Early Warning Report regarding acquisition of shares of Ceres Global Ag Corp. by Cowan Asset Mangement Inc.

TORONTO, Nov. 25, 2016 /CNW/ -


State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended.




This is an amended and restated report which amends information in an earlier report filed on July 29, 2016.  As of the date of this report, the Acquiror (defined below) holds 5,107,400 common shares of the Reporting Issuer, representing a securityholding percentage of 18.98%.



Item 1 – Security and Reporting Issuer


1.1

State the designation of securities to which this report relates and the name and address of the head office of the issuer of the securities.




Common shares of  Ceres Global Ag Corp. (TSX:CRP)




Ceres Global Ag Corp. (the "Reporting Issuer")


1660 S. Highway 100


St. Louis Park, Minnesota


55416



1.2

State the name of the market in which the transaction or other occurrence that triggered the requirement to file this report took place.




Toronto Stock Exchange



Item 2 – Identity of the Acquiror


2.1

State the name and address of the acquiror.




Cowan Asset Management Ltd. (the "Acquiror")


10 King Street E., Suite 401


Toronto, Ontario


M5C 1C3



2.2

State the date of the transaction or other occurrence that triggered the requirement to file this report and briefly describe the transaction or other occurrence.




The Acquiror acquired its holdings in the common shares of the Reporting Issuer (the "Securities") in a series of transactions over 36 months, including the following transactions (each, a "Reportable Transaction" and collectively, the "Reportable Transactions"):




Date

Description

Defined term for this report


14 Aug 2014

Acquiror's securityholding percentage increased
above 10% to 10.01%.

First Reportable Transaction


31 Oct 2014

Acquiror's securityholding percentage increased
by over 2% to 18.66%.

Second Reportable Transaction


28 Nov 2014

Acquiror's securityholding percentage decreased
by over 2% to 11.30%.

Third Reportable Transaction


30 Dec 2014

Acquiror's securityholding percentage increased
by 2% to 13.30%.

Fourth Reportable Transaction


18 Aug 2015

Acquiror's securityholding percentage increased
by 2% to 15.30%.

Fifth Reportable Transaction


14 Mar 2016

Acquiror's securityholding percentage increased
by 2% to 17.30%.

Sixth Reportable Transaction






The Second Reportable Transaction resulted from a distribution of rights by the Reporting Issuer to all securityholders, which entitled holders to purchase one common share for every 1.1063 Rights held (the "Rights"). The Third Reportable Transaction resulted from the increase in the number of issued and outstanding common shares of the Reporting Issuer following the expiration of the subscription period for the Rights. The Acquiror's securityholding percentage during the Second Reporting Period (defined in Item 3.1 below) is a partially diluted position which includes only the Acquiror's Rights. Details of the rights offering are set out in a press release of the Reporting Issuer dated October 21, 2014.



2.3

State the names of any joint actors.




Princeton Holdings Limited ("Princeton")


705 Fountain Street N.


PO Box 1510


Cambridge, Ontario


N1R 5T2




See Item 3.4 for a description of the relationship between the Acquiror and Princeton.



Item 3 – Interest in Securities of the Reporting Issuer



3.1

State the designation and number or principal amount of securities acquired or disposed of that triggered the requirement to file the report and the change in the acquiror's securityholding percentage in the class of securities.





The following table sets out the number of securities acquired as of the date of the First Reportable Transaction and during each period beginning the day after a Reportable Transaction and ending on the date of the immediately subsequent Reportable Transaction between Reportable Transactions (each, a "Reporting Period"), and the change in securityholding percentage from the date of each Reportable Transaction until the end of the immediately subsequent Reporting Period:






Number of securities acquired

Change in
securityholding percentage


First Reportable Transaction

1,422,700 Securities acquired until the date of the First Reportable Transaction (the "First Reporting Period").

