GreenBank Capital Inc (CSE:GBC) (OTCPINK:GRNBF) (FRA:2TL) clinched the prestigious Capital Finance International (CFI.co) 2021 Award for being the “Most Innovative Merchant Bank” in Canada.
In presenting the award to GreenBank, CFI.co's judges drew attention to GreenBank's strong business model, stable of investments, and GreenBank Management's "talent for innovation."
While accepting the award, GreenBank Chairman Mark Wettreich said: "We are delighted and flattered to receive this award in recognition of our efforts to develop GreenBank into a global player.”
“My father Danny Wettreich, who founded and chaired GreenBank until his sad and unexpected passing in 2018, would have been very proud of the way that his strong legacy has endured and his vision has been put into practice by GreenBank's cohesive team.”
GreenBank has a flexible low-cost overhead structure designed to maximize profitability. The management team is based in Toronto, Dallas, New York, and London and works across borders remotely. The bank’s remote working model, dynamic space, and flexible contracts - rather than expensive offices, and large fixed costs - establishes it as a next-generation global merchant bank, adept at meeting the challenges of the coronavirus pandemic.
Separately, GreenBank recognized the part that the Substantia Group has played in helping it achieve certain milestones. As a result, the merchant bank has elected to continue the Substantia contract along the lines of the original agreement. A condition for renewal includes payment of Substantia's accrued success-based retainer fees of £16,000 per month, for the period between September 2020 to April 2021.
The terms also call for a continuation of the identical fee structure for Substantia's services going forward monthly, as well as a one-time issuance of 500,000 newly issued shares in GreenBank as a success fee for Substantia's role in GreenBank's achievement of the milestones.
As previously disclosed, GreenBank’s board plans to exercise its option to acquire Staminier Limited subject to any necessary regulatory approval required from Staminier's institutional investor. Substantia is now a wholly owned subsidiary of Staminier.
In a scenario where GreenBank's option is successfully exercised, GreenBank believes that any payments made to Substantia at that time would likely qualify as an inter-company, noted the bank.
"We have been impressed by the work performed by Substantia in support of the GreenBank management team thus far and are pleased that this will continue during our next phase of growth,” said GreenBank Capital CEO David Lonsdale.
“I am also really pleased that, as a wholly owned subsidiary of Staminier, Substantia has an opportunity to possibly become a part of the GreenBank story for many years to come, should GreenBank complete the acquisition of Staminier as intended."
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive