PACE Financial Limited, PACE Securities Corp., and First Hamilton Holdings Inc. Investor Claimants
IMPORTANT INFORMATION FOR: Individuals who purchased preferred shares of Pace Financial Limited or First Hamilton Holdings Inc. (together, the “Preferred Shares”) or units of Pace Capital Partners LP (together, the “Investor Claimants”):
On July 31, 2021, the court approved a $40 million settlement of claims by holders of the Preferred Shares:
On October 18, 2021, Representative Counsel will be re-attending before the court to obtain directions in respect of the following matters (the “Allocation Hearing”):
1. the allocation and distribution of the settlement funds to individual investors; and,
2. the approval of Representative Counsel’s fees and expenses (the “Professional Fees”), to be deducted from the settlement funds.
Representative Counsel will propose to the court that, after deduction of the Professional Fees, the settlement funds be distributed to Investor Claimants on a proportional (pro rata) basis, relative to the amount invested. Representative Counsel will also recommend that any investor who received Preferred Shares as a gift (e.g. in exchange for opening a PSC account) will not receive a distribution in respect of these shares because they did not invest funds and have not suffered a loss in respect of those shares.
If the court accepts these recommendations, Representative Counsel expect that each investor will likely recover in excess of 70% of the principal amount invested.
On September 1, 2021, Representative Counsel mailed each Investor Claimant a package of information including.
• a personal investment statement stating the amount that Representative Counsel understands to be each Investor Claimant’s holding in the Preferred Shares and the amount that they paid for them (the “Investor Amount”); and
• a list of required steps to be followed by an Investor Claimant to confirm (and, where necessary, correct) the Investor Amount
Investor Claimants are asked to confirm or correct the Investor Amount by September 21, 2021.
If you would like additional information, you may contact Representative Counsel by email or by leaving a message at the toll-free number, as indicated below.
Telephone: 1-(888) 974-1652
We anticipate that Representative Counsel’s motion record in respect of the Allocation Hearing will be posted on this site in mid September. Investor Claimants who, after reviewing the motion record, wish to object to the relief being sought by Representative Counsel and/or make an argument before the Court at the hearing, should fill out this form and return it to Representative Counsel. So that the hearing on October 18 can proceed in an orderly way, the Court has asked that objectors let Representative Counsel know of their intention by October 4, 2021 (although failure to do so will not preclude any investor from making submissions at the hearing).