Starlight Capital Completes Acquisition of Stone Investment Group, Bringing Assets Under Management to Over $1 Billion

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TORONTO, July 07 2022 (GLOBE NEWSWIRE) — Starlight Investments Capital LP (“star capital”) and Stone Investment Group Limited (“Rock”) are pleased to announce the completion of the previously announced plan of arrangement (the “Arrangement”) whereby Starlight Capital, through a wholly owned subsidiary, acquired all of the issued and outstanding common shares of Stone (“stone actions”). As part of the Arrangement, Stone’s successor company changed its name to Starlight Capital Corporation and all of the $1,000 Principal Amount Secured Debentures (the “Debentures”) previously issued by Stone have been acquired or redeemed. The Arrangement has been implemented pursuant to Article 192 of the Canada Business Corporations Act.

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“We are delighted to welcome Stone employees to Starlight Capital, and we look forward to working together to generate the same strong investment performance that Stone fund investors have enjoyed for many years,” commented Dennis Mitchell. , Managing Director and Chief Investment Officer. Officer of Starlight Capital. “Furthermore, this transaction moves Starlight Capital’s assets above the $1 billion threshold and allows Starlight Capital to partner with our advisory clients on a broader range of investment solutions.”

Richard Stone, Founder of Stone, added: “The combination of Starlight Capital and Stone brings together two highly complementary suites of investment solutions and will ensure our clients continue to benefit from the strong management that an independent asset manager leading can provide.

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Each Former Stone Shareholder who has not validly exercised their Dissent Rights will receive, without further action, $0.01 per Stone Share for the Stone Shares previously held by check sent by Computershare Investor Services Inc. to registered address of each former shareholder. All share certificates representing Stone shares will be null and void.

It is expected that Stone will seek to cease to be a reporting issuer under applicable Canadian securities laws.

Prior to the completion of the Arrangement, Starlight Capital did not own or control, directly or indirectly, any shares of Stone. Upon completion of the Arrangement, Starlight Capital has acquired and currently owns and controls 25,028,571 Stone Shares representing 100% of the issued and outstanding Stone Shares. The total consideration paid by Starlight Capital for the Stone stock, excluding Stone stock for which the holder validly exercised dissent rights, was approximately $243,320.80. Following completion of the Arrangement, Stone became a wholly owned subsidiary of Starlight Capital.

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Copies of the Information Circular, the Arrangement Agreement, as amended, and certain other related documents relating to the Arrangement have been filed with the applicable Canadian securities regulatory authorities and may be viewed on SEDAR at address www.sedar.com.

Transaction Advisors

WD Capital provided a fairness opinion to Stone’s board of directors and Bennett Jones LLP acted as legal counsel to Stone. CIBC Capital Markets acted as financial advisor to Starlight Capital and Borden Ladner Gervais LLP acted as legal advisor to Starlight Capital.

About Starlight Investments Capital LP

Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds, memory funds and structured products. Our goal is to provide investors with superior risk-adjusted returns through a disciplined investment approach, business-focused investing. Starlight Capital is a wholly owned subsidiary of Starlight Investments. Starlight Investments is a private, full-service real estate investment and asset management company. The firm manages over $25.0 billion in assets on behalf of institutional joint ventures as well as publicly traded REITs, closed-end funds and investment funds, and is led by an experienced team of over 300 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.

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For more information contact:

Dennis Mitchell
CEO and Chief Investment Officer
416-855-2642
[email protected]

Disclaimer for forward-looking information

This press release contains certain “forward-looking statements” under applicable Canadian securities laws that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding: the consideration to be paid to holders of Debentures and holders of Stone Shares, Stone’s ceasing to be subject to Canadian law applicable on securities as a reporting issuer, as well as the ability of the combined company to generate strong and continued investment performance and clients benefiting from the management of a leading independent asset manager. Forward-looking statements are necessarily based on a number of estimates and assumptions which, while believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events differ materially from those expressed or implied by such statements. forward-looking statements. These factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments and other risks beyond the control of Starlight Capital. Although Starlight Capital believes that the assumptions and factors used in preparing forward-looking statements are reasonable, undue reliance should not be placed on such statements, which speak only as of the date of this press release, and no no assurance can be given that such statements of events will occur within the time periods disclosed or at all. Except as required by applicable law, Starlight Capital disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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