Initial reportable position


Second Reportable Transaction

108,800 Securities and 1,525,000 rights acquired between the day after the date of the First Reportable Transaction and the date of the Second Reportable
Transaction (the "Second Reporting Period")

8.65%


Third Reportable Transaction

1,525,989 Securities acquired between the day after date of the Second Reportable Transaction and the date of the Third Reportable Transaction (the "Third Reporting Period").

(7.36)%


Fourth Reportable Transaction

540,499 Securities acquired between the day after date of the Third Reportable Transaction and the date of the Fourth Reportable Transaction (the "Fourth
Reporting Period
").

2.00%


Fifth Reportable Transaction

542,032 Securities acquired between the date of the Fourth Reportable Transaction and the Fifth Reportable Transaction (the "Fifth Reporting Period").

2.00%


Sixth Reportable Transaction

540,500 Securities acquired between the date of the Fifth Reportable Transaction and the Sixth Reportable Transaction (the "Sixth Reporting Period").

2.00%






Details of each transaction in Securities conducted by the Acquiror for the account of Princeton and for the accounts of its other investment management clients from the date of the First Reportable Transaction to the Remedial Filing Date are attached as Schedule A.




3.2

State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.




The Acquiror acquired control and direction over Securities in each Reportable Transaction.



3.3

State the designation and number or principal amount of securities and the acquiror's securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.




The following table sets out the number of Securities held by the Acquiror and the Acquiror's securityholding percentage as of the date of each Reportable Transaction:




As of Date

Number of Securities held

Securityholding percentage


First Reportable Transaction

1,422,700 Securities

10.01%


Second Reportable Transaction

1,531,500 Securities and 1,525,000 rights to acquire securities

18.66%


Third Reportable Transaction

3,057,469 Securities

11.30%


Fourth Reportable Transaction

3,597,968 Securities

13.30%


Fifth Reportable Transaction

4,140,000 Securities

15.30%


Sixth Reportable Transaction

4,680,500

17.30%





3.4

State the designation and number or principal amount of securities and the acquiror's securityholding percentage in the class of securities referred to in Item 3.3 over which the acquiror, either alone or together with any joint actors, has exclusive or shared control but does not have ownership.






The Acquiror has control and direction over the Securities set forth in Item 3.3 above. Beneficial Ownership of 4,577,900 of these Securities is held by Princeton, a discretionary investment management client of Cowan. The Acquiror is a wholly-owned subsidiary of Princeton, and therefore the Acquiror and Princeton are deemed to be joint actors.





Item 4 – Consideration Paid





4.1

State the value, in Canadian dollars, of any consideration paid or received per security and in total.




The following table sets out the average price per Security, and the total consideration paid for all Securities acquired, during each Reporting Period:




Reporting Period

Average price per Security

Total consideration for all Securities acquired


First Reporting Period

CAD$7.49

CAD$10,656,169


Second Reporting Period

CAD$6.92

CAD$752,533


Third Reporting Period

CAD$5.85

CAD$8,926,016


Fourth Reporting Period

CAD$5.44

CAD$2,940,820


Fifth Reporting Period

CAD$5.71

CAD$3,097,610


Sixth Reporting Period

CAD$5.79

CAD$3,131,428



4.2

In the case of a transaction or other occurrence that did not take place on a stock exchange or other market that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the acquiror.




The Rights acquired in the First Reportable Transaction were issued to the Acquiror from treasury directly by the Reporting Issuer for no consideration.



4.3

If the securities were acquired or disposed of other than by purchase or sale, describe the method of acquisition or disposition.




Common Shares acquired in the course of the Second Reportable Transaction were purchased directly from the Reporting Issuer pursuant to the exercise of the Rights.



Item 5 – Purpose of the Transaction




The Securities are being held for investment purposes only and not for the purpose of exercising control or direction over the Reporting Issuer. The acquisitions were made in the ordinary course of the Acquiror's business or investment activities. The Acquiror has no current plan or proposal which relates to, or would result in acquiring additional ownership or control over the securities of the Reporting Issuer, other than in the ordinary course of business of the Acquiror. The Acquiror may or may not purchase or sell securities of the Reporting Issuer in the future on the open market or in private transactions, depending on market conditions and other factors material to the Acquiror's investment decision.

