Mogo Announces First Monetization Since Recently Completed Acquisition of Difference Capital Investment Portfolio
Mogo Inc. - Common Shares (MOGO)
Company Research
Source: PR Newswire
VANCOUVER, July 2, 2019 /PRNewswire/ - Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) ("Mogo" or the "Company"), a financial health app, today announced the sale of its 5.25% interest in Wekerloo Developments Inc. ("Wekerloo") for book value of $2.1 million to an arms' length buyer. Wekerloo is a private commercial real estate holding company with properties in Waterloo, Ontario and was one of the investments in the $24 million1 investment portfolio the Company acquired through the recently completed business combination with Difference Capital Financial Inc ("Difference"). The sale also included the assignment of a 2-year option to purchase an additional 5% interest in Wekerloo. "We are pleased to complete the sale of this investment for an appropriate value and quickly after the completion of the transaction with Difference," said Greg Feller, President & CFO of Mogo Inc. "This transaction is consistent with our objective to actively monetize the Difference investment portfolio, which will prov
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