Clairvest Reports Fiscal 2021 First Quarter Results - Seite 2

In June 2020, Clairvest and CEP VI made a US$10.0 million minority equity investment in AEP, a non-hazardous waste-by-rail operator in Northeastern United States markets. Clairvest’s portion of the investment was US$2.7 million (C$3.7 million) in the form of Class B preferred units for an effective 11.3% ownership in AEP.

Subsequent to quarter end, in July 2020, DMS, an investee company of Clairvest and CEP V, completed its transaction with Leo Holdings Corp., becoming publicly traded on the NYSE under the symbol DMS. Upon the completion of the transaction, Clairvest and CEP V received cash proceeds of US$7.9 million and US$18.5 million respectively and 6,058,016 and 14,135,371 Class A common shares of DMS respectively, which in aggregate represents approximately 34.7% of total outstanding shares of DMS. Clairvest and CEP V are subject to a 6-month hold period on their DMS shares and have customary registration rights and would expect any sale of such shares to be conducted pursuant to a resale prospectus. Clairvest and CEP V also received 276,653 and 645,524 publicly traded warrants (NYSE: DMS WS) respectively, which are convertible into Class A common shares at an exercise price of USD$11.50 per warrant.

Also subsequent to quarter end, Clairvest paid an annual ordinary dividend of $0.10 per share and a special dividend of $0.4555 per share, such that in aggregate, the dividends represent 1% of the March 31, 2020 book value. Both dividends were paid on July 24, 2020 to common shareholders of record as at July 3, 2020 and are eligible dividends for Canadian income tax purposes.

Summary of Financial Results – Unaudited
Financial Results	Quarter ended
	June 30
	2020		2019
($000’s, except per share amounts)	$		$
Net investment gain(1)	74,690		19,484
Net carried interest from Clairvest Equity Partners III and IV	(7,885	)	2,244
Distributions, interest income, dividends and fees	11,142		6,553
Total expenses, excluding income taxes	6,287		23,188
Net income and comprehensive income	64,352		5,878
Basic and fully diluted net income per share	4.27		0.39