Cliffside https://www.cliffsidecapital.ca Cliffside Capital Canada Fri, 05 Jul 2019 13:59:32 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-results-of-annual-and-special-meeting-of-shareholders-2/ https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-results-of-annual-and-special-meeting-of-shareholders-2/#respond Fri, 05 Jul 2019 13:53:37 +0000 https://www.cliffsidecapital.ca/?p=815 June 20, 2019

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 CLIFFSIDE CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

TORONTO, June 20, 2019 – Cliffside Capital Ltd. (“Cliffside”) (TSXV: CEP) is pleased to announce that the nominees listed in the management proxy circular (the “Circular”) for the 2019 Annual and Special Meeting of shareholders (the “Meeting”) held today in Toronto were elected as directors of the Corporation.

Detailed results of the votes by proxy for the election of directors held at the Meeting are set out below.

Nominee

Votes For % For Votes Withheld

% Withheld

Stephen Malone 28,912,128 100% 0 0%
Maurice Kagan 28,912,128 100% 0 0%
Mark H. Newman 28,912,128 100% 0 0%
Keith L. Ray 28,912,128 100% 0 0%
Michael Stein 27,165,401 93.96% 1,746,727 6.04%

At the Meeting, the shareholders of the Corporation also (i) approved the re-appointment of PricewaterhouseCoopers LLP as auditors of the Corporation and authorized the board of directors of the Corporation to fix their remuneration, with 100% of the votes in favour; and (ii) approved and ratified the Corporation’s existing amended and restated stock option plan, with 100% of the votes in favour.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, visit www.cliffsidecapital.ca.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:
Stephen Malone, CEO
(647) 260-4982
smalone@cliffsidecapital.ca

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Cliffside Capital Ltd. Reports 83% Growth in Assets in 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-press-release-december-31st-2018/ Thu, 11 Apr 2019 13:51:48 +0000 https://www.cliffsidecapital.ca/?p=798 April 11, 2019

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CLIFFSIDE CAPITAL LTD. REPORTS 83% GROWTH IN ASSETS IN 2018

TORONTO, April 11, 2019 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the year ended December 31, 2018.

Cliffside acquired finance receivables of $92 million during the year, resulting in growth in total assets of $55 million or 83% from $66 million in the prior year to $121 million. The increase in total assets resulted in a corresponding increase to net interest income of $5.5 million, which is up 177% from the prior year. Similarly, Cliffside earned net financial revenue before credit losses of $5.1 million during the year, up from $1.4 million in the prior year. Since inception, Cliffside has acquired almost 7,000 automobile loans.

Cliffside reported a net loss after taxes of $1.1 million for the year. The net loss included a provision for credit losses (“PCL”) of $5.8 million, of which $2.5 million relates to future credit losses not yet incurred. The PCL is higher in 2018 than prior years due to the new IFRS 9 provisioning standards adopted by Cliffside on January 1, 2018 which require earlier recognition of future credit losses on otherwise performing receivables.

As of year-end, Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans and are funded through facilities with institutional lenders. Subsequent to year-end, Cliffside successfully completed its rights offering, raising $3.1 million of gross proceeds to further invest in the limited partnerships and fund working capital requirements. Additionally, the two limited partnerships negotiated a further reduction in the purchase price of fully serviced automobile loans which will reduce the monthly deferred component payable by the partnerships. The new terms apply to all loans owned by the partnerships as of January 1, 2019, as well as all subsequent acquisitions.

Cliffside is targeting growth in assets under management and growth in returns, while maintaining an acceptable level of credit risk to ultimately deliver attractive yields to shareholders.

Further information on Cliffside’s financial results can be found at www.cliffsidecapital.ca.

 About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:
Yazdi Bharucha, CFO
(647) 226-4894
ybharucha@cliffsidecapital.ca

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Cliffside Announces Successful Completion of $3.1 Million Rights Offering https://www.cliffsidecapital.ca/cliffside-announces-successful-completion-of-3-1-million-rights-offering/ Wed, 27 Mar 2019 14:24:13 +0000 https://www.cliffsidecapital.ca/?p=791 March 27th, 2019

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CLIFFSIDE ANNOUNCES SUCCESSFUL COMPLETION OF $3.1 MILLION RIGHTS OFFERING

TORONTO, March 27, 2019. Cliffside Capital Ltd. (“Cliffside” or the “Company”) (TSXV:CEP) is pleased to announce that it has successfully completed its previously announced rights offering (the “Rights Offering”) issuing an aggregate of 18,691,667 shares at a subscription price of $0.165 per common share for gross proceeds of approximately $3.1 million.

Holders of rights subscribed for an aggregate of 15,807,176 common shares pursuant to the exercise of the basic and additional subscription privilege under the terms of the Rights Offering. The remaining 2,884,491 common shares were issued by the Company to the stand-by purchasers pursuant to the terms of their stand-by commitment agreement with the Company. A total of 11,232,157 shares were issued to insiders of the Company. As of the closing date of the Rights Offering, the Company had a total of 74,766,667 common shares issued and outstanding.

“We are extremely pleased with the support from our shareholders in this successful rights offering and are looking forward to a year of growth in 2019,” said Steve Malone, CEO of Cliffside.

As consideration for acting as stand-by purchasers, the Company will issue 2,197,000 non-transferable bonus warrants to the stand-by purchasers. The bonus warrants can be exercised at a price of $0.22 per common share for 3 years after the closing of the Rights Offering.

To date Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans through funding facilities with institutional lenders. The funds raised in the Rights Offering will primarily be used to further invest in these partnerships and grow their portfolios of loans.

As a result of the completion of the Rights Offering, Cliffside Capital Holdings Ltd. (“CCHL”), which entity is in no way operationally connected to the Company, now holds an aggregate of 8,331,333 common shares of the Company representing 11.1% of the issued and outstanding common shares of the Company, including 3,382,833 common shares (the “CCHL Shares”) issued to CCHL in connection with the completion of the Rights Offering. Family members of one of the directors of Cliffside have an interest in CCHL. In accordance with the policies of the TSX Venture Exchange, the subscription proceeds paid by CCHL in connection with the issuance of the CCHL Shares will be held in escrow until a personal information form is cleared by the TSX Venture Exchange for CCHL.

CCHL has confirmed that it has acquired the CCHL Shares for investment purposes and may acquire or dispose of additional securities of the Company in the future depending on market and other conditions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in the United States or in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such province, state or jurisdiction. The securities referenced herein may not be offered or sold in the United States except in transaction exempt from or not subject to the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:
Steve Malone, CEO
(647) 260-4982
smalone@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Rights Offering https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-rights-offering/ Thu, 07 Feb 2019 19:35:43 +0000 https://www.cliffsidecapital.ca/?p=785 February 7th, 2019

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

CLIFFSIDE ANNOUNCES RIGHTS OFFERING

 

 TORONTO, February 7, 2019. Cliffside Capital Ltd. (“Cliffside” or the “Company”) (TSXV:CEP) is pleased to announce that it will be offering rights (the “Rights Offering”) to holders of its common shares (the “Common Shares”) of record at the close of business on February 20, 2019 (the “Record Date”), on the basis of one Right for each Common Share held. Every three Rights will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.165 per Common Share until 4:00 p.m. (Toronto time) on March 21, 2019 (the “Expiry Date”).

The Rights Offering will be conducted only in the provinces and territories of Canada (the “Eligible Jurisdictions”). Accordingly, Rights will not be delivered to, nor will they be exercisable by, persons resident outside the Eligible Jurisdictions unless they submit appropriate documentation to the Company confirming that the exercise of their Rights complies with the applicable laws in their jurisdiction, subject to the detailed provisions of Cliffside’s rights offering circular in respect of the Rights Offering (the “Circular”). Shareholders who fully exercise their Rights will be entitled to subscribe for additional Common Shares, if available, that were not subscribed for by other holders of Rights prior to the Expiry Date. The Rights will be listed for trading on the TSX Venture Exchange under the trading symbol “CEP.RT” until 12:00 p.m. (Toronto time) on the Expiry Date.

