![]() ![]() Quarter of 2010 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. Raymond James & Associates is acting as financialĪdvisor to Terra Nova Financial Group, Inc. The transaction is expected to close in the third Promissory note bearing interest at a rate of 8% and due within six months of closing. The purchase price of $27.6 million consists of an initial cash payment of $22.6 million and a later $5.0 million payment secured by a Trading firms Schonfeld & Company, LLC, Integrity Trading Inc and NobleTrading in February 2010. Past Lightspeed acquisitions include retail Its what we do best and its why traders who come here, stay here. 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 coreīusiness. The reason so many firms have confidence combining their operations with us is because of our proven commitment to giving clients superior trading toolsĪnd service to help them trade successfully. The only destination for individuals who trade for a living or trade to supplement their income. 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.Įhrlich continued, Since our founding nearly four years ago, we have quickly established Lightspeed as In the business. All increasingly important attributes for a trading firm to offer particularly given todays unpredictable and volatile market conditions. Terra Nova has a strong reputation for servicing retail traders and has an Is both the clear path to profitably growing our business and providing individual traders an opportunity to benefit from proven, stable trading technology and support, and competitive pricing, within a firm with the wherewithal and desire to invest Stephen Ehrlich, Chief Executive Officer, Lightspeed Financial, Inc., said, Industry consolidation under Lightspeed Weve competed with Lightspeed for a numberĪ years in the active trading space and believe this will be a great strategic fit for our customers and organization. We also believe this transaction represents an excellent value proposition for the Terra Nova Financial Groups ![]() Successfully. The combination of these qualities with Terra Novas long-term experience in serving active traders should be highly beneficial for our customers and their trading activities. Lightspeeds management has proven through previous acquisitions and development of products that they are committed to providing active traders with the tools and services to help them trade Will continue to receive the excellent customer service they have grown to expect but complemented by Lightspeeds advanced trading suite of products that are industry leading, stated Bernay Box, Chairman and Chief Executive Officer of Lightspeeds total client assets will exceed $1.25 billion with this acquisition. The combination brings the total Lightspeed client base to more the 5,500 traders executing an average of over 150 million equity Its clientsĮxecute approximately 18 million shares per day and its total client assets are approximately $450 million. Terra Nova Financial provides approximately 3,000 clients with direct market access trading services for equities, options and futures. The acquisition furthers Lightspeeds position as the active trading industrys consolidator of choice and represents its second acquisition to that end in 2010 alone. 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 for a purchase price of approximately $27.6 million. Today announced that they have entered into a definitive agreement in which Lightspeed will acquire 100% of the membership interest of Terra Nova Financial, LLC (Terra Nova Financial), a wholly owned subsidiary of Terra Nova Financial ![]() (OTCBB: TNFG) and Lightspeed Financial, Inc. Lightspeed Financial to Acquire Terra Nova Financialįirms Second Acquisition in 2010 Grows Core Business, Drives Consolidation in Active Trading IndustryĬHICAGO, IL and NEW YORK, NY(Marketwire - June 16, 2010) - Terra Nova Financial Group, Inc. ![]()
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