The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: What's the -- so the tax loss carryforwards that you're retaining, what's the duration of those?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Okay. Then cash component of the proceeds, I guess, you got the $100 million from the direct sale and $165 million in the -- from the seed capital
sale in U.S. dollars is not a huge amount, but would it be safe to assume that's going to be directed towards deleveraging?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: And I don't know if you answered it in the prior question, but the sub-advisory of that $25 billion, are there any cost savings because you'll be
paying a sub-advisory fee presumably, but maybe some internal changes are possible to?
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Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Okay. How long have you been working on this deal? I know -- I mean I have certainly asked the question over the years and others have, whether
you buy something or sell something? Maybe you can give me a sense of when the decision was made to ultimately go to the sale route, and how
long have you been negotiating with Ben Franklin there specifically? And were there other -- other points in time, had you -- had you engaged in
discussions with other potential partners?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Okay. Well, I know you won't give me a specific time line there, but is it months, years? How long you've been talking to these...
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: All right. And I echo the congrats statement earlier.
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