The Rights Offering is not subject to any minimum subscription level. If the Rights Offering is fully subscribed, Cliffside will issue up to 18,691,667 new common shares for total gross proceeds of $3,084,125. There are currently 56,075,000 common shares issued and outstanding. If all Rights are exercised, the Company’s issued and outstanding shares will increase to 74,766,667. The net proceeds from the Rights Offering, after deducting estimated expenses of the Rights Offering, will be used to further invest in Cliffside’s non-prime automobile financing strategic partnerships.

The Company understands that all the directors and officers of the Company who own Common Shares intend to exercise their Rights to purchase common shares under the Rights Offering.

In connection with the Rights Offering, the Company has entered into a stand-by purchase agreement (the “Stand-By Agreement”) with certain insiders and other persons (the “Stand-By Purchasers”) who together currently own, directly or indirectly, or exercise control or direction over, approximately 40% of Cliffside’s Common Shares. Under the Stand-By Agreement, the Stand-By Purchasers have agreed to subscribe for, and the Company has agreed to issue, all of the Common Shares offered under the Rights Offering that are not otherwise purchased by shareholders. The Stand-By Agreement was approved by the independent directors of the Company. There is no fee payable by the Company to the Stand-By Purchasers in respect of the Stand-By Agreement. As consideration for acting as Stand-By Purchasers, the Company will issue non-transferable bonus warrants to the Stand-By Purchasers entitling them to purchase, in aggregate, 20% of the total number of Common Shares agreed to acquire by the Stand-By Purchasers, excluding their basic and additional subscription privileges. The bonus warrants can be exercised at a price of $0.22 per Common Share for 3 years after the date on which performance by the Stand-By Purchasers could be required.

Complete details of the Rights Offering will be set out in the Circular and the rights offering notice (the “Notice”), which will be available under the Company’s profile at www.sedar.com. The Notice and accompanying rights certificate (the “Rights Certificate”) will be mailed to each registered shareholder (the “Registered Shareholder”) resident in the Eligible Jurisdiction as at the Record Date. Registered Shareholders who wish to exercise their Rights must complete and forward the Rights Certificate, together with applicable funds, to Computershare Investor Services Inc., the depositary for the Rights Offering, on or before the Expiry Date. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in the United States or in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such province, state or jurisdiction. The securities referenced herein may not be offered or sold in the United States except in transaction exempt from or not subject to the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:
Steve Malone, CEO
(647) 260-4982
smalone@cliffsidecapital.ca

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Cliffside Capital Ltd. Reports Growth in Assets and Net Financial Revenue in Third Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-press-release-q3-2018/ Tue, 20 Nov 2018 19:08:08 +0000 https://www.cliffsidecapital.ca/?p=775 November 20, 2018

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CLIFFSIDE CAPITAL LTD. REPORTS GROWTH IN ASSETS AND NET FINANCIAL REVENUE IN THIRD QUARTER OF 2018

 

TORONTO, November 20, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the third quarter ended September 30, 2018.

In the third quarter of 2018, Cliffside acquired $29 million in automobile loans resulting in growth in total assets of 26% from June 30, 2018. To date, Cliffside has acquired over $130 million in automobile loans, of which, $106 million is outstanding as of September 30, 2018.

Cliffside generated $2.4 million in net interest income during the third quarter of 2018 which is 33% higher than net interest income generated in the preceding quarter. Similarly, Cliffside earned net financial revenue before credit losses of $1.2 million during the third quarter of 2018, bringing total net financial revenue before credit losses to $3.7 million for the nine months ended September 30, 2018.

Cliffside reported net losses after taxes of $0.5 million and $0.4 million for the three and nine months ended September 30, 2018, respectively. The net losses were primarily a result of higher provision for credit losses due to the new IFRS 9 provisioning standards adopted by Cliffside on January 1, 2018 which require earlier recognition of future credit losses on otherwise performing receivables. The provision for credit losses included in the reported net losses during this same period was $1.8 million and $3.8 million respectively, of which, $1.1 million and $2 million, respectively, is the incremental provision for future credit losses over actual losses incurred.

To date, Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans which are funded through facilities with institutional lenders. Cliffside is targeting growth in assets under management and growth in returns, while maintaining an acceptable level of credit risk to ultimately deliver attractive yields to shareholders.

