Company Update
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As at December 31, 2009
Cymbria is pleased to announce continued progress in its investment in EdgePoint Wealth Management since the launch of its portfolios on November 17th, 2008.
844 new financial advisors partnered with EdgePoint in 2009. This brings the total number of financial advisors who have partnered with EdgePoint to 945 as of December 31st, 2009
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The average investment in EdgePoint Portfolios across these partnerships was approximately $838,000 per advisor
On December 31, 2009, Cymbria Corp. received its pro-rata share of a $100,000 dividend, declared by the Board of Directors of EdgePoint Wealth Management.
“We are extremely pleased and humbled by the support we have received at EdgePoint during our inaugural year. To be in a position to declare a dividend after our first year of operation was not something we had anticipated at the outset of the creation of EdgePoint. While the amount of the dividend is nominal, the Board of EdgePoint wanted to demonstrate its long-term commitment to building long-term wealth for Cymbria shareholders”, said Patrick Farmer, CEO of EdgePoint Wealth Management.
As a result of its growth and profitability, the value of EdgePoint can no longer be carried at book value (or cost) by Cymbria.
The total value of Cymbria’s shares of EdgePoint was increased by the Valuation Agent to $3.37 million from $0.51 million reflecting, in our judgement, a conservative estimate for a small, but growing, private wealth management company. This new value represented less than a 1% increase in the net asset value of Cymbria as at December 31, 2009.