 

SCHEDULE A

Security Designation

Date of Transaction

Nature of Transaction

Number of Securities Acquired/(Disposed)

Value of Securities Acquired/(Disposed)

Unit/Exercise Price

Present Balance

Ownership Type

Registered Holder

Common shares

8/14/2014

Public market acquisition

8,100

54,346

6.71

1,422,700

Control or direction

Princeton Holdings

Common shares

8/22/2014

Public market acquisition

4,800

33,034

6.88

1,427,500

Control or direction

Princeton Holdings

Common shares

8/26/2014

Public market acquisition

1,300

9,059

6.97

1,428,800

Control or direction

Pension A

Common shares

9/9/2014

Public market acquisition

13,000

91,569

7.04

1,441,800

Control or direction

Princeton Holdings

Common shares

9/12/2014

Public market acquisition

2,200

15,824

7.19

1,444,000

Control or direction

Princeton Holdings

Common shares

9/17/2014

Public market acquisition

20,000

140,300

7.02

1,464,000

Control or direction

Princeton Holdings

Common shares

9/18/2014

Public market acquisition

3,800

26,633

7.01

1,467,800

Control or direction

Princeton Holdings

Common shares

9/19/2014

Public market acquisition

1,200

8,465

7.05

1,469,000

Control or direction

Princeton Holdings

Common shares

9/22/2014

Public market acquisition

8,500

58,942

6.93

1,477,500

Control or direction

Princeton Holdings

Common shares

9/25/2014

Public market acquisition

4,300

30,132

7.01

1,481,800

Control or direction

Princeton Holdings

Common shares

9/29/2014

Public market acquisition

1,000

6,856

6.86

1,482,800

Control or direction

Pension A

Common shares

10/7/2014

Public market acquisition

5,000

33,804

6.76

1,487,800

Control or direction

Pension A

Common shares

10/10/2014

Public market acquisition

2,000

13,883

6.94

1,489,800

Control or direction

Pension A

Common shares

10/17/2014

Public market acquisition

12,500

85,273

6.82

1,502,300

Control or direction

Princeton Holdings

Common shares

10/21/2014

Public market acquisition

2,000

13,879

6.94

1,504,300

Control or direction

Pension A

Common shares

10/22/2014

Public market acquisition

9,100

62,566

6.88

1,513,400

Control or direction

Princeton Holdings

Common shares

10/24/2014

Public market acquisition

11,600

80,199

6.91

1,525,000

Control or direction

Princeton Holdings

Common shares

10/28/2014

Public market acquisition

6,500

42,115

6.48

1,531,500

Control or direction

Princeton Holdings

Common shares

10/31/2014

Rights to acquire common shares*

1,216,688

0

5.84

2,748,188

Control or direction

Princeton Holdings

Common shares

10/31/2014

Rights to acquire common shares*

57,851

0

5.84

2,806,039

Control or direction

Pooled Fund A

Common shares

10/31/2014

Rights to acquire common shares*

103,950

0

5.84

2,909,989

Control or direction

Pension A

Common shares

10/31/2014

Public market acquisition

5,000

32,004

6.40

2,914,989

Control or direction

Princeton Holdings

Common shares

11/4/2014

Public market acquisition

10,000

60,347

6.03

2,924,989

Control or direction

Princeton Holdings

Common shares

11/5/2014

Public market acquisition

40,000

236,444

5.91

2,964,989

Control or direction

Princeton Holdings

Common shares

11/6/2014

Public market acquisition

15,000

87,744

5.85

2,979,989

Control or direction

Princeton Holdings

Common shares

11/7/2014

Public market acquisition

10,000

59,484

5.95

2,989,989

Control or direction

Princeton Holdings

Common shares

11/10/2014

Public market acquisition

12,500

74,413

5.95

3,002,489

Control or direction

Princeton Holdings

Common shares

11/11/2014

Public market acquisition

25,000

148,820

5.95

3,027,489

Control or direction

Princeton Holdings

Common shares

11/12/2014

Public market acquisition

15,000

88,566

5.90

3,042,489

Control or direction

Princeton Holdings

Common shares

11/13/2014

Public market acquisition

10,000

58,696

5.87

3,052,489

Control or direction

Princeton Holdings

Common shares

11/20/2014

Public market acquisition

5,000

29,240

5.85

3,057,489

Control or direction

Princeton Holdings

Common shares

11/28/2014

Exercise of rights**

1,216,688

7,105,341

5.84

3,057,489

Control or direction

Princeton Holdings

Common shares

11/28/2014

Exercise of rights**

57,851

337,850

5.84

3,057,489

Control or direction

Pooled Fund A

Common shares

11/28/2014

Exercise of rights**

103,950

607,068

5.84

3,057,489

Control or direction

Pension A

Common shares

11/28/2014

Public market acquisition

50,000

291,070

5.82

3,107,489

Control or direction

Princeton Holdings

Common shares

12/2/2014

Public market acquisition

(115,000)

(748,738)

