re: GROW & EDV.TO (Frank Holmes)
Well, we all know that Frank Holmes is associated with both companies: US Global investors (GROW) - and asset manager in the US and Endeavour mining capital (EDV.TO).. The beauty of this unique situation ("tie up") and the material benefits for both parts drawing on his expertise might be inferred from reading today's press release.. By the way, Royce funds increased their position in GROW recently and now own above 5% of common shares.. (>300K)
sec.gov
S. Global Investors reports new investment advisory fee
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SAN ANTONIO-August 10, 2006-U.S. Global Investors, Inc. (NASDAQ: GROW), a
boutique investment advisory company, has earned an annual performance fee for
its role in providing advisory services to a merchant banking company that
invests in the natural resources sector.
The performance fee for U.S. Global Investors totaled more than $6 million for
advisory services provided to Endeavour Mining Capital Corp.
Endeavour Mining Capital Corp. (TSX: EDV) today reported net income of $73.6
million, or $3.18 per share, for the 10 months ended June 30, 2006. The filing
reflects that the company recently changed its fiscal year-end date from August
31 to June 30. In the previous 12-month period, ended August 31, 2005, Endeavour
Mining Capital earned $26.6 million, or $1.15 per share.
U.S. Global Investors Inc. assumed its advisory position for Endeavour Mining
Capital in March 2006. It shares that role with Endeavour Financial, an
independent investment banking firm focused on the natural resources industry.
"Endeavour went through the commodities market correction in May and June with a
cash position of more than 30 percent, like U.S. Global did with its gold
funds," says Frank Holmes, chief executive of U.S. Global Investors and chairman
of Endeavour Mining Capital Corp. "This was one of the largest short-term
corrections for gold in the past 30 years. Having cash on hand gave Endeavour
huge opportunities in its early-stage creation of new mining enterprises and
also enabled U.S. Global funds to invest in those companies that meet our growth
models and key metrics."
Holmes says the advisory approach for Endeavour Mining Capital follows the same
quantitative risk metrics and models used by U.S. Global Investors' Gold Shares
Fund (USERX) and World Precious Minerals Fund (UNWPX).
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Page 2 - Endeavour fee
August 10, 2006
About U.S. Global Investors, Inc. U.S. Global Investors, Inc. (www.us-global.com) is a registered investment adviser that focuses on profitable niche markets around the world. Headquartered in San Antonio, Texas,
the company offers financial solutions and provides transfer agency and other services to U.S. Global Investors Funds and U.S. Global Accolade Funds.
With an average of $5 billion in assets under management in the quarter ended June 30, U.S. Global Investors includes 13 no-load mutual funds that offer a variety of investment options, from emerging markets to money markets. In general, trends in assets are the critical drivers of revenue and earnings trends. |
