News Article | May 4, 2017
TORONTO, ONTARIO--(Marketwired - May 4, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced unaudited financial results for the quarter ended March 31, 2017. AUM was approximately $2.5 billion at March 31, 2017, versus $2.3 billion for the quarter ended March 31, 2016. Net earnings for the quarter ended March 31, 2017 from continuing operations were $0.5 million or $0.02 per share versus net loss from continuing operations of $0.0 million or $(0.00) per share in the quarter ended March 31, 2016. Management fees and other income were higher, at $4.0 million versus $2.6 million in the same quarter in 2016. Earnings before interest, taxes, depreciation and amortization, and stock based-compensation ("EBITDA") improved to $0.9 million from negative $0.2 million in the same quarter of the previous fiscal year. Investment losses of $0.1 million, which are not reflected in the calculation of EBITDA, contributed negatively to net income in the quarter. Cash flow from operations for the six months ended March 31, 2017 was $0.9 million this year compared to negative $0.9 million in the same six months of the previous fiscal year. The Corporation reported consolidated expenses for the quarter of $3.1 million, up $0.4 million from $2.7 million in the second quarter of fiscal 2016. AUM remained at $2.5 billion as compared to December 31, 2016. Of that, approximately $734 million is committed but not yet invested capital from real estate, private debt and infrastructure debt operations. John Robertson, President and CEO, said, "We first announced in 2014 our strategy of focusing on our two core businesses, private debt and real estate, and becoming a pure-play institutional manager. The closing of the sale on March 31, 2017 of our managed futures business completed the divestiture of non-core businesses. Private debt and real estate have been growing and are performing well. We earn our management fees on invested capital, not committed capital. The debt and real estate teams combined in the quarter to invest $151 million. This earned a total of $1.5 million in acquisition and commitment fees, as well as making a meaningful increase in recurring, long-term management fee revenue, compared to the same quarter of fiscal 2016, in which we earned $0.3 million in acquisition and commitment fees. We are pleased with these results, and gratified by the success of our strategy. Next quarter will reflect exclusively the results of our core operations. We believe IAM is well-positioned to continue to build on the strength reflected in these results. During the second quarter we made good progress in deploying committed but uninvested capital. We are generating steady growth in recurring, long-term management fees which will continue for the balance of the year as additional investments are made. As a result, we expect to see further improvement in earnings as we experienced in the second quarter and more stable earnings as recurring, long-term management fees grow." Shortly after quarter end, it was announced that Rick Zagrodny, President of the IAM Real Estate Group, will be retiring effective September 30, 2017 after 33 years of service. As planned, David Pappin, who joined a year ago as Chief Operating Officer of the Real Estate Group, will succeed Rick as President of the IAM Real Estate Group. John Robertson said, "We would like to acknowledge Rick's significant contributions over the years, thank him for his long and loyal service and wish him a long and rewarding retirement." Also during the quarter, Don Bangay, most recently Vice Chair of the IAM Private Debt Group, and long-serving Chief Investment Officer, retired in February of this year. Don was instrumental in the establishment of the highly successful Private Debt Funds. He will continue to chair the Investment Committee of the Private Debt Group. John Robertson said, "I have worked closely with Don for the last 16 years and appreciate his major contribution to IAM and his advice and support for me over those years." The Corporation's Normal Course Issuer Bid ("NCIB"), pursuant to which IAM may purchase its common shares for cancellation, expires on May 23, 2017. The Corporation intends to seek the approval of the Toronto Stock Exchange to renew the NCIB for another 12 month period. From October 1, 2016 to March 31, 2017 the Corporation purchased nil common shares under the NCIB. For detailed financial statements for the quarter, including Management's Discussion and Analysis, please refer to IAM's website at www.iamgroup.ca or SEDAR at www.sedar.com after May 8, 2017. IAM is one of Canada's leading alternative asset management companies with approximately $2.5 billion in assets and committed capital under management in real estate and private debt as of May 4, 2017.
News Article | May 8, 2017
TORONTO, ONTARIO--(Marketwired - May 8, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its real estate team, IAM Real Estate Group, announce the opening for investment of the IAM Real Property Fund. Originally launched in 2014, the fund is now an open investment vehicle, having been closed for the initial investment period. With the completion of the investment program, the fund is now open for additional investor commitments. The IAM Real Property Fund is currently $ 150 million, as at April 30, 2017 and comprises a high quality portfolio of 21 properties in 4 provinces, with very strong returns. The fund is the 13th in a sequential series of highly successful funds that began in 1982. It is now open quarterly for commitments and redemptions. Rick Zagrodny, President of the IAM Real Estate Group said: " We are following our time-tested strategy of patient investing, focusing primarily on small to mid-size industrial properties along with select retail and commercial opportunities, in major markets across Canada. This approach has delivered industry leading results for almost 35 years. The IAM Real Property Fund is particularly well suited for real estate investors seeking stable, predictable current income and lower volatility." IAM is one of Canada's leading alternative asset management companies with approximately $2.5 billion in assets and committed capital under management in real estate, private debt and infrastructure debt.
