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SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers; Amend Reporting Threshold to Reflect Today’s Equities Markets


Washington D.C., July 10, 2020 —The Securities and Exchange Commission today announced that it has proposed to amend Form 13F to update the reporting threshold for institutional investment managers and make other targeted changes. The threshold has not been adjusted since the Commission adopted Form 13F over 40 years ago.

Form 13F was adopted pursuant to a 1975 statutory directive designed to provide the Commission with data from larger managers about their investment activities and holdings, so that their influence and impact could be considered in maintaining fair and orderly securities markets.

“Monitoring equity holdings of large institutional investment managers is an important part of our regulation and oversight of the securities markets,” said SEC Chairman Jay Clayton. “Today’s proposal will update, for the first time in over 40 years, the 13F reporting threshold to a level that furthers the statutory goal of enabling the SEC to monitor holdings of larger investment managers while reducing unnecessary burdens on smaller managers.”

New Reporting Threshold

In 1978, when Form 13F was adopted, the threshold for filing the form was set at $100 million, the amount in the underlying statute and representing a certain proportionate market value of U.S. equities. Since then, the overall value of U.S. public corporate equities has grown over 30 times (from $1.1 trillion to $35.6 trillion), and the relative significance of managing $100 million has declined considerably. The Commission and staff have received recommendations to revisit the Form 13F reporting threshold from a variety of sources over the years, including from the Commission’s Office of the Inspector General.

Today’s proposal would raise the reporting threshold to $3.5 billion, reflecting proportionally the same market value of U.S. equities that $100 million represented in 1975, the time of the statutory directive. The new threshold would retain disclosure of over 90% of the dollar value of the holdings data currently reported while eliminating the Form 13F filing requirement and its attendant costs for the nearly 90% of filers that are smaller managers. In addition, since the initial 13F thresholds were established in 1978, the Commission has added other data collection tools, including N-PORT.

The proposal includes an analysis of alternate approaches to adjusting the reporting threshold, including the use of consumer price inflation and stock market returns; the increase in Form 13F filers over the past four decades; and the increase in the overall size of the U.S. equities market over time. Under the proposed amendments, the aggregate value of section 13(f) securities reported by managers would represent approximately 75% of the U.S. equities market as a whole, as compared with 40% in 1981, the earliest year for which Form 13F data is available.

Relief for Smaller Managers

The legislative history of the 1975 statute indicates that the reporting threshold of $100 million was intended to capture the largest institutional managers. The proposed adjusted threshold would provide relief to smaller managers who are now subject to Form 13F reporting, while retaining data on over 90% of the dollar value of the securities currently reported.

The proposal includes an analysis of the estimated costs and burdens on smaller managers in filing Form 13F. For example, the proposal estimates that total annual direct compliance cost savings for smaller managers who would no longer file reports on Form 13F would range from $68.1 million to $136 million. In addition, the proposal discusses indirect costs faced by smaller managers, such as those associated with potential front-running and copycatting, which may increase the costs of investing for smaller managers and hinder their investment performance, with potential effects on their portfolios’ owners.

Other Proposed Changes

Recognizing that market conditions will continue to evolve, the proposal also would direct the staff to review the Form 13F reporting threshold every five years and recommend an appropriate adjustment, if any, to the Commission. Additionally, the proposal would eliminate the ability of managers to omit certain small positions, thereby increasing the overall holdings information required from larger managers. The proposal also would require managers to report additional numerical identifiers to enhance the usability of the information provided on the form, and amend the instructions relating to requests for confidential treatment of Form 13F information.

Request for Comment

The proposal will be published on the Commission’s website and in the Federal Register. There will be a 60-day comment period following publication in the Federal Register.

The proposal includes specific requests for comment on the proposed threshold, and whether an alternative method to adjust the threshold should be considered, as well as on the estimates of the burdens and costs to investment managers, particularly smaller managers, in preparing and filing Form 13F.

*  *  *


Reporting Threshold for Institutional Investment Managers


The Commission is proposing to raise the reporting threshold for Form 13F and to make certain other changes to the form.


