Amica Mature Lifesty (ACCKF) 6.4140 $ACCKF
Amica Mature Lifestyles Increases Ownership in Amica at Whitby and Completes Refinancing of Operating Loan Facility
Filing Services Canada - Mon Jun 01, 3:52PM CDT
Amica Mature Lifestyles Increases Ownership in Amica at Whitby and Completes Refinancing of Operating Loan Facility Vancouver, British Columbia (FSCwire) - Amica Mature Lifestyles Inc. (Amica or the Company) is pleased to announce that the Company has increased its ownership in Amica at Whitby to 100% and has completed a refinancing of its previous $20 million demand operating loan facility. Increased Ownership in Amica at Whitby: The Company has acquired an additional 48.75% ownership interest in Amica at Whitby, located in Whitby, Ontario, bringing the Companys ownership position to 100%. The effective date for the acquisition is June 1, 2015. The purchase price paid for the acquisition of the 48.75% ownership interest is approximately $17.4 million, including: cash consideration of $4.1 million, the assumption of the following amounts representing the vendors share of: (a) the first mortgage on the property being approximately $12.0 million; and (b) loan due to Amica being approximately $1.3 million. The third party mortgage is a $24.6 million first mortgage (Non-CMHC insured) with an interest rate of 3.738% which matures October 2019. Amica at Whitby commenced operations in November 2009 and achieved mature stabilized status in December 2013. Amica at Whitby has a total of 139 suites and is currently at 96.4% occupancy. Additionally, there are two net pending move-ins which could increase occupancy to 97.8%. Net pending move-ins reflects suites that have been reserved with a deposit made for the reservation, less suites for which notice of termination has been received. Based on the budgeted fiscal 2016 net operating income, the Company estimates that the capitalization rate paid on the acquisition is approximately 6.8% at an average budgeted occupancy of 96.5%. We believe that this is the right time to increase our ownership in Amica at Whitby at a purchase price that will provide attractive long term returns, said Samir Manji, Amicas Chairman and CEO. We will continue to explore additional opportunities in our property portfolio to execute on internal consolidation opportunities to continue to build shareholder value. Manjis Holdings Ltd. (MHL), an insider of the Company and a company controlled by Samir Manji, Chairman, CEO and a director of the Company and Salim Manji, a director of the Company, is one of the vendors in this transaction. MHL vended an 11% interest in Amica at Whitby and as such its interest in the consideration is approximately $3.9 million, including cash consideration of $0.9 million. A material change report was not filed in respect of this transaction at least 21 days prior to closing of this transaction. The shorter period was necessary because Amica reached agreement with all vendors within this 21 day period and wanted to close the transaction expeditiously following such agreement. Refinancing of Operating Loan Facility: The Company has completed a refinancing of its previous $20 million demand operating loan facility on a 100% owned property which had an outstanding balance of $12.0 million. The new loan facility includes two components: (1) a $21.0 million term loan with the interest rate to be fixed via a swap contract at an interest rate based on Fixed Rate Operating Loans plus 1.75% (currently approximately 3.3% for a 5 year term); and (2) a new $10 million demand operating loan facility with interest at prime plus 0.25%. The proceeds of the $21.0 million term loan were used to repay the $13.5 million that was outstanding under the previous demand operating loan facility inclusive of a $2.8 million pay down of the Amica at Quinte Gardens due on demand loan; and $4.1 million for the acquisition of the 48.75% Whitby ownership interests. The $3.4 million balance will increase the Companys current cash position and will be used for working capital and general corporate purposes. As a result, the Companys working capital position has increased by approximately $16.9 million ($13.5 million pay-down of due on demand loans and a $3.4 million increase in the Companys cash/working capital position). We continue to improve our debt profile while capitalizing on the low interest rate environment, said Art Ayres, Chief Financial Officer. We remain focused on further reducing our due on demand loans as we enter the new fiscal year. About Amica Mature Lifestyles Inc. Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design, development and ownership of luxury seniors residences. There are 24 Amica Wellness & Vitality" Residences in operation in Ontario, British Columbia and Alberta, Canada. Additionally, Amica has one residence under construction in Oakville, Ontario and two existing operational residences in Ontario with expansions that are in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol ACC. For more information, visit www.amica.ca (http://www.amica.ca). Forward-Looking Information This news release contains forward-looking information within the meaning of applicable securities laws (forward-looking statements). These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements regarding the purchase price of the acquisition; the estimated capitalization rate paid based on budgeted fiscal 2016 net operating income; current interest rate on the $21.0 million term loan; future occupancy and financial performance of Amica at Whitby; future reduction of on demand loans; and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Companys future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions, actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amicas services; Amicas ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amicas co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amicas Annual Information Form dated August 15, 2014, filed with the Canadian Securities Administrators and available at www.sedar.com (http://www.sedar.com). Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. For further information, please contact: To view this table, please either click on the link below, or copy and paste the link into your browser: - 30 - To view this press release as a PDF file, click onto the following link: http://www.fscwire.com/sites/default/files/ne...012015.pdf Source: Amica Mature Lifestyles Inc. (TSX:ACC) http://www.amica.ca/ Maximum News Dissemination by FSCwire. http://www.fscwire.com Copyright(C)2015 Filing Services Canada Inc.
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Increases Ownership In Amica At Whitby And Completes Refinancing Of Operating Loan Facility
ACCESSWIRE - Mon Jun 01, 3:52PM CDT
VANCOUVER, BC / ACCESSWIRE / June 1, 2015 / (TSX Symbol: ACC) - Amica Mature Lifestyles Inc. ("Amica" or the "Company"
is pleased to announce that the Company has increased its ownership in Amica at Whitby to 100% and has completed a refinancing of its previous $20 million demand operating loan facility.
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Third Quarter Fiscal 2015 Results and Quarterly Dividend
Filing Services Canada XHTML - Fri Apr 10, 7:30AM CDT
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles to Announce Third Quarter Results and Host Conference Call April 10, 2015
Filing Services Canada XHTML - Wed Mar 11, 3:02PM CDT
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Retirement of Chief Operating Officer
Filing Services Canada XHTML - Fri Feb 13, 5:02PM CST
ACC.TO: 8.32 (+0.17)
Correction from Source: Amica Mature Lifestyles Announces Second Quarter Fiscal 2015 Results and Quarterly Dividend
Filing Services Canada XHTML - Wed Jan 14, 6:40PM CST
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Second Quarter Fiscal 2015 Results And Quarterly Dividend
Filing Services Canada XHTML - Wed Jan 14, 7:32AM CST
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles to Announce Second Quarter Results and Host Conference Call January 14, 2015
Filing Services Canada XHTML - Thu Dec 04, 4:03PM CST
ACC.TO: 8.32 (+0.17)
Correction to October 21st News Release
Filing Services Canada XHTML - Tue Oct 21, 7:55PM CDT
ACC.TO: 8.32 (+0.17)
Manjis Holdings Ltd. Ownership Position in Amica Mature Lifestyles Inc.
