(March 13 – 11:45 ET) – Nova Bancorp Group is announcing additional details concerning its planned acquisition of Strategic Value Corporation. On Friday, Nova Bancorp signed lock-up agreements with the two main shareholders of the company, Mark S. Bonham and Investec Group Ltd., who hold 34.57% and 23.46% respectively of SVC’s Class A common shares and Class B non-voting shares. The acquisition involves all of the company’s shares.
SVC sponsors and manages the Strategic Value Series of Funds and the O’Donnell Group of Funds, consisting of 30 public funds and one private fund representing assets under management of $3.6 billion, and 340,000 equity holder accounts.
The lock-up agreements provide that all issued and outstanding Class A and Class B common shares will receive a price of $3.25 per share. In addition, approximately $34 million of debt will be repaid. This transaction is subject to approval by the Board of Directors, the shareholders, the legal and regulatory authorities, as well as the usual conditions precedent.
In the course of this acquisition, Nova Bancorp will be supported by Services Financiers CDPQ, a strategic and financial partner. SVC’s existing portfolio manager, Bonham & Co.Inc., will act as a sub-advisor to several funds among the Strategic Value and O’Donnell Groups. Investec Group, a major global investment fund management company, will remain in its role as sub-advisor to several international mutual funds of the Strategic Value Series of Funds.
-IE Staff