6.51

2,992,489

Control or direction

Pension A

Common shares

12/2/2014

Public market acquisition

117,000

682,110

5.83

3,109,489

Control or direction

Princeton Holdings

Common shares

12/3/2014

Public market acquisition

25,300

147,398

5.83

3,134,789

Control or direction

Princeton Holdings

Common shares

12/5/2014

Public market acquisition

5,000

29,017

5.80

3,139,789

Control or direction

Princeton Holdings

Common shares

12/8/2014

Public market acquisition

92,500

518,111

5.60

3,232,289

Control or direction

Princeton Holdings

Common shares

12/9/2014

Public market acquisition

48,200

270,335

5.61

3,280,489

Control or direction

Princeton Holdings

Common shares

12/9/2014

Public market acquisition

3,149

17,666

5.61

3,283,638

Control or direction

Pooled Fund A

Common shares

12/11/2014

Public market acquisition

100,000

547,520

5.48

3,383,638

Control or direction

Princeton Holdings

Common shares

12/11/2014

Public market acquisition

37,700

204,952

5.44

3,421,338

Control or direction

Princeton Holdings

Common shares

12/12/2014

Public market acquisition

6,000

34,270

5.71

3,427,338

Control or direction

Princeton Holdings

Common shares

12/15/2014

Public market acquisition

118,500

658,031

5.55

3,545,838

Control or direction

Princeton Holdings

Common shares

12/17/2014

Public market acquisition

7,800

42,342

5.43

3,553,638

Control or direction

Princeton Holdings

Common shares

12/18/2014

Public market acquisition

6,050

33,244

5.49

3,559,688

Control or direction

Pension A

Common shares

12/19/2014

Public market acquisition

4,200

22,893

5.45

3,563,888

Control or direction

Pension A

Common shares

12/22/2014

Public market acquisition

3,800

21,255

5.59

3,567,688

Control or direction

Pension A

Common shares

12/23/2014

Public market acquisition

5,300

29,534

5.57

3,572,988

Control or direction

Pension A

Common shares

12/30/2014

Public market acquisition

25,000

139,810

5.59

3,597,988

Control or direction

Princeton Holdings

Common shares

1/2/2015

Public market acquisition

55,000

308,605

5.61

3,652,988

Control or direction

Princeton Holdings

Common shares

1/2/2015

Public market acquisition

17,100

95,782

5.60

3,670,088

Control or direction

Pension A

Common shares

1/5/2015

Public market acquisition

95,000

533,777

5.62

3,765,088

Control or direction

Princeton Holdings

Common shares

1/5/2015

Public market acquisition

4,600

25,737

5.60

3,769,688

Control or direction

Pension A

Common shares

1/6/2015

Public market acquisition

50,000

280,475

5.61

3,819,688

Control or direction

Princeton Holdings

Common shares

1/6/2015

Public market acquisition

5,000

27,862

5.57

3,824,688

Control or direction

Pension A

Common shares

1/9/2015

Public market acquisition

5,000

27,975

5.60

3,829,688

Control or direction

Pooled Fund A

Common shares

1/13/2015

Public market acquisition

2,500

13,982

5.59

3,832,188

Control or direction

Pooled Fund A

Common shares

1/14/2015

Public market acquisition

10,000

55,958

5.60

3,842,188

Control or direction

Princeton Holdings

Common shares

1/15/2015

Public market acquisition

6,600

36,861

5.59

3,848,788

Control or direction

Princeton Holdings

Common shares

1/19/2015

Public market acquisition

18,400

101,873

5.54

3,867,188

Control or direction

Princeton Holdings

Common shares

1/20/2015

Public market acquisition

10,000

55,100

5.51

3,877,188

Control or direction

Princeton Holdings

Common shares

1/22/2015

