Announcement • Dec 13
Fionic Canada Ltd. completed the acquisition of Auto Finance Business and Certain Assets of Axis Auto Finance Inc. (TSX:AXIS). Fionic Canada Ltd. signed a letter of intent to acquire Auto Finance Business and Certain Assets of Axis Auto Finance Inc. (TSX:AXIS) on May 15, 2024. As of October 21, 2024, Fionic Canada Ltd. entered into an asset purchase agreement to acquire Auto Finance Business and Certain Assets of Axis Auto Finance Inc. for a base purchase price of approximately CAD 114 million, subject to adjustments for changes in the composition of the auto loans assets and fair market value of inventory since December 31, 2023.
The deal is subject for approval of Merger Agreement by Target Board and Approval of Offer by Target Shareholders. The Board of Axis Auto Finance unanimously determined that the proposed transaction is in the best interests of the Axis Auto Finance Inc. and is fair to the Axis Auto Finance's securityholders. The transaction will require the approval of two-thirds of votes cast by shareholders of the Axis Auto Finance at a meeting scheduled for November 29, 2024. As of November 29, 2024, target shareholders approved the transaction with Fionic. The transaction is expected to close in the quarter ending December 31, 2024.
Evans & Evans, Inc. acted as Fairness opinion provider for the Special Committee and Board of Directors of Axis Auto Finance Inc.
Fionic Canada Ltd. completed the acquisition of Auto Finance Business and Certain Assets of Axis Auto Finance Inc. (TSX:AXIS) on May 15, 2024. The purchase price for the assets was approximately $78 million, after taking into account adjustments for changes in the composition of the auto loans assets and fair market value of inventory since December 31, 2023. Announcement • Dec 07
Axis Auto Finance Inc. announced that it expects to receive CAD 17.55 million in funding Axis Auto Finance Inc. announced a private placement that it will issue 7.50% Extendible Convertible Unsecured Subordinated Debentures for the principal amount of CAD 17,550,000 on December 6, 2024. The redemption taking place on the Redemption Date is conditional on the sale of the auto loan assets and undertaking of the Corporation pursuant to the asset purchase agreement entered into between the Corporation and Fionic Canada Ltd. Provided that the redemption occurs on the Redemption Date, the amount of the First Redemption
Payment will be CAD 11,147,906.25. Reported Earnings • Nov 15
First quarter 2025 earnings released: EPS: CA$0.015 (vs CA$0.019 loss in 1Q 2024) First quarter 2025 results: EPS: CA$0.015 (up from CA$0.019 loss in 1Q 2024). Net income: CA$1.83m (up CA$4.15m from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 15 percentage points per year, which is a significant difference in performance. 