Filing Services Canada XHTML - Tue Oct 21, 6:00PM CDT
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Increases Ownership in Amica at Whitby and Completes Refinancing of Operating Loan Facility
Filing Services Canada - Mon Jun 01, 3:52PM CDT
Amica Mature Lifestyles Increases Ownership in Amica at Whitby and Completes Refinancing of Operating Loan Facility Vancouver, British Columbia (FSCwire) - Amica Mature Lifestyles Inc. (Amica or the Company) is pleased to announce that the Company has increased its ownership in Amica at Whitby to 100% and has completed a refinancing of its previous $20 million demand operating loan facility. Increased Ownership in Amica at Whitby: The Company has acquired an additional 48.75% ownership interest in Amica at Whitby, located in Whitby, Ontario, bringing the Companys ownership position to 100%. The effective date for the acquisition is June 1, 2015. The purchase price paid for the acquisition of the 48.75% ownership interest is approximately $17.4 million, including: cash consideration of $4.1 million, the assumption of the following amounts representing the vendors share of: (a) the first mortgage on the property being approximately $12.0 million; and (b) loan due to Amica being approximately $1.3 million. The third party mortgage is a $24.6 million first mortgage (Non-CMHC insured) with an interest rate of 3.738% which matures October 2019. Amica at Whitby commenced operations in November 2009 and achieved mature stabilized status in December 2013. Amica at Whitby has a total of 139 suites and is currently at 96.4% occupancy. Additionally, there are two net pending move-ins which could increase occupancy to 97.8%. Net pending move-ins reflects suites that have been reserved with a deposit made for the reservation, less suites for which notice of termination has been received. Based on the budgeted fiscal 2016 net operating income, the Company estimates that the capitalization rate paid on the acquisition is approximately 6.8% at an average budgeted occupancy of 96.5%. We believe that this is the right time to increase our ownership in Amica at Whitby at a purchase price that will provide attractive long term returns, said Samir Manji, Amicas Chairman and CEO. We will continue to explore additional opportunities in our property portfolio to execute on internal consolidation opportunities to continue to build shareholder value. Manjis Holdings Ltd. (MHL), an insider of the Company and a company controlled by Samir Manji, Chairman, CEO and a director of the Company and Salim Manji, a director of the Company, is one of the vendors in this transaction. MHL vended an 11% interest in Amica at Whitby and as such its interest in the consideration is approximately $3.9 million, including cash consideration of $0.9 million. A material change report was not filed in respect of this transaction at least 21 days prior to closing of this transaction. The shorter period was necessary because Amica reached agreement with all vendors within this 21 day period and wanted to close the transaction expeditiously following such agreement. Refinancing of Operating Loan Facility: The Company has completed a refinancing of its previous $20 million demand operating loan facility on a 100% owned property which had an outstanding balance of $12.0 million. The new loan facility includes two components: (1) a $21.0 million term loan with the interest rate to be fixed via a swap contract at an interest rate based on Fixed Rate Operating Loans plus 1.75% (currently approximately 3.3% for a 5 year term); and (2) a new $10 million demand operating loan facility with interest at prime plus 0.25%. The proceeds of the $21.0 million term loan were used to repay the $13.5 million that was outstanding under the previous demand operating loan facility inclusive of a $2.8 million pay down of the Amica at Quinte Gardens due on demand loan; and $4.1 million for the acquisition of the 48.75% Whitby ownership interests. The $3.4 million balance will increase the Companys current cash position and will be used for working capital and general corporate purposes. As a result, the Companys working capital position has increased by approximately $16.9 million ($13.5 million pay-down of due on demand loans and a $3.4 million increase in the Companys cash/working capital position). We continue to improve our debt profile while capitalizing on the low interest rate environment, said Art Ayres, Chief Financial Officer. We remain focused on further reducing our due on demand loans as we enter the new fiscal year. About Amica Mature Lifestyles Inc. Amica Mature Lifestyles Inc., a Vancouver based public company, is a leader in the management, marketing, design, development and ownership of luxury seniors residences. There are 24 Amica Wellness & Vitality" Residences in operation in Ontario, British Columbia and Alberta, Canada. Additionally, Amica has one residence under construction in Oakville, Ontario and two existing operational residences in Ontario with expansions that are in pre-development. The common shares of Amica are traded on