as unusual or unexpected geological formations, negotiations with government and other third parties, unanticipated metallurgical difficulties, delays associated with permits, approvals and permit appeals, ground control problems, adverse weather conditions (including, but not limited, to heavy rains), process upsets and equipment malfunctions; risks associated with labour disturbances and availability of skilled labour and management; risks related to the potential impact of global or national health concerns; government or regulatory actions or inactions, including, but not limited to, the imposition of tariffs on the importation of copper; fluctuations in the market prices of our principal commodities, which are cyclical and subject to substantial price fluctuations; risks created through competition for mining projects and properties; risks associated with lack of access to markets; risks associated with availability of and our ability to obtain both tailings from Codelco's Division El Teniente ('DET') current production and historic tailings from tailings deposit; the availability of and ability of the Company to obtain adequate funding on reasonable terms for expansions and acquisitions; mine plan estimates; risks posed by fluctuations in exchange rates and interest rates, as well as general economic conditions; risks associated with environmental compliance and changes in environmental legislation and regulation; risks associated with our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual counterparties; risks associated with supply chain disruptions; title risks; social and political risks associated with operations in foreign countries; risks of changes in laws affecting our operations or their interpretation, including foreign exchange controls; and risks associated with tax reassessments and legal proceedings. Many of these risks and uncertainties apply to the Company and its operations, as well as DET and its operations. DET's ongoing mining operations provide a significant portion of the materials the Company processes and its resulting metals production. Therefore, these risks and uncertainties may also affect the Company's operations and have a material effect. Actual results and developments will likely differ materially from those expressed or implied by the forward-looking statements in this news release. Such statements are based on several assumptions which may prove to be incorrect, including, but not limited to, assumptions about: general business and economic conditions; interest and currency exchange rates; changes in commodity and power prices; acts of foreign governments and the outcome of legal proceedings; the supply and demand for deliveries of and the level and volatility of prices of copper, molybdenum and other commodities and products used in our operations; the ongoing supply of material for processing from DET's current mining operations; the grade and projected recoveries of tailings processed by MVC; the ability of the Company to profitably extract and process material from the historic tailings deposit; the timing of the receipt of and retention of permits and other regulatory and governmental approvals; our costs of production and our production and productivity levels, as well as those of our competitors; changes in credit market conditions and conditions in financial markets generally; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations; our ability to attract and retain skilled staff; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in foreign exchange rates and capital repatriation on our costs and results; engineering and construction timetables and capital costs for our expansion projects; costs of closure of various operations; market competition; tax benefits and tax rates; the outcome of our copper concentrate sales and treatment and refining charge negotiations; the resolution of environmental and other proceedings or disputes; the future supply of reasonably priced power; average recoveries for fresh and historic tailings; our ability to obtain, comply with and renew permits and licenses in a timely manner; and Our ongoing relations with our employees and entities with which we do production levels and cost estimates assume no adverse mining or other events significantly affecting budgeted production levels. Climate change is a global issue that could pose significant challenges affecting the Company's future operations. This could include more frequent and intense droughts followed by intense rainfall. In the last several years, Central Chile has experienced both drought conditions and significant rain episodes. The Company's operations are sensitive to water availability and the reserves required to process projected historic tailings tonnage. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure that it will achieve or accomplish the expectations, beliefs or projections described in the forward-looking statements. The preceding list of important factors and assumptions is not exhaustive. Other events or circumstances could cause our results to differ materially from those estimated, projected, and expressed in or implied by our forward-looking statements. You should also consider the matters discussed under Risk Factors in the Company`s Annual Information Form. The forward-looking statements contained herein speak only as of the date of this news in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-07-2025
- Business
- Yahoo
Olive Resource Capital Applies for Normal Course Issuer Bid & Announces Option Grant
Toronto, Ontario--(Newsfile Corp. - July 21, 2025) - Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Company") is pleased to report a Normal Course Issuer Bid, as well as a Grant of Options. New Normal Course Issuer Bid On July 18, 2025 the Board of Directors of the Company approved a new normal course issuer bid program to purchase common shares (the "2025 Bid"). The Company is undertaking the 2025 Bid because it believes that from time to time the market price of its common shares may not fully reflect the underlying value of the Company's business, and that the repurchase of its common shares at those times would be in the best interests of its shareholders. The Company requires TSX Venture approval prior to commencing the 2025 Bid, and the Company will inform shareholders when such approval has been received, and when the 2025 Bid can commence. Grant of Options to Management and Board of Directors On July 18, 2025 the Board of Directors of the Company granted 2,050,000 incentive stock options to Directors and Officers. The options are subject to the Corporation's stock option plan. The options have an exercise price of $0.05 per share and expire on July 18, 2030. The options vest in tranches over a period of 3-years from the date of grant. The Corporation also formally cancelled 1,150,000 stock options that had been previously granted to Directors who have since resigned and are not eligible to retain the options as per the Corporation's stock option plan. As of the date of this release Olive Resource Capital Inc. has 106,144,709 common shares outstanding. About Olive Resource Capital Inc.: Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The Company's assets consist primarily of investments in natural resource companies in all stages of development. For further information, please contact: Derek Macpherson, Executive Chairman at derek@ or by phone at (416)294-6713 or Samuel Pelaez, President, CEO & CIO at sam@ or by phone at (202)677-8513. Olive's website is located at Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein. Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should", "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking, including, without limitation, statements concerning Olive's intended future disclosure practices. Although Olive believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; and those risks set out in the Company's public documents filed on SEDAR+. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws. This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such. To view the source version of this press release, please visit