Section 13(f) of the Securities and Exchange Act was adopted as part of the Securities Acts Amendments of 1975 (“1975 Amendments”). Section 13(f) requires a manager to file a report with the Commission if the manager exercises investment discretion with respect to accounts holding certain equity securities (“13(f) securities”) having an aggregate fair market value on the last trading day of any month of any calendar year of at least $100 million. Section 13(f) also gives the Commission broad rulemaking authority to determine, among other things, the size of the institutions required to file reports and the authority to raise or lower the threshold.

In 1978, the Commission adopted Rule 13f-1, requiring managers to file quarterly reports on Form 13F if the accounts over which they exercise investment discretion hold an aggregate of more than $100 million in 13(f) securities.


The proposed amendments to Form 13F and rule 13f-1 under the Securities Exchange Act of 1934 would raise the threshold for reporting specified equity securities on Form 13F from $100 million to $3.5 billion, the first change to the threshold since the form was adopted in 1978. The proposal would also direct the staff to conduct reviews of the Form 13F reporting threshold every five years and recommend an appropriate adjustment to the Commission, if the staff believes after such review that additional adjustments should be made to the threshold.

The proposed adjusted threshold is based on the growth of the U.S. equities market that occurred between the adoption of section 13(f) in 1975 and December 2018, and is intended to reflect proportionally the same market value of U.S. equities that $100 million represented in 1975. The adjusted threshold is designed to achieve the goals of Form 13F–including the submission of filings by larger managers that cover a large proportion of managed assets, while limiting the burdens of reporting and minimizing the number of filers–as applied to today’s market size. In 1975, filers representing holdings of approximately 75% of the dollar value of all institutional equity security holdings were subject to the reporting requirements. Under the increased threshold, similarly, the aggregate value of securities reported by managers would represent approximately 75% of the U.S. equities market as a whole. As shown in the following charts, the proposal would retain disclosure of over 90% of the dollar value of holdings data currently disclosed through Form 13F, while exempting smaller asset managers, who represent the majority of current filers.

* Source:  The estimates in these figures are based on SEC staff analysis of Form 13F holdings data reported by institutional investment managers as of December 31, 2018.

In addition, the proposal would eliminate the omission threshold that currently permits managers to exclude from the form certain small positions. The proposal also would (a) require managers to report certain numerical identifiers to enhance the usability of the information provided on Form 13F; (b) make certain technical amendments to modernize the information reported on Form 13F; and (c) conform the standard for SEC review of requests for confidential treatment of Form 13F information with a recent decision by the U.S. Supreme Court.

Possible Reduction in Costs and Burdens to Smaller Managers

The proposal describes and requests comment on direct compliance costs associated with Form 13F, including (1) developing and maintaining internal hardware and software systems, (2) utilizing internal and external legal and compliance resources for advice and review, including analysis of whether holdings qualify for confidential treatment, (3) preparing the information for submission, and (4) undertaking other reviews or compliance activities as part of the manager’s overall compliance program. The proposal estimates that, for smaller managers that would no longer file reports on Form 13F under the proposed threshold, these direct compliance costs could range from $15,000 to $30,000 annually per manager, depending on certain factors, resulting in direct compliance cost savings for these managers per year ranging from $68.1 million to $136 million.

The proposal also describes and requests comment on indirect costs associated with Form 13F, including the use of Form 13F data by other market participants to engage in front running (which primarily harms the owners of a portfolio) or copycatting (which potentially harms the portfolio manager) of the investment portfolios of smaller managers, which may increase the costs of investing for smaller managers and hinder their investment performance, with potential effects on their portfolios’ owners. In addition, the proposal discusses (a) the costs to smaller managers of requesting confidential treatment of Form 13F information and (b) costs to the Commission associated with staff time and resources spent addressing smaller managers’ inquiries and requests for assistance regarding compliance with Form 13F reporting obligations.

The proposal includes adjustments to the existing burdens for Form 13F for purposes of the Paperwork Reduction Act of 1995, and requests comment on those adjustments, as well as the initial and ongoing annual burden estimates associated with the proposed amendments to Form 13F.

What’s Next?