the Toronto Stock Exchange under the symbol ACC. For more information, visit www.amica.ca (http://www.amica.ca). Forward-Looking Information This news release contains forward-looking information within the meaning of applicable securities laws (forward-looking statements). These forward-looking statements are made as of the date of this news release and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as otherwise required by law. Users of forward-looking statements are cautioned that actual results may vary from forward-looking statements contained herein. Forward-looking statements include, but are not limited to, statements regarding the purchase price of the acquisition; the estimated capitalization rate paid based on budgeted fiscal 2016 net operating income; current interest rate on the $21.0 million term loan; future occupancy and financial performance of Amica at Whitby; future reduction of on demand loans; and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking statements can be identified by the use of words such as plans, expects or does not expect, is expected, budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or statements that certain actions, events or results may, could, would, might or will be taken, occur or be achieved. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Companys future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, the effects of general economic and market conditions, actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include, among others, risks related to: capital markets; cost overruns, delays and start-up losses for new real estate developments; the availability of capital to finance growth or refinance debt as it comes due; the ability of seniors to pay for Amicas services; Amicas ability to attract seniors with its services and keep pace with changing consumer preferences; risks inherent in the ownership of real property; operational risks inherent in owning and operating residences; dependence on the ability of Amicas co-tenancy participants to meet their obligations; interest rate volatility in the marketplace; regulatory changes; job actions including strikes and labour stoppages; possible liability under environmental laws and regulations relating to removal or remediation of hazardous or toxic substances on properties owned or operated by Amica; the risks associated with global events such as infectious diseases, extreme weather conditions and natural disasters; foreign exchange rate volatility; as well as those factors discussed in Amicas Annual Information Form dated August 15, 2014, filed with the Canadian Securities Administrators and available at www.sedar.com (http://www.sedar.com). Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such forward looking statements, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. For further information, please contact: To view this table, please either click on the link below, or copy and paste the link into your browser: - 30 - To view this press release as a PDF file, click onto the following link: http://www.fscwire.com/sites/default/files/ne...012015.pdf Source: Amica Mature Lifestyles Inc. (TSX:ACC) http://www.amica.ca/ Maximum News Dissemination by FSCwire. http://www.fscwire.com Copyright(C)2015 Filing Services Canada Inc.
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Increases Ownership In Amica At Whitby And Completes Refinancing Of Operating Loan Facility
ACCESSWIRE - Mon Jun 01, 3:52PM CDT
VANCOUVER, BC / ACCESSWIRE / June 1, 2015 / (TSX Symbol: ACC) - Amica Mature Lifestyles Inc. ("Amica" or the "Company"
is pleased to announce that the Company has increased its ownership in Amica at Whitby to 100% and has completed a refinancing of its previous $20 million demand operating loan facility. ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Third Quarter Fiscal 2015 Results and Quarterly Dividend
Filing Services Canada XHTML - Fri Apr 10, 7:30AM CDT
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles to Announce Third Quarter Results and Host Conference Call April 10, 2015
Filing Services Canada XHTML - Wed Mar 11, 3:02PM CDT
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Retirement of Chief Operating Officer
Filing Services Canada XHTML - Fri Feb 13, 5:02PM CST
ACC.TO: 8.32 (+0.17)
Correction from Source: Amica Mature Lifestyles Announces Second Quarter Fiscal 2015 Results and Quarterly Dividend
Filing Services Canada XHTML - Wed Jan 14, 6:40PM CST
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles Announces Second Quarter Fiscal 2015 Results And Quarterly Dividend
Filing Services Canada XHTML - Wed Jan 14, 7:32AM CST
ACC.TO: 8.32 (+0.17)
Amica Mature Lifestyles to Announce Second Quarter Results and Host Conference Call January 14, 2015
Filing Services Canada XHTML - Thu Dec 04, 4:03PM CST
ACC.TO: 8.32 (+0.17)
Correction to October 21st News Release
Filing Services Canada XHTML - Tue Oct 21, 7:55PM CDT
ACC.TO: 8.32 (+0.17)
Manjis Holdings Ltd. Ownership Position in Amica Mature Lifestyles Inc.
Filing Services Canada XHTML - Tue Oct 21, 6:00PM CDT
ACC.TO: 8.32 (+0.17)
