ENP Newswire -
Release date- 12082014 -
Net Asset Value ('NAV') at
For the three-months ended
In July, SRC agreed to invest
'We have been very active so far in 2014, executing a number of transactions to diversify and grow our investment portfolio while creating value for our shareholders,' said
'In June, we invested
'Our portfolio has returned 6.4% since the beginning of the year and 1.4% in the three-months ended
'In July, we committed to invest
Since that time, metallurgical coal prices have declined dramatically and, last month, Corsa agreed to acquire PBS Coals for
SRC corporate and portfolio company developments
The Company reported investment income of
Included in the net gain on investments for the quarter is a realized gain of
The Company's discount to NAV narrowed from 35.3% as at
During the second quarter, OEF recorded net income and positive earnings per share for the first time in its history.
Subsequent to quarter end, the Company approved an investment of up to
Certain statements in this news release contain forward-looking information (collectively referred to herein as the 'Forward-Looking Statements') within the meaning of applicable securities laws. The use of any of the words 'expect', 'anticipate', 'continue', 'estimate', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends' and similar expressions are intended to identify Forward-Looking Statements.
In particular, but without limiting the forgoing, this news release contains Forward-Looking Statements pertaining to: (i) the annual income provided by Long Run's dividend; (ii) expectations with respect to Corsa benefiting from operational improvements and the eventual cyclical recovery in metallurgical coal prices; (iii) the recovery of metallurgical coal prices; (iv) the future of ICD as a public company; (v) SRC's further investment into OEOG and OEOG's use of the proceeds.
Although SRC believes that the Forward-Looking Statements are reasonable, they are not guarantees of future results, performance or achievements. A number of factors or assumptions have been used to develop the Forward-Looking Statements, including: (i) metallurgical coal prices will improve; (ii) Long Run will maintain its dividend; (iii) the impact of increasing competition in each business in which the Company's subsidiaries operate will not materially change; (iv) conditions in general economic and financial markets will be consistent with the current environment; (v) the effects of regulation and tax laws of governmental agencies will not materially change and (vi) future operating costs will be consistent with the current environment.
Actual results, performance or achievements could vary materially from those expressed or implied by the Forward-Looking Statements should assumptions underlying the Forward-Looking Statements prove incorrect or should one or more risks or other factors materialize, including: (i) market volatility that would affect the ability to enter or exit investments; (ii) adverse market conditions; (iii) risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses, and health, safety and environmental risks); (iv) risks associated with the coal mining industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses, and health, safety and environmental risks); (v) those risks disclosed herein under the heading 'Financial Instruments and Risk Management' in SRC's MD&A for the six months ended
The Forward-Looking Statements speak only as of the date hereof, unless otherwise specifically noted, and SRC does not assume any obligation to publicly update any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable Canadian securities laws.
Tel: (416) 943-4394
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