The proposal will be published on the Commission’s website and in the Federal Register. There will be a 60-day comment period following publication in the Federal Register.

Brand X Lifestyle Corp – CBIO Meets Initial Revenue Milestones


Vancouver, British Columbia–(Newsfile Corp. – July 10, 2020) – Brand X Lifestyle Corp. (CSE: BXXX) (“Brand X” or the “Company”) The Company is pleased to announce that further to its news release of March 11, 2020, CBIO Brand Development Inc. (“CBIO”) has met the first and second milestones in accordance with the Share Exchange Agreement between the Company and CBIO.

CBIO met the first milestone of gross revenue of $500,000 on May 12, 2020, and the second milestone of gross revenue of $1,000,000 on June 9, 2020. The Company will release 1,725,000 shares for the first milestone and 1,725,000 shares for the second milestone to the shareholders of CBIO, pursuant to the terms of the Share Exchange Agreement. “We are extremely happy with the effort of everyone involved in reaching these two milestones and expect to continue adding value to Brand X in the near future,” said Lisa Little, President of CBIO.

About Brand X Lifestyle Corp.

Brand X is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies. Brand X leverages its extensive network of operators and global thought leaders to provide investors with unparalleled access to investments that are not normally accessible to the average retail investor. In addition to Ag Tech and Mining Tech IP, the Brand X portfolio now includes IP within the Global Hemp Consumer Brand vertical. Brand X provides capital, experience, and support to emerging market leaders in the progressive health, wellness, and technology spaces while building shareholder value.


Arni Johannson, CEO
Tel: 604-349-3011

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59518

Pisano Secures $2.5 Million Investment in a Round Led by CEE Fintech Investor Elevator Ventures



Pisano, a European tech company that enables businesses to listen to the voice of their customers and employees, engage with them in real-time and make more revenue via improving customer and employee experience, closed its $2.5 Million investment round. The round was led by CEE Fintech Investor Elevator Ventures (EV), which is the venture capital arm of Raiffeisen Bank International (RBI).

Founded in 2015, Pisano currently operates in more than 20 countries across Europe, the Middle East, North Africa and Asia-Pacific. With this new investment and the partnership, the company is aiming to focus on growth and to deepen its presence in the Central and Eastern Europe Market.

“Our collaboration with EV started with RBI’s fintech partnership program Elevator Lab, where we shared our solutions from a start-up perspective. The relationship developed from a successful PoC with RBI to a growth investment,” said, Ozkan Demir, Co-founder and CEO at Pisano. Adding that they “will continue to invest in talent, technology and leadership across the organization to bring even more value to employees, customers and investors.”

Pisano’s experience management solutions transform the way companies like RBI, İş Bank, AXA, ISS, Vestel and Landmark Group operate by bridging the experience gap across organizations — from the frontline, all the way to the boardroom. Resulting in more engaged employees, happier customers and more profitable businesses.

“We see superior customer experience as one of the key success factors in banking. Besides Pisano’s powerful platform also the suitability for financial institutions and adjunct services convinced us to invest,” said Thomas Muchar, Managing Director at Elevator Ventures.

ZhongAn Successfully Priced Inaugural US$600 million 5-year Senior Unsecured Notes Issue



ZhongAn Online P & C Insurance Co., Ltd. (“ZhongAn Online” or “ZhongAn” or the “Company”, HKEx: 6060), a leading online InsureTech company in China, today announced the successful pricing of its US$600 million 5-year 3.125% senior unsecured notes (the “Notes”) on July 9, 2020, which are expected to be listed on the Hong Kong Stock Exchange. The Joint Global Coordinators and Joint Bookrunners of this issuance are J.P. Morgan, Credit Suisse, China International Capital Corporation and Morgan Stanley.

