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The terms of the agreement have been approved by the Boards of Directors of both companies and are subject to review and approval by regulators and the Terra Nova Financial Group shareholders. Terra Nova Financial provides approximately 3, clients with direct market access trading services for equities, options and futures.
The combination brings the total Lightspeed client base to more the 5, traders executing an average of over million equity shares per day. Terra Nova has a strong reputation for servicing retail traders and has an impressive roster of active trading clients.
Our shared focus on customer service makes us confident Terra Nova clients will see value in their Lightspeed experience. The reason so many firms have confidence combining their operations with us is because of our proven commitment to giving clients superior trading tools and service to help them trade successfully. Unlike other firms that simply use their active trading offering to lure clients into their networks and then sell them on more profitable services, active trading has and will always be our core business.
The transaction is expected to close in the third quarter of and is subject to the satisfaction of customary closing conditions, including receipt of regulatory clearances, as well as approval by the shareholders of Terra Nova. TNFG will have wound up the operations of its QuantNova subsidiary and will not be engaged in any other operations or have any other operating assets at that time. The Board of Directors has not yet determined the precise manner or timing of the dissolution and winding up of TNFG, or the distribution of the proceeds of the sale of Terra Nova Financial but expects to present a plan of dissolution to the shareholders at the shareholders meeting held to consider the sale of Terra Nova Financial.
TNFG expects to make a substantial initial distribution of cash soon after the closing of the sale of Terra Nova Financial with a further distribution being 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 operates through three wholly-owned subsidiaries:. Utilizing a number of proprietary technologies, Lightspeed offers these products and more to broker-dealers, institutional entities and professional traders. These products include third party educational tools, webinars and the Lightspeed Spotlight social community.
Terra Nova Financial Group, Inc. The Company has two primary subsidiaries. Professional traders, hedge funds and money managers come to Terra Nova for value in execution, clearing and prime brokerage services. Terra Nova Financial empowers self-directed clients to trade, analyze, strategize and report through a portfolio of advanced trading platforms.
Primary sources of revenue for Terra Nova Financial include commissions, account fees and interest. Such forward-looking statements involve known and unknown risks and other important factors that could cause the actual results or performance of the company to differ materially from any future results expressed or implied by such forward-looking statements. The Company cautions investors that any forward-looking statements made by the Company are not guarantees or indicative of future performance and are qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters.
Such risks and uncertainties include: This report speaks only as of its date, and except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
Investors and shareholders may obtain a free copy of these materials when they are available and other documents filed with the SEC at www. A free copy of the proxy statement, when it becomes available, may also be obtained from Terra Nova Financial Group, Inc.
The Company and its directors, executive officers and certain other members of management and employees may be soliciting proxies from the Company stockholders in favor of the Purchase Agreement and the Transaction. You can obtain a free copy of this document from the Company using the contact information above. Evolving at the Speed of Light. Open an Account Try a Demo.