Public market acquisition

5,000

27,166

5.43

3,882,188

Control or direction

Princeton Holdings

Common shares

1/26/2015

Public market acquisition

2,500

13,400

5.36

3,884,688

Control or direction

Pooled Fund A

Common shares

1/27/2015

Public market acquisition

7,500

40,526

5.40

3,892,188

Control or direction

Princeton Holdings

Common shares

1/28/2015

Public market acquisition

35,000

188,304

5.38

3,927,188

Control or direction

Princeton Holdings

Common shares

1/28/2015

Public market acquisition

7,500

40,350

5.38

3,934,688

Control or direction

Princeton Holdings

Common shares

1/30/2015

Public market acquisition

25,000

127,360

5.09

3,959,688

Control or direction

Princeton Holdings

Common shares

2/3/2015

Public market acquisition

3,500

17,853

5.10

3,963,188

Control or direction

Pooled Fund A

Common shares

2/4/2015

Public market acquisition

15,180

78,920

5.20

3,978,368

Control or direction

Princeton Holdings

Common shares

2/4/2015

Public market acquisition

1,500

7,545

5.03

3,979,868

Control or direction

Pooled Fund A

Common shares

2/11/2015

Public market acquisition

5,000

27,738

5.55

3,984,868

Control or direction

Princeton Holdings

Common shares

2/13/2015

Public market acquisition

5,000

30,533

6.11

3,989,868

Control or direction

Princeton Holdings

Common shares

2/18/2015

Public market acquisition

5,000

29,789

5.96

3,994,868

Control or direction

Pension A

Common shares

2/18/2015

Public market acquisition

7,500

43,937

5.86

4,002,368

Control or direction

Pension A

Common shares

2/24/2015

Public market acquisition

2,500

15,130

6.05

4,004,868

Control or direction

Pension A

Common shares

2/25/2015

Public market acquisition

7,500

45,856

6.11

4,012,368

Control or direction

Pension A

Common shares

2/27/2015

Public market acquisition

2,500

15,501

6.20

4,014,868

Control or direction

Pension A

Common shares

3/13/2015

Public market acquisition

2,000

12,132

6.07

4,016,868

Control or direction

Pension A

Common shares

3/17/2015

Public market acquisition

2,500

15,004

6.00

4,019,368

Control or direction

Pension A

Common shares

3/18/2015

Public market acquisition

8,000

48,152

6.02

4,027,368

Control or direction

Pension A

Common shares

3/26/2015

Public market acquisition

10,000

60,682

6.07

4,037,368

Control or direction

Pension A

Common shares

3/31/2015

Public market acquisition

10,000

59,627

5.96

4,047,368

Control or direction

Pension A

Common shares

4/7/2015

Public market acquisition

25,000

147,713

5.91

4,072,368

Control or direction

Pooled Fund A

Common shares

4/13/2015

Public market acquisition

3,500

20,622

5.89

4,075,868

Control or direction

Pension A

Common shares

4/20/2015

Public market acquisition

4,000

23,756

5.94

4,079,868

Control or direction

Pension A

Common shares

4/28/2015

Public market acquisition

2,500

15,327

6.13

4,082,368

Control or direction

Pension A

Common shares

4/29/2015

Public market acquisition

2,500

15,493

6.20

4,084,868

Control or direction

Pension A

Common shares

6/4/2015

Public market acquisition

2,500

16,868

6.75

4,087,368

Control or direction

Pension A

Common shares

6/5/2015

Public market acquisition

7,500

50,013

6.67

4,094,868

Control or direction

Princeton Holdings

Common shares

6/5/2015

Public market acquisition

2,500

16,596

6.64

4,097,368

Control or direction

Pension A

Common shares

6/9/2015

Public market acquisition

2,632

17,476

6.64

4,100,000

Control or direction