This marks ZhongAn’s inaugural public bond issuance in the offshore capital markets. Moody’s Investors Service, a leading international credit rating agency, has assigned a Baa1 insurance financial strength rating (IFSR) to the Company with Stable outlook, and a Baa2 rating to the Notes. Moody’s noted in its rating report that, ZhongAn’s Baa1 IFSR reflects its market presence as the leader in China’s online insurance sector, its strong capitalization, improved product diversification, and low high-risk asset leverage. With stable outlook, Moody’s expects that ZhongAn will continue to maintain strong capitalization and gradually improve its underwriting profitability. Such rating of the Notes does not constitute a recommendation to buy, sell or hold the Notes, does not address the likelihood or timing of prepayment and may be subject to revision, qualification, suspension or withdrawal at any time by Moody’s.

The issuance garnered significant interest from international investors. With an oversubscription exceeding 6 times at orderbook peak, the final price was 285 basis points above the on-the-run 5-year U.S. Treasury bond, tightening by 45 basis points from initial price guidance. In addition, the financing scale of US$600 million is the largest debut USD bond offering by Asian corporates in 2020YTD, and also ranks No. 1 in global InsureTech debt financing. This demonstrates the confidence the capital markets investors have in ZhongAn’s competitive strengths, business model and growth prospects.

Net proceeds from the issuance is intended to be used by the Company for working capital and general corporate purposes. In embracing the “Insurance + Technology” dual engine strategy, ZhongAn will continue to explore numerous application scenarios and capitalize on the vast growth potential of the InsureTech market. Throughout the COVID-19 epidemic, insurance technology has played a significant role in the digital transformation of health insurance and the entire insurance industry. This trend is in line with ZhongAn’s plans for strategic development. Recently, ZhongAn announced a positive profit alert and expected net profit attributable to owners of the Company of the first half of 2020 (the “Period”) to increase by no less than 100%. During the Period, the Company’s gross written premiums increased steadily and combined ratio further improved, thus narrowing underwriting loss. This demonstrates the great efforts of the Company to further improve its financial performance.

With the issue of the Notes, ZhongAn believes it will better finance its business development initiatives, while optimizing its capital structure and enhancing international credibility. ZhongAn also believes that its access to diversified financing channels in the future will help sustain the Company’s stable and long-term growth. In addition, the Company believes that the successful notes issue is a positive sign for ZhongAn to strengthen its brand recognition and further expand its international footprint.

Monazita Resources Ltd. Disposes of Common Shares of Aura Minerals Inc.


Road Town, Tortola, British Virgin Islands–(Newsfile Corp. – July 9, 2020) – Monazita Resources Ltd. (“Monazita Resources“), announces that on July 7, 2020 it disposed of 626,090 common shares of Aura Minerals Inc. (“Aura“) in connection with a secondary offering of Brazilian depository receipts (certificados de depósito de ações, or “BDRs“), pursuant to an Underwriting Agreement dated July 2, 2020 among the Issuer, Monazita Resources and a syndicate of underwriters (the “Underwriting Agreement“) and a Placement Facilitation Agreement dated July 2, 2020 among the Issuer, Monazita Resources and certain agents acting on their behalf in connection with the offer (the “Facilitation Agreement“). The common shares were sold at a price of Cdn$204.75 per share for aggregate consideration of Cdn$128,191,927. The common shares sold represented approximately 14.38% of Aura’s issued and outstanding common shares.

Following the completion of the secondary offering, Monazita Resources owns or has control or direction over an aggregate of 93,913 common shares representing approximately 2.16% of Aura’s issued and outstanding common shares. Monazita Resources has agreed to sell the remaining 93,913 common shares that it holds in connection with an overallotment option of BDRs, if and to the extent exercised, pursuant to the terms of the Underwriting Agreement and the Facilitation Agreement.

Monazita Resources has prepared an early warning reporting in accordance with the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues that will appear under Aura’s profile on www.sedar.com.

For additional information, or to obtain a copy of the early warning report, please contact:

Monazita Resources Ltd.
Quijano Chambers, 3159
Road Town – Tortola – BVI

Attn: Maria Carolina Papa Pagano

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59484

Lighthouse Global Holdings, Inc. (LHGI) Announces Signing of MOU with ENP1C, a Solar Energy Company with 60MW Renewable Energy Project


LIGHTHOUSE GLOBAL HOLDINGS, INC. (LHGI), a Holdings Company for Tech Start-ups, is set to expand its acquisition target to include a range of revenue generating companies that have impact on the ESG (Environmental, Social, Governance) sectors

Las Vegas, Nevada–(Newsfile Corp. – July 9, 2020) – Lighthouse Global Holdings, Inc. (OTC Pink: LHGI) (“LHGI”) has signed an MOU with Embrace Nature Power1 Corporation, Philippines (ENP1C), to acquire up to Twenty (20%) percent in exchange for LHGI ordinary restricted shares upon the commissioning of the Renewable Energy Plant, subject to ENP1C’s performance.