News Article | April 25, 2017
TORONTO, ONTARIO--(Marketwired - April 25, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, IAM Private Debt Group ("PDG"), announce the closing on April 12, 2017 of a senior loan to SaltWire Network Inc. The capital raised by SaltWire Network Inc. will assist in working capital needs and asset purchase of TC Transcontinental's Atlantic Canada newspapers. "IPD's strong support and professional team of analysts was instrumental in the success of the transaction," said SaltWire President and CEO Mark Lever. IAM Private Debt Group manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. PDG offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts. IAM is one of Canada's leading alternative asset management companies with approximately $2.6 billion in assets and committed capital under management in real estate and private debt.
News Article | May 17, 2017
TORONTO, ONTARIO--(Marketwired - May 17, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, IAM Private Debt Group ("PDG"), announce the closing of a $28,000,000 senior term loan to The S.M. Group International Inc. (SMi). The capital raised by SMi will replace current bank facilities, and support the company's ongoing growth. Founded in 1972, SMi is a privately-owned engineering, integration and construction management company which distinguishes itself for its know-how and multidisciplinary expertise. The company focuses on the deployment of safe, sustainable and high level integrated solutions for various types of infrastructure projects to ensure future generations a better quality of life. Over the years, SMi has integrated engineering, project management, environmental protection and systems integration in order to provide comprehensive solutions tailored to each clients' needs. Their flexibility and ability to combine the expertise of its various departments make SMi a key player in various sectors of activity such as infrastructure and development, environment, energy optimization, engineering materials, building, production and distribution of energy, earth sciences, security, systems integration, telecommunications and oil and gas industries. Greg Dimmer, Managing Director at IAM Private Debt Group said "SMi is a leader in their various business segments with participation in many of Canada's major infrastructure projects currently underway. We're excited to partner with SMi and to provide capital for the continued growth of the company's operations across Canada and internationally." IAM Private Debt Group manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM PDG offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts. IAM is one of Canada's leading alternative asset management companies with approximately $2.5 billion in assets and committed capital under management in real estate and private debt.
News Article | May 12, 2017
TORONTO, ONTARIO--(Marketwired - May 12, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced that the Toronto Stock Exchange (the "TSX") has approved IAM's notice of intention to renew its normal course issuer bid for the purchase for cancellation of certain of its common shares. As at May 11, 2017, there were 27,954,295 issued and outstanding common shares of IAM. Under this renewal of the normal course issuer bid, IAM is permitted to purchase up to 1,397,715 common shares (representing 5.0% of the issued and outstanding common shares) at prevailing market prices during the 12 month period commencing May 24, 2017 and ending May 23, 2018. Except where reliance is placed on the TSX's block purchase exemption, IAM may purchase up to 2,008 common shares on the TSX on any trading day, which represent 25% of the average daily trading volume on the TSX of 8,033 shares for the most recently completed six calendar months prior to the date of the notice. Purchases will be executed through the facilities of the TSX and/or other alternative Canadian trading systems at prevailing market prices under the rules and policies of the TSX. All securities purchased by IAM under the normal course issuer bid will be cancelled. Under the previous normal course issuer bid which came into effect on May 24, 2016 and will expire on May 23, 2017 IAM purchased nil common shares, representing 0.0% of the outstanding common shares at the commencement of the normal course issuer bid. On May 11, 2017, the common shares closed at $1.47. IAM considers that these purchases from time to time at prevailing market prices may provide liquidity for shareholders and be a worthwhile investment for both IAM and its shareholders. IAM is one of Canada's leading alternative asset management companies with approximately $2.5 billion in assets and committed capital under management in real estate and private debt.
News Article | February 23, 2017
TORONTO, ONTARIO--(Marketwired - Feb. 23, 2017) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) and its private corporate debt group, IAM Private Debt Group ("PDG"), announce the funding on February 2, 2017 of a $40 million loan to Fortress Bioenergy Ltd. ("FBEL"), a wholly owned subsidiary of Fortress Paper Ltd. ("Fortress Paper"). FBEL is the owner and operator of the electricity cogeneration facility located at the Fortress Specialty Cellulose Mill in Thurso, Quebec. The loan was the first investment made by the IAM Infrastructure Debt Fund. Philip Robson, President of the IAM Private Debt Group, said "with this loan we have launched the investment program for our Infrastructure Debt Fund, taking advantage of our extensive experience in infrastructure lending, having provided financing for toll bridges, wind farms, solar energy, biomass and cogeneration facilities and municipal waste treatment. We are excited to support another operational bio-energy project in the province of Quebec. Fortress Paper continues to invest in their Thurso, Quebec facilities and we are pleased to be part of the financing team." Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products. The Company operates its dissolving pulp business at the Fortress Specialty Cellulose Mill located in Canada, which has expanded into the renewable energy generation sector with the construction of a cogeneration facility. The Company operates its security paper products business at the Landqart Mill located in Switzerland, where it produces banknote, passport, visa and other brand protection and security papers. IAM is one of Canada's leading alternative asset management companies with approximately $2.6 billion in assets and committed capital under management in real estate and private debt.