Princeton Holdings

Common shares

6/17/2015

Public market acquisition

10,000

66,973

6.70

4,110,000

Control or direction

Princeton Holdings

Common shares

6/22/2015

Public market acquisition

2,700

17,911

6.63

4,112,700

Control or direction

Princeton Holdings

Common shares

6/29/2015

Public market acquisition

1,300

8,731

6.72

4,114,000

Control or direction

Princeton Holdings

Common shares

6/30/2015

Public market acquisition

1,000

6,760

6.76

4,115,000

Control or direction

Princeton Holdings

Common shares

7/7/2015

Public market acquisition

5,000

33,116

6.62

4,120,000

Control or direction

Princeton Holdings

Common shares

7/8/2015

Public market acquisition

5,000

32,963

6.59

4,125,000

Control or direction

Princeton Holdings

Common shares

7/10/2015

Public market acquisition

5,000

32,986

6.60

4,130,000

Control or direction

Princeton Holdings

Common shares

7/24/2015

Public market acquisition

3,000

19,520

6.51

4,133,000

Control or direction

Princeton Holdings

Common shares

7/28/2015

Public market acquisition

4,500

29,267

6.50

4,137,500

Control or direction

Princeton Holdings

Common shares

8/18/2015

Public market acquisition

2,500

16,028

6.41

4,140,000

Control or direction

Pension A

Common shares

8/21/2015

Public market acquisition

2,500

16,088

6.44

4,142,500

Control or direction

Princeton Holdings

Common shares

8/26/2015

Public market acquisition

7,500

47,764

6.37

4,150,000

Control or direction

Pension A

Common shares

8/28/2015

Public market acquisition

2,500

16,264

6.51

4,152,500

Control or direction

Pension A

Common shares

9/10/2015

Public market acquisition

2,500

15,660

6.26

4,155,000

Control or direction

Pension A

Common shares

9/16/2015

Public market acquisition

5,000

31,876

6.38

4,160,000

Control or direction

Pension A

Common shares

9/17/2015

Public market acquisition

2,500

16,197

6.48

4,162,500

Control or direction

Pension A

Common shares

9/18/2015

Public market acquisition

2,500

16,097

6.44

4,165,000

Control or direction

Pension A

Common shares

9/21/2015

Public market acquisition

1,000

6,485

6.49

4,166,000

Control or direction

Pension A

Common shares

9/23/2015

Public market acquisition

1,000

6,443

6.44

4,167,000

Control or direction

Pension A

Common shares

9/24/2015

Public market acquisition

1,000

6,432

6.43

4,168,000

Control or direction

Pension A

Common shares

9/25/2015

Public market acquisition

1,000

6,389

6.39

4,169,000

Control or direction

Pension A

Common shares

9/30/2015

Public market acquisition

1,000

6,330

6.33

4,170,000

Control or direction

Pension A

Common shares

10/5/2015

Public market acquisition

5,000

31,317

6.26

4,175,000

Control or direction

Princeton Holdings

Common shares

10/6/2015

Public market acquisition

7,500

46,403

6.19

4,182,500

Control or direction

Princeton Holdings

Common shares

10/13/2015

Public market acquisition

2,500

15,406

6.16

4,185,000

Control or direction

Princeton Holdings

Common shares

10/16/2015

Public market acquisition

12,500

76,987

6.16

4,197,500

Control or direction

Princeton Holdings

Common shares

10/20/2015

Public market acquisition

30,000

182,922

6.10

4,227,500

Control or direction

Princeton Holdings

Common shares

10/21/2015

Public market acquisition

7,500

45,217

6.03

4,235,000

Control or direction

Princeton Holdings

Common shares

10/22/2015

Public market acquisition

7,500

45,268

6.04

4,242,500

Control or direction

