SPROTT INC. ANNOUNCES PRELIMINARY 2010 PERFORMANCE FEES AND ASSETS UNDER MANAGEMENT
04 Gennaio 2011 - 1:04PM
PR Newswire (Canada)
TORONTO, Jan. 4 /CNW/ -- TORONTO, Jan. 4 /CNW/ - Sprott Inc. (TSX:
SII) ("Sprott" or the "Company") today announced its preliminary
estimate of gross Performance Fees for the year ended
December 31, 2010 and its preliminary estimate
of Assets Under Management as at December 31, 2010.
On a preliminary and unaudited basis, the Company generated in
excess of $193 million in gross Performance Fees as at
December 31, 2010. When combined with Crystallized Performance
Fees recorded in previous months, gross Performance
Fees for the 2010 fiscal year are estimated to be
approximately $196 million. Gross Performance Fees are before the
deduction of Performance Fee-related compensation, income
taxes and any other related expenses. In keeping with
its established practice, the Company expects that,
once its Annual Financial Statements have
been audited and approved by the Board of Directors, the Board
of Directors will resolve to have the
Company pay out, by way of special dividend to its
shareholders, a substantial portion of Performance Fees (net
of related bonuses, expenses and taxes) earned for the
year. In the interim period, management will seek to invest
its free cash balances in an appropriate portfolio of interest
bearing and other investments. The Company also estimates that its
Assets Under Management as at December 31, 2010 were
approximately $8.5 billion. Non-GAAP Financial Measures
This press release includes financial terms
(including Performance Fees
and Assets Under Management) that the Company
utilizes to assess the financial performance of its business that
are not measures recognized under Canadian generally accepted
accounting principles ("GAAP"). These non-GAAP measures should not
be considered alternatives to performance measures determined in
accordance with GAAP and may not be comparable to similar measures
presented by other issuers. For additional information regarding
the Company's use of non-GAAP measures, including the calculation
of these measures, please refer to the "Non-GAAP Financial
Measures" section of the Company's Management's Discussion and
Analysis and its financial statements available on the Company's
website at www.sprottinc.com and on SEDAR at www.sedar.com.
Forward-Looking Statements This release may contain
"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. 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 business units: Sprott Asset Management LP, Sprott
Private Wealth LP and Sprott Consulting LP. Sprott Asset
Management is the investment manager of the Sprott family of mutual
funds and hedge funds and discretionary managed accounts; Sprott
Private Wealth provides wealth management services to high net
worth individuals; and Sprott Consulting provides management,
administrative and consulting services to other companies,
including Sprott Resource Corp. (TSX: SCP) and Sprott Resource
Lending Corp. (TSX: SIL) (NYSE AMEX: SILU). 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. To view this
news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/January2011/04/c8403.html
pInvestor contact information: (416) 203-2310 or 1 (877) 403-2310
or a
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