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Dec. 31, 2012 /CNW/ -
Peter Puccetti, Chairman & Chief Executive Officer of Goodwood Inc. ("Goodwood"), the manager of several investment funds including the Goodwood Capital Fund (+9.7% year-to-date return as of
December 28, 2012, versus +5.0% for the fund's designated benchmark* for the same period) is pleased to announce that
Cameron MacDonald will assume the role of Chairman of the Goodwood Advisory Committee, a non-executive role. Mr. MacDonald has recently resigned as a director and officer of
Goodwood. This is in keeping with the ongoing evolution of
Goodwood, which is now in its seventeenth year of operations. As well,
Goodwood is pleased to announce its plan to expand the
Goodwood investment team by adding
Chris Currie (subject to regulatory approval), portfolio manager of the Milford Capital Fund, an investment fund with a strong track record. Chris' deep experience in managing yielding securities will be invaluable in allowing
Goodwood to offer new income-oriented solutions in response to client demand.
In a related matter,
Goodwood also announces a proposed share purchase transaction (subject to regulatory approval and the relevant parties reaching a definitive agreement) that will result in
Goodwood's founder, increasing his indirect interest in
Goodwood to a controlling 97.2% by purchasing shares from existing shareholders, including Mr. MacDonald.
Goodwood does not expect the share purchase transaction to have any material impact on the day-to-day operations of
Goodwood or its management of the Goodwood Capital Fund. Commensurate with this transaction,
Peter Puccetti and a company controlled by him have materially added to their holdings in the Goodwood Fund (another investment fund managed by
Goodwood) as of
December 31, 2012, solidifying his commitment, as the largest unitholder, to the success of the Goodwood Fund.
Mr. Puccetti commented, "We expect to be able to offer our clients more income-oriented investment solutions which, when combined with our core value investment focus and history of shareholder activism, balances
Goodwood's set of investment skills nicely. Subject to regulatory approval, Cam's plan to invest in a
Goodwood income account is indicative of the tremendous demand we see for income. We believe
Goodwood's detailed, bottom-up approach to analysis and Chris' experience will allow for the creation of well-diversified and stable income-generating portfolios. Commensurately, my increased investment in the Goodwood Fund speaks to my belief in the return potential of
Mr. MacDonald added, "The
Goodwood approach of common sense, bottom-up value stock picking is a style that I believe has particular relevance in today's environment and is well-positioned to deliver good investment performance in the future. My confidence in Peter and the team is evidenced by both my staying on as Chairman of the
Goodwood Advisory Committee and by my plan to invest in a
Goodwood income account."
Subject to obtaining all requisite regulatory approval, the share purchase transaction is expected to be completed in the first quarter of 2013.