Sprott Inc. announces appointment of Peter Grosskopf as CEO and Director
13 Luglio 2010 - 10:30PM
PR Newswire (Canada)
TORONTO, July 13 /CNW/ -- TORONTO, July 13 /CNW/ - (TSX: SII) -
Sprott Inc. ("Sprott" or the "Company") is pleased to announce that
Peter Grosskopf has agreed to join the Company as Chief Executive
Officer and as a member of the Company's Board of Directors,
effective September 7, 2010. Mr. Grosskopf will also serve as
President and Chief Executive Officer of Sprott Resource Lending
Corp. (currently Quest Capital Corp. ("Quest")), which, subject to
the approval of Quest's shareholders, will be managed by Sprott
Consulting LP ("Sprott Consulting") or an affiliate thereof. The
appointment of Mr. Grosskopf demonstrates how Sprott continues to
attract top investment talent to the Company. At Sprott, Mr.
Grosskopf will be responsible for developing and implementing its
overall strategy with the objectives of maximizing shareholder
value and benefitting investors in Sprott managed investment
products. He will also strengthen the business activities of Sprott
Consulting using his capital markets experience. Kevin Bambrough
will continue in his role as President of Sprott Inc. where he will
focus on new investment strategies and supporting Mr. Grosskopf in
corporate and business development activity. Mr. Bambrough will
also remain as CEO of Sprott Consulting where he will be
responsible for leading its operations and growth. In conjunction
with the appointment of Mr. Grosskopf to the Sprott Inc. Board of
Directors, Eric Sprott will assume the position of Chairman of
Sprott Inc. and Chief Investment Officer of Sprott Asset Management
LP. The current Chairman of Sprott Inc. Jack Lee will serve as Lead
Director, while Peter Hodson, Senior Portfolio Manager at Sprott
Asset Management LP, will be stepping down from the Board at this
time. Mr. Hodson remains lead Portfolio Manager for the Sprott
Growth Fund and Chairman of Sprott Asset Management LP. The Board
wishes to thank Mr. Hodson for his service as a director of Sprott
Inc. and looks forward to his continued input as a valued member of
the Sprott investment management team. "I am extremely pleased to
have Peter Grosskopf succeed me as CEO of Sprott," said Mr. Sprott.
"Peter has the skills and experience necessary to manage the
Company's growth initiatives. He will be instrumental in helping to
build both new and existing businesses, expanding and strengthening
our investment management team, establishing new global
relationships and capitalizing on other strategic opportunities.
Peter will also provide additional depth to our executive
management team and allow me to further focus on my role as Chief
Investment Officer of Sprott Asset Management LP and Portfolio
Manager for a number of our funds." "I have had the opportunity to
work closely with Peter over the years on various transactions and
am pleased to have been able to help recruit him to Sprott," said
Mr. Bambrough. "In particular, Peter's advisory expertise and
industry contacts will prove invaluable in accelerating the growth
and expanding the service offerings of Sprott Consulting, the
increasingly important merchant banking division of Sprott." Mr.
Grosskopf has over 23 years of experience in the Canadian financial
services industry. He has a proven track record of building and
growing businesses. Most recently, he was President of Cormark
Securities Inc. ("Cormark"). Prior to joining Cormark, Mr.
Grosskopf was one of the co-founders of Newcrest Capital Inc.,
which was acquired by the TD Bank Financial Group in 2000. Mr.
Grosskopf has extensive experience as an advisor and underwriter to
companies in a wide variety of sectors. "I am delighted to rejoin
Eric Sprott and his team at this exciting time as the Company
continues to evolve its product offerings," said Mr. Grosskopf.
"The Sprott brand is highly regarded in Canada for its outstanding
investment management capabilities and unparalleled track record.
The Company is recognized globally for its investing expertise
within the natural resources sector. I am excited by the challenge
of capitalizing on this platform by growing the Company into a
leading global performance-based money manager." In recognition of
Mr. Grosskopf's past accomplishments in the financial services
industry and to acknowledge the future contributions of Mr.
Grosskopf and Mr. Bambrough to the Company, Eric Sprott has
personally agreed to fund a deferred share incentive program
through his personal holding company ("Holdco"). The program will
provide Mr. Grosskopf with five million common shares of Sprott
Inc. held by Holdco over the next three years, and Mr. Bambrough
with three million common shares of Sprott Inc. also over the next
three years. With this transfer of eight million common shares of
Sprott Inc., Holdco's ownership stake will be reduced by
approximately 8%. Conference Call and Webcast A conference call and
webcast will be held on Wednesday, July 14, 2010, at 9:00am ET to
discuss this announcement. The call will be hosted by Eric Sprott,
Chairman of Sprott Inc., and Kevin Bambrough, President of Sprott
Inc. To access the call, please dial 647-427-7450 or 1-888-231-8191
ten minutes prior to the scheduled start of the call. A taped
replay of the conference call will be available until Wednesday,
July 21, 2010 by calling 416-849-0833 or 1-800-642-1687, reference
number 88009719. A live audio webcast of the conference call will
be available through www.sprottinc.com. Participants will require
Windows Media Player(TM) to listen to the webcast. Forward-Looking
Statements This release contains "forward-looking statements" which
reflect the current expectations of the Company. These statements
reflect management's current beliefs with respect to future events
and are based on information currently available to management.
Forward-looking statements involve significant known and unknown
risks, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements
including, without limitation, those listed under the heading "Risk
Factors" in the Company's annual information form dated March 30,
2010. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements contained in this release.
Although the forward-looking statements contained in this release
are based upon what the Company believes to be reasonable
assumptions, the Company cannot assure investors that actual
results, performance or achievements will be consistent with these
forward-looking statements. These forward-looking statements are
made as of the date of this release and the Company does not assume
any obligation to update or revise them to reflect new events or
circumstances. About Sprott Inc. Sprott Inc. is a leading
independent asset manager dedicated to achieving superior returns
for its clients over the long term. The company currently operates
through three distinct business units: Sprott Asset Management LP,
Sprott Private Wealth LP and Sprott Consulting LP. Sprott Asset
Management LP is the investment manager of the Sprott family of
mutual funds and hedge funds and discretionary managed accounts;
Sprott Private Wealth LP provides wealth management services to
high net worth individuals; and Sprott Consulting LP provides
management, administrative and consulting services to other
companies, including SRC (TSX: SCP). Sprott Inc. is headquartered
in Toronto, Canada, and is listed on the Toronto Stock Exchange
under the symbol "SII". For more information on Sprott Inc., please
visit www.sprottinc.com. Investor contact information: (416)
203-2310 or 1 (877) 403-2310 or ir@sprott.com
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