Princeton Holdings

Common shares

10/26/2015

Public market acquisition

15,000

90,344

6.02

4,257,500

Control or direction

Princeton Holdings

Common shares

10/29/2015

Public market acquisition

2,500

15,286

6.11

4,260,000

Control or direction

Princeton Holdings

Common shares

11/2/2015

Public market acquisition

2,500

15,235

6.09

4,262,500

Control or direction

Princeton Holdings

Common shares

11/9/2015

Public market acquisition

2,500

15,449

6.18

4,265,000

Control or direction

Princeton Holdings

Common shares

11/10/2015

Public market acquisition

1,000

6,260

6.26

4,266,000

Control or direction

Princeton Holdings

Common shares

11/11/2015

Public market acquisition

2,500

15,485

6.19

4,268,500

Control or direction

Princeton Holdings

Common shares

11/12/2015

Public market acquisition

2,500

15,606

6.24

4,271,000

Control or direction

Princeton Holdings

Common shares

11/17/2015

Public market acquisition

2,500

15,527

6.21

4,273,500

Control or direction

Princeton Holdings

Common shares

11/23/2015

Public market acquisition

1,000

6,245

6.25

4,274,500

Control or direction

Pension A

Common shares

11/24/2015

Public market acquisition

12,500

76,704

6.14

4,287,000

Control or direction

Princeton Holdings

Common shares

11/25/2015

Public market acquisition

11,000

68,030

6.18

4,298,000

Control or direction

Princeton Holdings

Common shares

11/27/2015

Public market acquisition

2,500

15,466

6.19

4,300,500

Control or direction

Princeton Holdings

Common shares

11/30/2015

Public market acquisition

7,500

46,190

6.16

4,308,000

Control or direction

Princeton Holdings

Common shares

12/1/2015

Public market acquisition

2,500

15,576

6.23

4,310,500

Control or direction

Pension A

Common shares

12/2/2015

Public market acquisition

2,500

15,636

6.25

4,313,000

Control or direction

Pension A

Common shares

12/3/2015

Public market acquisition

5,000

31,208

6.24

4,318,000

Control or direction

Princeton Holdings

Common shares

12/7/2015

Public market acquisition

2,500

15,518

6.21

4,320,500

Control or direction

Pension A

Common shares

12/9/2015

Public market acquisition

9,400

57,622

6.13

4,329,900

Control or direction

Pooled Fund A

Common shares

12/9/2015

Public market acquisition

1,500

9,315

6.21

4,331,400

Control or direction

Pension A

Common shares

12/14/2015

Public market acquisition

8,000

48,675

6.08

4,339,400

Control or direction

Princeton Holdings

Common shares

12/15/2015

Public market acquisition

13,300

80,408

6.05

4,352,700

Control or direction

Princeton Holdings

Common shares

12/17/2015

Public market acquisition

8,000

49,328

6.17

4,360,700

Control or direction

Princeton Holdings

Common shares

12/18/2015

Public market acquisition

4,500

27,440

6.10

4,365,200

Control or direction

Princeton Holdings

Common shares

12/21/2015

Public market acquisition

4,700

28,519

6.07

4,369,900

Control or direction

Princeton Holdings

Common shares

12/22/2015

Public market acquisition

5,500

33,552

6.10

4,375,400

Control or direction

Princeton Holdings

Common shares

1/6/2016

Public market acquisition

2,500

15,366

6.15

4,377,900

Control or direction

Princeton Holdings

Common shares

1/7/2016

Public market acquisition

40,000

239,888

6.00

4,417,900

Control or direction

Princeton Holdings

Common shares

1/8/2016

Public market acquisition

7,500

44,107

5.88

4,425,400

Control or direction

Princeton Holdings

Common shares

1/11/2016

Public market acquisition

