TORONTO, ONTARIO--(Marketwired - Jan. 27, 2016) - Tuckamore Capital Management Inc. (TSX:TX)(TSX:TX.DB.B) ("Tuckamore" or the "Company") announced that it has re-filed and restated its unaudited interim consolidated financial statements for the three and nine month periods ended September 30, 2015, together with the notes thereto and the applicable management's discussion and analysis of the financial condition and results of operations of the Company (collectively, the "Restated 2015 Q3 Financial Statements and Related MD&A"). The Restated 2015 Q3 Financial Statements and Related MD&A have been filed on the Company's SEDAR profile at www.sedar.com.
The adjustments to the Company's previously filed unaudited interim consolidated financial statements for the three and nine month periods ended September 30, 2015 (the "2015 Q3 Financial Statements") are as follows:
Original Balance ('000) |
Restatement ('000) |
Restated Balance ('000) |
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Consolidated Interim Balance Sheet | |||||||
(September 30, 2015) | |||||||
Property, plant and equipment | $48,535 | ($3,544 | ) | $44,991 | |||
Intangible assets | $33,864 | ($1,677 | ) | $32,187 | |||
Shareholder's Equity | $48,012 | ($5,221 | ) | $42,791 | |||
Consolidated interim statement of loss and comprehensive loss | |||||||
(Three months ended September 30, 2015) | |||||||
Impairment of intangible assets and property, plant and equipment | - | ($5,221 | ) | ($5,221 | ) | ||
Loss from Continuing Operations | ($1,714 | ) | ($5,221 | ) | ($6,935 | ) | |
Net loss and comprehensive loss | ($1,129 | ) | ($5,221 | ) | ($6,350 | ) | |
Consolidated interim statement of loss and comprehensive loss | |||||||
(Nine months ended September 30, 2015) | |||||||
Impairment of intangible assets and property, plant and equipment | - | ($5,221 | ) | ($5,221 | ) | ||
Loss from Continuing Operations | ($14,545 | ) | ($5,221 | ) | ($19,766 | ) | |
Net loss and comprehensive loss | ($11,819 | ) | ($5,221 | ) | ($17,040 | ) |
About Tuckamore
Tuckamore (http://tuckamore.ca) has investments in four businesses representing a diverse cross-section of the Canadian economy.
Forward-looking information
This press release contains forward-looking information based on current expectations, including but not limited to Tuckamore's expectations in connection with the Refinancing Transactions (including that the Company will maintain the support of the Company's existing lenders) and conditions precedent to the completion of the Refinancing Transactions. Forward-looking information is often, but not always, identified by the use of the words "contemplate" and "anticipate" and statements that an event or result "may", "will", "should", "could" or "might" occur and any similar expressions or negative variations thereof. In providing forward-looking information in this press release, management of the Company has made numerous assumptions regarding the Refinancing Transactions which it believes to be reasonable, including assumptions relating to the Company's existing and future business prospects and opportunities, including that the Company will secure further extensions to the maturity of its indebtedness under its existing senior secured credit facilities, and the satisfaction or waiver of all other conditions to the completion of the Refinancing Transactions. Forward-looking information entails various risks and uncertainties however that could cause actual results to differ materially from those reflected in the forward-looking information. Specific risks that could cause actual results to differ materially from those anticipated or disclosed herein include, but are not limited to: (i) failure to satisfy the conditions to complete the Refinancing Transactions including failure to receive required regulatory approval, stock exchange, shareholder, third party approvals and/or consents; (ii) the Company's inability for any reason to obtain further extensions to the maturity of its existing indebtedness under its senior secured credit facilities prior to the consummation of the Refinancing Transactions; and (iii) the risk that the anticipated effects of the Refinancing Transactions, if completed, may not result in the outcomes expected by management. In addition, general risks relating to capital markets, economic conditions, regulatory changes, changes in interest rates as well as the management and operations of the Company's business may also cause actual results to differ materially from those anticipated or disclosed herein.
These and other risks and uncertainties relating generally to Tuckamore's business and the Refinancing Transactions in particular are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and the Company's management information circular in respect of the Meeting. Forward-looking information are not guarantees of future performance, and management's assumptions upon which such forward-looking information are based may prove to be incorrect. Accordingly, there can be no assurance that actual events or results will be consistent with the forward-looking information disclosed herein. In light of the significant uncertainties inherent in forward-looking information, any such forward-looking information should not be regarded as representations by Tuckamore that its objectives or plans relating to the Refinancing Transactions or otherwise will be achieved. Investors are cautioned not to place undue reliance on any forward-looking information contained herein and that such forward-looking information are provided solely for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. In addition, forward-looking information relates to the date on which they are made. Tuckamore disclaims any intention or obligation to update or revise any forward-looking information contained herein, whether as a result of new information, future events or otherwise, except to the extent required by law.
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