HALIFAX, NS, Feb. 23, 2024 /CNW/ – G2S2 Capital Inc. (“G2S2”) announces that its wholly owned subsidiary has acquired ownership of, and control over, an additional 152,900 trust units (“Units”) of Morguard Real Estate Investment Trust (“Morguard REIT”).
Specifically, on February 23, 2024, G2S2’s wholly owned subsidiary, Armco Alberta Inc., acquired 152,900 Units through the facilities of the Toronto Stock Exchange at a price of $5.28 per Unit (the “Acquisition”), representing approximately 0.24% of the outstanding Units.
Prior to the Acquisition, G2S2, together with its joint actors, had ownership of, and control over, 7,067,200 Units and $4,920,000 principal amount of 5.25% convertible unsecured subordinated debentures (“Convertible Debentures”), which, if converted, would entitle G2S2 and its joint actors to an additional 630,769 Units, representing in aggregate a securityholding percentage of 11.86% of the Units (determined on a partially diluted basis assuming the conversion of only the principal amount of Convertible Debentures held by G2S2 and its joint actors).
Immediately after the Acquisition, G2S2, together with its joint actors, had ownership of, and control over, 7,220,100 Units and $4,920,000 principal amount of Convertible Debentures, which, if converted, would entitle G2S2 and its joint actors to an additional 630,769 Units, representing in aggregate a securityholding percentage of 12.10% of the Units (determined on a partially diluted basis assuming the conversion of only the principal amount of Convertible Debentures held by G2S2 and its joint actors).
G2S2, and its joint actors, Armco Alberta Inc. and Simé Armoyan, own the Units and Convertible Debentures for investment purposes. They may, from time to time, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over securities of the REIT in the normal course of their investment activities through market transactions, private agreements, or otherwise.
In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, G2S2 has filed an early warning report regarding this transaction under Morguard REIT’s issuer profile on SEDAR+ (www.sedarplus.ca). Morguard REIT’s head office is located at 55 City Centre Drive, Suite 1000, Mississauga, Ontario L5B 1M3.
G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled by George & Simé Armoyan.
For further information or to obtain a copy of the early warning report, please contact George Armoyan, Executive Chairman of G2S2 at 416-855-1922.
SOURCE G2S2 Capital Inc.
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