Yesterday, TNFG Corp. and Lightspeed Financial, Inc. announced that they completed the transaction whereby Lightspeed has acquired 100 percent of the membership interest of Terra Nova Financial, LLC for a purchase price of approximately $27.6 million.
The purchase price consists of an initial cash payment of $22.6 million and a $5.0 million promissory note bearing interest at a rate of 8% and due within six months of closing or the earlier release of clearing deposits held Terra Nova’s clearing firm.
TNFG Corporation estimates that they will have approximately $24 million to $27 million in cash available for distribution to their shareholders (approximately $0.95 – $1.07 per share). This is based on TNFG Corporation’s current estimates of their post-closing expenses, assets and liabilities, and taking into account the expected timing of the payment of the Lightspeed promissory note.
TNFG Corporation expects to make an initial distribution of cash soon after the closing of the sale of Terra Nova Financial and the dissolution of TNFG. A further distribution will be made in connection with the expected liquidation of TNFG following receipt of cash payment on the Lightspeed promissory note.
Headquartered in New York City, Lightspeed Financial, Inc., operates through three wholly-owned subsidiaries. These are Lightspeed Trading, LLC, Lightspeed Technologies, LLC, and Lightspeed Education, LLC.
Lightspeed Trading, LLC operates as a fully disclosed introducing broker-dealer and FINRA and NFA member. They offer securities and direct access brokerage, trading and advanced order routing services to their clients utilizing Lightspeed’s software products.
Lightspeed Technologies, LLC serves as the company’s technology development subsidiary. Lightspeed develops and operates Lightspeed Trader, Lightspeed’s Direct Market Access trading software application; Lightspeed Gateway, Lightspeed algorithmic trading offering; Lightspeed Risk, a real-time risk management application; and Lightspeed Admin, Middle Office Technology suite. Lightspeed offers these products and more to broker-dealers, institutional entities and professional traders, utilizing a number of proprietary technologies.
Lightspeed Education, LLC delivers educational products to the Lightspeed Trading, LLC customer community. These products include third party educational tools, webinars and the Lightspeed Spotlight social community www.lightspeed.com.
Headquartered in Chicago, Illinois, TNFG Corporation is a specialized financial services firm. The Company focuses on supporting trading professionals with active trading, prime brokerage and clearing services.
For more information visit: www.tnfg.com
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