Further information on Cliffside’s financial results can be found at www.cliffsidecapital.ca.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Reports Growth in Assets in Second Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-reports-growth-in-assets-in-second-quarter-of-2018/ Wed, 22 Aug 2018 14:48:38 +0000 https://www.cliffsidecapital.ca/?p=751 August 22, 2018

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//NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.//

 

CLIFFSIDE CAPITAL LTD. REPORTS GROWTH IN ASSETS IN SECOND QUARTER OF 2018

 

TORONTO, August 22, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the second quarter ended June 30, 2018.

In the second quarter of 2018, Cliffside acquired automobile loans with principal outstanding of $21 million resulting in growth in total assets of 21% from March 31, 2018 to June 30, 2018. During the second quarter, one of Cliffside’s consolidated limited partnerships renewed its funding facility with a Canadian Life Insurance Company. The renewal provided the partnership with $50 million in long-term funding and $6 million in short-term funding.

Cliffside reported net loss before taxes of $485,480 for the three months ended June 30, 2018, down from net income before taxes of $32,533 for the three months ended June 30, 2017. The net loss in the second quarter of 2018 was primarily a result of higher provision for credit losses due to the new IFRS provisioning standards adopted by Cliffside on January 1, 2018. The new standards result in the earlier recognition of the allowance for credit losses, which is not indicative of a change in the expected recovery value of the underlying finance receivables, but rather a function of extending the allowance to provide for expected future losses for a period greater than previously provided for.

Cliffside reported net income before taxes of $182,270 for the six months ended June 30, 2018, up from net loss before taxes of $310,370 for the six months ended June 30, 2017.

To date, Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans which are funded through facilities with institutional lenders. Cliffside is targeting growth in assets under management and growth in returns, while maintaining an acceptable level of credit risk to ultimately deliver attractive yields to shareholders.

Further information on Cliffside’s June 30, 2018 financial results are available on SEDAR at www.sedar.com.

 About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Stock Option Grant https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-stock-option-grant/ Thu, 21 Jun 2018 14:43:56 +0000 https://www.cliffsidecapital.ca/?p=749 June 21, 2018

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FOR IMMEDIATE RELEASE

 

CLIFFSIDE CAPITAL LTD. ANNOUNCES STOCK OPTION GRANT

June 21, 2018 – Cliffside Capital Ltd. (the “Company”) (TSXV:CEP) has approved a stock option grant of an aggregate of 1,700,000 stock options to certain officers, directors and management company employees of the Company.  Each of the options have an exercise price of $0.20, equal to the volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange for the five (5) trading days immediately preceding the date of the grant, and with a five-year term. 800,000 of the options granted vest immediately, with the remaining 900,000 vesting in equal amounts over the next three years. All the options are granted and shall be governed in accordance with the terms of the Company’s stock option plan.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

Neither 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 more information, please contact:

Yazdi Bharucha, CFO
T: (647) 226-4894
E: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Results of Annual and Special Meeting of Shareholders https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-results-of-annual-and-special-meeting-of-shareholders/ Tue, 22 May 2018 14:15:46 +0000 https://www.cliffsidecapital.ca/?p=743 May 22nd, 2018

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CLIFFSIDE CAPITAL LTD. ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS

 

TORONTO, Ontario, May 22, 2018 /CNW/ – Cliffside Capital Ltd. (TSXV: CEP) (“Cliffside” or the “Corporation”) is pleased to announce that the nominees listed in the management proxy circular (the “Circular”) for the 2018 Annual and Special Meeting of shareholders (the “Meeting”) held today in Toronto were elected as directors of the Corporation.

 

Detailed results of the votes by proxy for the election of directors held at the Meeting are set out below.

 

Nominee Votes For % For Votes Withheld % Withheld
Stephen R. Malone 20,947,250 96.22% 823,311 3.78%
Maurice Kagan 21,770,561 100% 0 0%
Mark H. Newman 20,947,250 96.22% 823,311 3.78%
Keith L. Ray 21,770,561 100% 0 0%
Michael Stein 20,947,250 96.22% 823,311 3.78%

 

At the Meeting, the shareholders of the Corporation also (i) approved the re-appointment of PricewaterhouseCoopers LLP as auditors of the Corporation and authorized the board of directors of the Corporation to fix their remuneration, with 100% of the votes in favour; and (ii) approved and ratified the Corporation’s existing amended and restated stock option plan, with 100% of the votes in favour.