MOU Signed Between LHGI and ENP1C

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ENP1C is a new generation developer of 60MW Solar Power Project; Phase 1 – a 44MW and Phase 2 – a 16MW Solar Energy farm under Service Contracts with Department of Energy, both of which are located in General Santos City, South Cotabato, Philippines. ENP1C has secured a 486 hectares duly blocked by the Department of Energy (DOE).

ENP1C is fully entrenched as a renewable energy developer in the Philippines to explore, develop and operate its natural resources such as solar, wind, hydro, biomass, and waste-to-energy markets. In September 2019, the DOE is targeting to triple the existing renewable capacity of 5,438 MW in 2010 to 15,304 MW by 2030 (Fig 1). Solar energy is projected to grow more than 300% from 2018 to 2030, the biggest sector of renewable in Philippines.

Danny Lim, CEO of Lighthouse Global Holdings Inc., rationalized, “The solar renewable market is projected to grow exponentially in the next 10 years. Being one of the world’s most expensive rate for electricity means ENP1C has a great leverage to make lucrative profit when it is operational. The EPC cost of a Solar farm has decreased rapidly but is not yet congruent to the prevailing expensive electrical bills in the country. For certain as we move forward, Solar energy will play a very vital role in bringing down the future electrical cost that will benefit the end consumers. Looking forward by defraying household cost and thus constitutes to increase their power spending attributed to this industry.”

Upon the MOU is executed, LHGI will start its due diligence on ENP1C’s financial and technology edge in consonance to its future expansion plans for the Philippines energy market.

LHGI is overwhelmingly aggressive towards the pursuit in the acquisition of technology entities in the Philippines. Just 3 weeks ago, LHGI has signed another MOU with AERO360, a drone technology solutions company. What would be the significance of all these undertakings?

“AERO is a profitable and fast growing company. From the last signing, they had been engross tendering for a number of contracts, while we do our due diligence. We will possibly enter into a more definitive agreement soon. As for ENP1C, it is a basic utility and project based company which is a fundamental core of countries economic growth. Its potential market demand is dynamic and environmentally sustainable. To achieve its fulfillment requires extensive cost and effective studies from pre-development to its construction phase. It is keen to take off its wings by first quarter of 2022. LHGI is driven to install and construct this project as per specified milestone with a 20% equity stake,” commented Danny.

Danny added, “However, for now, ENP1C will need to raise substantial funds to develop their projects. Strategically, LHGI has another Tech Startup known as Projagg, which we had acquired in November 2018. Projagg had since been revamped and redesign to help developers, such as ENP1C to raise funds and to ensure transparency and accountability throughout the entire development phase. This is one of the many projects we have in place for Projagg when we do a soft launch in August. This is an excellent alignment of interest for all our partners, associates and stakeholders.”

Projagg, as mentioned by Danny, is a project aggregator for the real estate and project development. It will be interesting to note that all funds raised for LHGI’s acquisition plans will be conducted via the Projagg platform. This literally means Projagg will have a ready pool of projects to kickstart. It is intriguing, though challenging, to see how LHGI is piecing all their strategic acquisitions to assist each other.

Yan V. Amante, the President and CEO of ENP1C, is confident. “The challenge for getting a solar farm project in Philippines is extremely tedious and involves enormous paper works. It is incredible to earn such numerous entitlements and we surpassed it. Thankfully, due to President Duterte’s new reforms, this project will be more competitively profitable than previously planned imparted upon by the Renewable Portfolio Standard (RPS) Law. The imperative imposition to all Distribution Utilities and other exposed fossil driven industries to avail a mandatory support of renewable energies. With LHGI’s partnership, we believe we will be able to raise the required amount to kickstart development soonest. This is only the beginning of many projects in our pipeline. We are pleased to be working with Danny and his team.”

