285 0 Kommentare Helios Fairfax Partners Reports First Quarter Financial Results

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TORONTO, May 10, 2023 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the three months ended March 31, 2023. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the interim consolidated financial statements prepared using International Financial Reporting Standards, except as otherwise noted.

Management Commentary

“The HFP team made significant progress monetizing Legacy Non-Core Investments in the first quarter of 2023, realizing of $28 million in proceeds from two Legacy Non-Core Investments. As of March 31, 2023, HFP had approximately $118 million in Insured and Guaranteed and Other Legacy Non-Core Investments and we remain extremely focused on seeking liquidity for this portfolio in order to redeploy cash into Helios Funds and to seed new investment strategies. With $149 million in cash available at the end of the quarter, the company continues to be well positioned to originate high quality investment opportunities and harness the wealth of investment opportunity in Africa.”

Highlights During and Subsequent to the First Quarter of 2023

Received $28.2 million in proceeds from the exits of the CIG Loan and the AFGRI International Facility as HFP continues the orderly divestment of Other Legacy Non-Core Investments. Other Legacy Non-Core Investments were $25.9 million as at March 31, 2023 as compared to $55.4 million as at December 31, 2022.
Funded a capital contribution of $1.4 million for Helios Fund IV to make a follow-on investment in a reinsurance company.
Received $0.4 million in distributions representing carried interest from TopCo LP.
The company transferred its investment in Other Common Shares and cash of $14.1 million, for a total investment of $30.0 million, to Helios Seven Rivers Fund Ltd. (“Seven Rivers”) in exchange for a 93.7% equity interest in Seven Rivers; Seven Rivers is a strategy developed to apply hedge fund style investment processes to investments made in African public securities markets.