EX-99.2 5 tm2128106d13_ex99-2.htm EXHIBIT 99.2

 

Exhibit 99.2

 

UNAUDITED PRO FORMA BALANCE SHEET
OF HENNESSY ADVISORS, INC.
AS OF JUNE 30, 2021(1)

 

(In thousands, except share and per share amounts)  

 

           June 30, 
   June 30,   ADJ FOR   2021 
   2021   BOND OFFERING   (PROFORMA) 
             
   (Unaudited) 
Assets               
Current assets               
Cash and cash equivalents  $14,038   $38,483   $52,521 
Investments in marketable securities, at fair value   10    -    10 
Investment fee income receivable   2,821    -    2,821 
Prepaid expenses   328    -    328 
Other accounts receivable   360    -    360 
Total current assets   17,557    38,483    56,040 
Property and equipment, net of accumulated depreciation of $1,799   295    -    295 
Operating lease right-of-use asset   1,100    -    1,100 
Management contracts   80,643    -    80,643 
Other assets   208    -    208 
Total assets  $99,803   $38,483   $138,286 
Liabilities and Stockholders' Equity               
Current liabilities               
Accrued liabilities and accounts payable  $3,378   $-   $3,378 
Operating lease liability   357    -    357 
Income taxes payable   747    -    747 
Total current liabilities   4,482    -    4,482 
Long-term operating lease liability   737    -    737 
Bond debt payable, net of related costs   -    38,483    38,483 
Net deferred income tax liability   12,398    -    12,398 
Total liabilities   17,617    38,483    56,100 
Commitments and contingencies               
Stockholders' equity               
Common stock, no par value, 22,500,000 shares authorized; 7,366,649 shares issued and outstanding as of June 30, 2021   19,846    -    19,846 
Retained earnings   62,340    -    62,340 
Total stockholders' equity   82,186    -    82,186 
Total liabilities and stockholders' equity  $99,803   $38,483   $138,286 

 

(1) As of June 30, 2021: (i) on an actual, as-reported basis, and (ii) on an as adjusted basis to give effect to the $40,250,000 aggregate principal amount of the Company’s 4.875% Notes due 2026 (the “2026 Notes”), which amount includes the full exercise by the underwriters of their option to purchase an additional $5,250,000 aggregate principal amount of the 2026 Notes, after deducting underwriting discounts and commissions of $1,207,500 and estimated offering expenses of $559,400 payable by the Company.