Electricity prices in the Philippines are amongst the highest in Southeast Asia at about US$0.20 per kWh. This is due to the long monopolization of Power Supply, as well as the country’s dependence of imported fossil fuels. However, situations are favorably changing as the government introduces more efficient fair and reasonable regulations.

The dramatic reduction of power utility cost may paves way to a better life to Filipinos as well as the protection and preservation of our environment and habitat. LHGI is redirecting its business portfolio towards a symbiotic impacts on social, technology and economic balance with sturdy foundation to generate sound profit and revenues resiliency.

The AERO360 drone company bears complementary projects with ENP1C and Projagg spearhead its platform to aggregate all these projects for the provisions of required equivalent funding.

About Lighthouse Global Holdings, Inc.:

Lighthouse Global Holdings, Inc. is a diversified holdings company that acquires emerging companies in key industries where rapid revenue growth and market share penetration are poised for significant gains or simply a joint venture. Our main focus is to acquire, nurture and partner with technology-driven startups to bring them to NASDAQ or any National Exchanges in 5 years. Our target companies must have revenue or a ready market, competent management teams with in-depth experience in their industry and have developed products or services that have a unique edge in their marketplace. Our evaluation matrix and consultant screening process help us filter hundreds of opportunities to effectively pick companies that can grow and evolve into high performing growth entities. In short, we hope to be one of the largest “Unicorn Breeder” in time to come.

For more information on Lighthouse Global Holdings, Inc., visit www.LHGIncorp.com


Jem Castro

Accrualify Launches Corporate Card Program


Accrualify leverages the benefits of Visa’s Fintech Fast Track Program and launches a new corporate card solution providing robust spend controls to finance departments

San Mateo, California–(Newsfile Corp. – July 9, 2020) –

Accrualify Logo

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“The digital transformation of payments creates an exciting opportunity for us to leverage our accounts payable automation technology with Visa’s global payment network to give corporate finance teams a complete spend management solution,” said Benjamin Portusach, CEO of Accrualify. “We are working to transform spend management. Our Corporate Card Module now has the global leadership and payment expertise of Visa to put us at the forefront of digital B2B payments.”

Accrualify aims to bring innovative payment solutions to corporate finance teams. Some of the benefits Accrualify’s co-branded Visa card program provides to finance organizations include:

  • Controls for spending limits, category restrictions, merchant restrictions, and use frequency
  • Real-time spend tracking1
  • Employee spend management with pre-approval of expenditures not found in traditional employee expensing
  • Enhanced fraud controls
  • Virtual and physical card issuance from one platform

Visa’s payment infrastructure will help provide new and existing Accrualify customers with a scalable corporate card product that allows them to issue virtual cards and plastic corporate cards.

“By joining Visa’s Fast Track program, exciting Fintechs like Accrualify gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”

Visa’s Fintech Fast Track Program provides startups like Accrualify with the ability to access Visa’s growing partner network, and experts who can provide guidance in helping them get up and running in the most efficient way possible. Accrualify’s participation in the program has opened opportunities for numerous partnerships and allowed for the release of innovative products such as Accrualify’s Visa corporate card program.

For further information on Accrualify’s corporate card program, please visit https://www.accrualify.com/products/virtual-cards-corporate-card-module

To learn more about Visa’s Fintech Fast Track program, please visit http://Partner.Visa.com.

About Accrualify, Inc.
Accrualify offers mid- and enterprise-level companies cloud-based automation solutions to better manage their Procure-to-Pay and accounts payable processes. Accrualify’s products enable more efficient and automated management of purchase orders, accruals, invoices, payments, vendor management, and budgeting. Their mission is to leverage artificial intelligence (AI) and machine learning to address the many pain points corporate finance organizations face on a daily basis. It was this principle that led Accrualify to develop a product that automates month-end accrual processes. To learn more about Accrualify’s P2P and AP automation tools, visit www.accrualify.com.