 

About Cliffside

Cliffside is focused on investing in strategic partnerships with third parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive dividend yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

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, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

 

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Cliffside Capital Ltd. Reports Strong Net Income in First Quarter of 2018 https://www.cliffsidecapital.ca/cliffside-capital-ltd-reports-strong-net-income-in-first-quarter-of-2018/ Fri, 18 May 2018 20:39:42 +0000 https://www.cliffsidecapital.ca/?p=686 May 18, 2018

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CLIFFSIDE CAPITAL LTD. REPORTS STRONG NET INCOME IN FIRST QUARTER OF 2018

 

TORONTO, May 18, 2018 – Cliffside Capital Ltd. (“Cliffside”) (TSXV:CEP) is pleased to report results for the first quarter ended March 31, 2018.
In the first quarter of 2018, Cliffside acquired automobile loans with principal outstanding of $13 million resulting in growth in consolidated assets of 11% from December 31, 2017 to March 31, 2018.
Cliffside reported net income before taxes of $667,750 for the three months ended March 31, 2018, up from net loss before taxes of $342,903 for the three months ended March 31, 2017. The increase of $1 million in net income before taxes is primarily a result of a $795,332 one-time gain on re-measurement of the deferred purchase price payable, as well as higher net financial income driven by growth in assets.
The one-time gain of $795,332 resulted from negotiating new terms for the continued acquisition of loans. The new terms change the deferred purchase price for the loans by reducing the fixed monthly percentage and introducing a new contingent component of the deferred purchase price which is linked to future net income and is payable annually.
To date, Cliffside has invested $3.9 million in two limited partnerships, each of which invests in fully serviced non-prime automobile loans which are funded through facilities with institutional lenders.
Further information on Cliffside’s March 31, 2018 financial results are available on SEDAR at www.sedar.com.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, see Cliffside’s filings on SEDAR at www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

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Cliffside Capital Ltd. Announces Renegotiation of Loan Acquisition Agreements With its Originator https://www.cliffsidecapital.ca/cliffside-capital-ltd-announces-renegotiation-of-loan-acquisition-agreements-with-its-originator/ Fri, 11 May 2018 20:35:33 +0000 https://www.cliffsidecapital.ca/?p=666 May 11, 2018

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CLIFFSIDE CAPITAL LTD. ANNOUNCES RENEGOTIATION OF LOAN ACQUISITION AGREEMENTS WITH ITS ORIGINATOR

 

TORONTO, May 11, 2018 – Cliffside Capital Ltd. (“Cliffside“) (TSXV:CEP) is pleased to announce that the limited partnerships which Cliffside consolidates into its financial results have negotiated new terms with CanCap Management Inc. (“CCMI”) for the on-going acquisition of fully serviced automobile loans. The partnerships have been acquiring loans from CCMI since 2016. The new terms change the deferred purchase price for the loans by reducing the fixed monthly percentage payable to CCMI and introducing a new contingent component of the deferred purchase price which is linked to the future net income generated by the partnerships and is payable annually. The new terms apply to all of the loans owned by the partnerships as of January 1, 2018, as well as all loans acquired going forward. The new terms better align the price the partnerships pay with the future profitability of the fully serviced loans.

About Cliffside

Cliffside is focused on investing in strategic partnerships with parties who have specialized expertise and a proven track record in originating and servicing loans and similar types of financial assets. Cliffside’s strategy is to generate revenue as an investor, affording its shareholders an opportunity to invest in the growing alternative lending sector with the potential for attractive yields and minimal operational risk while earning a reliable total return. For more information, visit www.cliffsidecapital.ca

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:  This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the business and operations of Cliffside. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the results of operations; potential for conflicts of interests; as well as volatility of Cliffside’s common share price and volume. There can be no assurance that such statements will prove to be accurate or complete, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cliffside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information, contact:

Yazdi Bharucha, CFO
Phone: (647) 226-4894
Email: ybharucha@cliffsidecapital.ca

The post Cliffside Capital Ltd. Announces Renegotiation of Loan Acquisition Agreements With its Originator appeared first on Cliffside.

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