Yahoo
18-06-2025
- Business
- Yahoo
High Arctic Overseas Announces Normal Course Issuer Bid
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW CALGARY, Alberta, June 17, 2025 (GLOBE NEWSWIRE) -- High Arctic Overseas Holdings Corp. (TSXV: HOH) ("High Arctic Overseas" or the "Corporation") announced today that the TSX Venture Exchange (the "Exchange") has accepted a notice filed by the Corporation of its intention to make a Normal Course Issuer Bid (the "Bid") to be transacted through the facilities of the Exchange. The notice provides that the Corporation may, during the 12-month period commencing June 20, 2025 and ending June 19, 2026 purchase up to 622,408 Common Shares ("Shares") in total, being approximately 5% of the total number of Shares outstanding as at June 17, 2025. The price which the Corporation will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of the Corporation. Purchases under the Bid will be made from time to time by ATB Capital Markets on behalf of the Corporation. The Corporation may enter into a pre-defined automatic securities purchase plan with ATB Financial to allow for the repurchase of Shares at times when the Corporation ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into will be adopted in accordance with applicable Canadian securities laws. Outside of the restricted periods, the timing of purchases will be determined by management of the Corporation. All Share purchases will be made on the open market through the facilities of the Exchange and will be purchased for cancellation. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Corporation. The Board of Directors believes the underlying value of the Corporation may not be reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the purchase of the Shares would be an appropriate use of corporate funds and in the best interests of the Corporation and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Corporation if the repurchased Shares are cancelled. A copy of the Corporation's notice filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Corporation's Chief Executive Officer. About High Arctic Overseas Holdings Corp. High Arctic Overseas is a market leader in Papua New Guinea providing drilling and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. For further information, please contact: Mike MaguireChief Executive Officer1.587.320.1301 High Arctic Overseas Holdings Corp. Suite 2350, 330–5th Avenue SW Calgary, Alberta, Canada T2P 0L4 info@ Cautionary Note and Forward-Looking Information This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of the Corporation and reflects management's expectations or beliefs regarding such future events. In certain cases, statements that contain forward-looking information can be identified by the use of words such as 'plans', 'expects', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', or 'will be taken', 'occur' or 'be achieved' or the negative of these words or comparable terminology. Forward-looking information in this press release includes statements with respect to the anticipated benefits of the Bid, the entering into of an automatic securities purchase plan, and the number of Shares that may be purchased under the Bid. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of the Corporation to be materially different from any anticipated performance expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described in the Corporation's public disclosure documents which are filed on the Corporation's profile on SEDAR+ at The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Corporation's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Corporation's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Corporation's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Corporation does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information. Sign in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
BEWHERE HOLDINGS INC. (Listed on the TSX Venture Exchange - Stock Symbol 'BEW') Announces Plans to Repurchase Common Shares
TORONTO, ON / / June 3, 2025 / BeWhere Holdings Inc. (the "Corporation" or "BeWhere") announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on June 9, 2025 and terminate on June 8, 2026 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. In the opinion of the Board of Directors of BeWhere, the market price of the Common Shares of BeWhere does not accurately reflect the value of those shares. As a result, the Corporation intends to repurchase BeWhere's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Corporation. BeWhere intends to attempt to acquire over the next 12-month period, a number of its Common Shares equal to 5% of its issued and outstanding Common Shares as at June 7, 2024. On May 30, 2025, the number of issued and outstanding Common Shares of BeWhere was 88,639,002, and 5% of that number is 4,431,950 Common Shares. The number of issued and outstanding Common Shares may be reduced by virtue of any shares acquired by BeWhere under its current Normal Course Issuer Bid, ending on June 6, 2025, which number could potentially be reduced to 84,363,447 Common Shares and 5% of that number would be 4,218,172 Common Shares. As at May 30, 2025, under its current Normal Course Issuer Bid, BeWhere has purchased a total of 86,000 Common Shares at an average price of $0.5493 per share. Purchases subject to the Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange and the price which the Corporation will pay for the Common Shares acquired by it will be the market price of the Common Shares at the time of acquisition. The Member through which the Normal Course Issuer Bid will be conducted is Beacon Securities Limited, Toronto, Ontario. All Common Shares purchased by BeWhere under the Normal Course Issuer Bid will be cancelled. The foregoing proposed Normal Course Issuer Bid is subject to regulatory approval. 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. FOR FURTHER INFORMATION, PLEASE CONTACT: Owen MoorePresident and Chief Executive OfficerTelephone: (416) 990-3970Email: info@ SOURCE: BeWhere Holdings Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