If you would like more information about Accrualify, Inc., please email Sara Tokarchuk at sara@accrualify.com.

1 Information may be delayed based on source

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59431

Search Advanced Search News in Focus Business & Money Science & Tech Lifestyle & Health Policy & Public Interest People & Culture Broadridge Announces CFO Transition


Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Jim Young, Chief Financial Officer, will be stepping down from his role to pursue an opportunity with Indigo Ag, Inc., a private company operating at the intersection of technology, markets and sustainability. Mr. Young will continue as CFO through the release of the company’s fourth quarter fiscal year 2020 earnings and will leave Broadridge on August 31, 2020.

Matt Connor, Chief Financial Officer of Broadridge’s Global Technology and Operations (“GTO”) business, will serve as Interim Chief Financial Officer until a permanent successor is named. Broadridge has initiated a search process for a permanent successor that will include both internal and external candidates and has engaged a leading executive recruitment firm to lead this process.

“I have worked closely with Jim the past six years and thank him for his tremendous impact, leadership and partnership. I wish him great success in the next chapter of his career,” said Tim Gokey, CEO of Broadridge. “Jim leaves Broadridge financially strong, well on track to meet our financial goals for fiscal 2020 and our three-year growth targets, and well positioned for continued long-term growth.

Matt Connor has been a strong financial leader of our GTO business over the past five years, helping to drive significant revenue and earnings growth while playing an important role in the ongoing transformation of that business. I look forward to working even more closely with him in his role as Interim CFO,” Mr. Gokey concluded.

Mr. Young has served as Broadridge’s CFO since 2014, during which time the Company has achieved double-digit compound annual recurring revenue growth, mid-teens adjusted earnings growth, and was added to the S&P 500.

“It has been a privilege to work with such an exceptional team during my time at Broadridge, and the decision to step away from my role during this exciting and dynamic time of growth for the company was not an easy one,” said Young. “However, I take this next step knowing that Broadridge, led by Tim and team, will continue to be successful for years to come.”

A member of Broadridge’s Executive Leadership Team, Mr. Connor has been CFO of Broadridge’s GTO business since 2015. As GTO’s CFO, he has helped oversee double-digit annual growth in revenue and earnings, significant margin expansion and the development of both our Capital Markets and Wealth Management businesses. He joined Broadridge in 2007 and has held a variety of roles in finance and business unit leadership, including leading Broadridge’s fixed income business. Prior to joining Broadridge, he held senior finance roles at Gartmore Global Investments, First USA and CoreStates Bank.

Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the “2019 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2019 Annual Report.

Paul Paradis Promoted to Company President and Veronica Katz, from PayPal, to Take Chief Revenue Officer Role


Sezzle Inc. (ASX: SZL) (Sezzle or Company) — Installment payment platform, Sezzle, is pleased to announce key changes to its leadership team. Effective immediately, Executive Director and Chief Revenue Officer, Paul Paradis, has been promoted to the newly created role of President at Sezzle. In this new role, his responsibilities will expand beyond merchant acquisition to include a broader set of growth initiatives and operational endeavors.

“As a co-founder, Paul Paradis has been an invaluable partner for me since Day One,” commented Executive Chairman and CEO Charlie Youakim. “He knows our business better than anyone and his new role will allow the entire organization to benefit from Paul’s expansive knowledge and experience in building Sezzle. Paul’s move to President leaves big shoes to fill in the CRO role, but Veronica Katz is just the right person to fill them.”

Longtime PayPal executive, Veronica Katz, has joined the Company as Chief Revenue Officer. Katz has been at PayPal since 2011, most recently serving as PayPal’s Vice President of Global Accounts. She will be spearheading Sezzle’s business development efforts, with a particular focus on enterprise-level accounts. Before her role as Vice President of Global Accounts, Katz led PayPal’s Large Enterprise Business in North America, running both sales and client services.

“I look forward to assisting Veronica and the revenue team, and supporting and bringing to fruition an array of vertical and horizontal growth initiatives,” said Paradis. “This move enables me to focus on our growing expansion efforts in new markets and provide stewardship to some of our core strategic initiatives.”

