TORONTO, ONTARIO–(Marketwired – April 24, 2017) – Sonor Investments Limited (TSX VENTURE:SNI.PR.A) today reported a change in two of its senior positions and announced its financial results for the year ended December 31, 2016 and the three months ended March 31, 2017.
Michael Gardiner, Chairman, announced the retirement of Sonor’s CFO, Stephen Mills, and Corporate Secretary, Bill Kinnear.
Mr. Mills has been with us for almost 11 years. It has been a great relationship and he has been a wonderful steadying influence for all of us. Although only at the tender age of 65, Mr. Mills decided it was time to retire and his aim really is to spend more time with his family.
Mr. Kinnear has been our Corporate Secretary for almost 15 years. It has also been a terrific relationship for all of us at Sonor. Bill has been a trusted, caring associate and sadly he too decided to retire. He is marginally older than Mr. Mills, but figured now was the time to leave while he was still young at heart.
We are pleased to announce that Mr. David Middleton, CPA,CFA, has joined us as Stephen’s replacement as CFO and Kelly Murray has agreed to take on the position of Corporate Secretary. We are confident that both will thrive in their new positions, although they certainly have big shoes to fill.
Mr. Gardiner also commented on the Company’s recent financial results.
| Year ended December 31 | 3 months ended March 31 | |||
| 2017 | 2016 | 2017 | 2016 | |
| $000 | $000 | $000 | $000 | |
| Revenue | 4,988 | 4,057 | 153 | 186 |
| Net Income | 4,512 | 3,027 | 9 | 38 |
Mr. Gardiner stated that as at March 31, 2017 the Company’s assets totaled $62.6 million compared to $62.3 million as at December 31, 2016. These assets as at March 31, 2017 included $12.6 million of marketable securities, $35.6 million in a private investment and $14.3 million of cash and cash equivalents.
During the year ended December 31, 2016, the Company realized $1,095,000 in net capital gains on the sale of investments and recorded no impairments on its security investments. This compares to net capital gains of $184,000 on the sale of investments and an impairment recognition of $542,000 during the year ended December 31, 2015. During the three months ended March 31, 2017, the company realized no net capital gains or losses on the sale of investments compared to $66,000 in net capital gains during the corresponding period of the previous year.
During the periods under review, the Company has maintained net assets and qualified investments in excess of the amounts prescribed under the share conditions pertaining to the First Preference Shares in its capital stock.
As well, the Company announces that a semi-annual dividend of $0.225 per share on the Company’s 9% first Preference Shares has been declared payable on September 15, 2017 at a meeting of its Board of Directors. The dividend will be paid to shareholders of record at the close of business on September 1, 2017.
Sonor Investments Limited is an investment company located in Toronto, Canada. The First Preference Shares of Sonor trade on The TSX Venture Exchange under the symbol SNI.PR.A.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Chairman & CEO
(416) 369-1499
Mr. David Middleton
Treasurer & CFO
(416) 369-1499