News Article | December 2, 2016
TORONTO, ONTARIO--(Marketwired - Dec. 2, 2016) - Integrated Asset Management Corp. ("IAM") (TSX:IAM) today announced its financial results for the fiscal year ended September 30, 2016. Net income was $0.1 million or $0.00 per share in the current year versus net income of $1.1 million or $0.04 per share in the prior year. In aggregate, AUM were approximately $2.6 billion as at September 30, 2016 up approximately $927 million from the prior year end. AUM in IAM Private Debt increased approximately $907 million in fiscal 2016. During the year IAM Private Debt Group closed two funds raising $667 million and $347 million respectively. This increase was partially offset by distributions to investors of routine principal repayments received on loans in pre-existing private debt funds. Adjusted EBITDA was $1.1 million in fiscal 2015 and $0.2 million in fiscal 2016. Excluding the impact of net performance fees ($0.7 million and $0.4 million in fiscal 2015 and 2016 respectively), Adjusted EBITDA decreased from $0.4 million in fiscal 2015 to ($0.2 million) in fiscal 2016. A significant portion of this decrease resulted from one-off staffing expenses. Investment gains (losses) are excluded in the calculation of Adjusted EBITDA. John Robertson, Chief Executive Officer said, "2016 was a transition year for the Corporation. The Private Debt Group raised over $1 Billion; $667 million in our fifth Corporate Debt Fund and $347 million in our first long-term Infrastructure Debt Fund. This is expected to significantly increase revenue and profitability from growing management fees over the next two years, and beyond, as the committed capital is invested. The Real Estate Group had a very strong year as they invested over $100 million in their thirteenth fund. The team is now preparing to raise additional capital in 2017 for this fund as it becomes an open fund following completion of the initial investment period. Over the course of the year we completed our re-organization, with a one-time cost of approximately $1.0 million. A substantial reduction in operating expenses will be seen in 2017 and the years following. Unfortunately, the strong performance in our Managed Futures fund over the previous two years reversed sharply, resulting in an unrealized loss of $0.5 million for the year. The deployment of capital we have raised, combined with the overhead reduction made in 2016, is expected to lead to a very strong performance in 2017." For detailed financial statements for the year, including Management's Discussion and Analysis and the Corporation's Annual Information Form, please refer to IAM's website or SEDAR at www.sedar.com after December 8, 2016. IAM is one of Canada's leading alternative asset management companies with approximately $2.6 billion in assets and committed capital under management in real estate, private debt and managed futures as of December 1, 2016. This press release may contain forward-looking statements with respect to IAM and its products and services, including its business operations and strategy and financial performance and condition. Although management believes that the expectations reflected in any such forward-looking statements are reasonable, such statements involve risks and uncertainties. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, including interest rates, business competition, changes in government regulations or in tax laws, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time.
Fillery B.P.,Integrated Asset Management |
Fillery B.P.,University of Western Australia |
Hu X.Z.,University of Western Australia
Engineering Fracture Mechanics | Year: 2012
A Compliance Adjusted Weight Function (CAWF) approach has been recently developed to enable the estimation of stress intensity factor in thermal shocked cracked hollow cylinders with finite boundary restraint. In this article the CAWF approach is used to analyse three case studies that collectively encompass the hollow cylinder configurations, crack configurations and load configurations with which this CAWF formulation is currently applicable. The results of these analyses highlight that the CAWF approach is suitable for estimates within 5-10% of benchmark fracture mechanics finite element values for a wide range of targeted cracked hollow cylinder configurations and boundary restraint. An exception occurs for the semi-elliptical surface cracked hollow cylinders, where a free boundary effect can be observed at a free or near free boundary restraint condition. © 2011 Elsevier Ltd.
News Article | July 18, 2014
Forbes, an iconic American financial media brand, will soon be largely owned by investors in Hong Kong. Forbes Media announced Friday that it has agreed to sell a majority stake to a group of international investors led by Integrated Asset Management and including Wayne Hsieh, the cofounder of Asus. The Forbes family, including longtime editor-in-chief and onetime aspiring politician Steve Forbes, 67, will hold onto a "significant" ownership stake in the company. Steve Forbes will continue to serve as the company's chairman and top editor. In a statement, the family and its new majority owners framed the deal as a way to ensure Forbes' brand and journalistic operations continue to expand. “Our partners respect our brand and values, and support our longstanding mission of championing entrepreneurship and free market capitalism through quality, independent business journalism," Steve Forbes said in a statement. "The best evidence of their commitment to what we stand for is their insistence on the continued involvement of the Forbes family, the current management and our highly talented editorial team." He added: "I will remain deeply involved in the future of the company.” Forbes had reportedly been in talks for a deal since last fall. Fortune reported in February that Forbes had rebuffed a $175 million offer from Time Warner. Around the same time, The Deal reported that Forbes might be sold to Fosun for less than $250 million. Terms of the majority sale were not disclosed on Friday, but sources close to the transaction said the deal valued Forbes at $475 million. Forbes Media declined to comment on the price. UPDATE 12:46 pm ET Friday: An earlier version of this story cited a source saying Forbes sold a majority stake for $475 million. After talking to additional sources, we've clarified that the deal actually gave Forbes an enterprise value of $475 million.