“I am so thrilled to be part of the Sezzle team and help them accelerate their growth,” said Veronica Katz, the newly appointed Chief Revenue Officer. “Sezzle has an impactful product, an amazing mission-driven company culture, and incredibly talented people. There is a lot of synergy with this new role and my previous responsibilities at PayPal – I will definitely be hitting the ground running.”

This announcement was approved by the Company’s CEO and Executive Chairman, Charlie Youakim, on behalf of the Sezzle Inc. Board.

DLP Resources Parent Company Announces Private Placement of Flow-Through and Non-Flow-Through Shares


Cranbrook, British Columbia–(Newsfile Corp. – July 9, 2020) – MG Capital Corporation (TSXV: DLP) (the “Company“), the parent company of DLP Resources Inc., is pleased to announce a non-brokered private placement of up to 2,631,578 common shares of the Company (the “Common Shares“) at a price of $0.19 per Common Share and up to 4,347,826 flow-through common shares of the Company (the “FT Shares“) at a price of $0.23 per FT Share, for combined gross proceeds of approximately $1,500,000 (the “Financing“).

The Company intends to pay finder’s fees in connection with the Financing to certain eligible finders in the form of: (i) a cash commission of 7.5% of the gross proceeds raised under the Financing from investors introduced to the Company by the finder; and (ii) the issuance of such number of non-transferable common share purchase warrants of the Company (the “Finder’s Warrants“) equal to 7.5% of the combined Common Shares and FT Shares issued under the Financing from investors introduced to the Company by the finder. Each Finder’s Warrant will entitle the holder thereof to acquire one common share of the Company for an exercise price of $0.20 per share for a period of two years from closing of the Financing.

The Company intends to use the proceeds from the Financing as follows:

 Purpose Amount
 Mapping, sampling and drilling of the Company’s Aldridge 1 Property $413,000
 Mapping, sampling and drilling of the Company’s Aldridge 2 Property $267,000
 Mapping, sampling and drilling of the Company’s Hungry Creek Property $200,000
 Mapping, sampling and drilling of the Company’s Redburn Creek Property $150,000
 Mapping, sampling and drilling of the DD Project under option from PJX Resources Inc. $350,000
 General operating expenses $120,000
 Total $1,500,000


If the Company does not raise the anticipated proceeds disclosed in this news release, the amounts allocated to mapping, sampling and drilling outlined in the table above will be decreased as necessary. The Company intends to spend the funds available to it as stated in this news release. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.

Existing Shareholder Exemption and Investment Dealer Exemption

The Financing will be made available to existing shareholders of the Company who, as of the close of business on July 8, 2020, held common shares of the Company (and who continue to hold such common shares as of the closing date), pursuant to the prospectus exemption set out in BC Instrument 45-534 – Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada (the “Existing Shareholder Exemption“). The Existing Shareholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Shareholder Exemption exceeding the maximum amount of the Financing, the Company intends to adjust the subscriptions received on a pro-rata basis.

The Company has also made the Financing available to certain subscribers pursuant to BC Instrument 45-536 – Exemption From Prospectus Requirement for Certain Distributions Through an Investment Dealer (the “Investment Dealer Exemption“). In accordance with the requirements of the Investment Dealer Exemption, the Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.

The Financing is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange. All securities issued in connection with the Financing will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

For further information, please contact:

MG Capital Corporation
DLP Resources Inc.
Jim Stypula, Chief Executive Officer
Robin Sudo, Chief Financial Officer and Corporate Secretary
Telephone: 250-426-7808

Website: www.dlpresourcesinc.com

Email: robinsudo@dlpresourcesinc.com



Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the anticipated proceeds to be raised under the Financing; the use of any proceeds raised under the Financing; and finder’s fees to be paid in connection with the Financing.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain required regulatory approvals for the Financing; market uncertainty; and the inability of the Company to raise the anticipated proceeds under the Financing.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the Company will obtain the required regulatory approvals for the Financing; the Company will be able to raise the anticipated proceeds under the Financing; and the Company will use the proceeds of the Financing as currently anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59433

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