2,500

14,631

5.85

4,427,900

Control or direction

Princeton Holdings

Common shares

1/13/2016

Public market acquisition

12,500

69,606

5.57

4,440,400

Control or direction

Princeton Holdings

Common shares

1/14/2016

Public market acquisition

1,500

8,366

5.58

4,441,900

Control or direction

Princeton Holdings

Common shares

1/18/2016

Public market acquisition

1,500

8,358

5.57

4,443,400

Control or direction

Pension A

Common shares

1/19/2016

Public market acquisition

8,500

46,639

5.49

4,451,900

Control or direction

Princeton Holdings

Common shares

1/19/2016

Public market acquisition

5,000

27,854

5.57

4,456,900

Control or direction

Pension A

Common shares

1/20/2016

Public market acquisition

2,500

14,039

5.62

4,459,400

Control or direction

Princeton Holdings

Common shares

1/21/2016

Public market acquisition

2,500

13,838

5.54

4,461,900

Control or direction

Princeton Holdings

Common shares

1/22/2016

Public market acquisition

7,500

41,823

5.58

4,469,400

Control or direction

Princeton Holdings

Common shares

1/25/2016

Public market acquisition

12,500

69,123

5.53

4,481,900

Control or direction

Princeton Holdings

Common shares

1/26/2016

Public market acquisition

1,000

5,599

5.60

4,482,900

Control or direction

Princeton Holdings

Common shares

1/27/2016

Public market acquisition

27,500

152,394

5.54

4,510,400

Control or direction

Princeton Holdings

Common shares

1/28/2016

Public market acquisition

2,500

14,071

5.63

4,512,900

Control or direction

Princeton Holdings

Common shares

1/29/2016

Public market acquisition

5,000

28,952

5.79

4,517,900

Control or direction

Princeton Holdings

Common shares

2/2/2016

Public market acquisition

23,900

134,292

5.62

4,541,800

Control or direction

Princeton Holdings

Common shares

2/2/2016

Public market acquisition

1,000

5,659

5.66

4,542,800

Control or direction

Pension A

Common shares

2/4/2016

Public market acquisition

32,600

180,561

5.54

4,575,400

Control or direction

Princeton Holdings

Common shares

2/17/2016

Public market acquisition

25,000

132,731

5.31

4,600,400

Control or direction

Princeton Holdings

Common shares

2/18/2016

Public market acquisition

22,500

119,521

5.31

4,622,900

Control or direction

Princeton Holdings

Common shares

2/19/2016

Public market acquisition

2,500

13,150

5.26

4,625,400

Control or direction

Princeton Holdings

Common shares

2/23/2016

Public market acquisition

6,000

31,410

5.24

4,631,400

Control or direction

Pension A

Common shares

2/29/2016

Public market acquisition

10,000

50,403

5.04

4,641,400

Control or direction

Princeton Holdings

Common shares

3/1/2016

Public market acquisition

7,500

38,315

5.11

4,648,900

Control or direction

Princeton Holdings

Common shares

3/9/2016

Public market acquisition

8,500

43,021

5.06

4,657,400

Control or direction

Pension A

Common shares

3/10/2016

Public market acquisition

5,000

25,427

5.09

4,662,400

Control or direction

Pension A

Common shares

3/11/2016

Public market acquisition

5,600

28,610

5.11

4,668,000

Control or direction

Pooled Fund A

Common shares

3/11/2016

Public market acquisition

2,500

12,702

5.08

4,670,500

Control or direction

Pension A

Common shares

3/14/2016

Public market acquisition

10,000

50,804

5.08

4,680,500

Control or direction

Princeton Holdings

Common shares

3/15/2016

Public market acquisition

10,000

50,768

5.08

4,690,500

Control or direction

Princeton Holdings

Common shares

3/17/2016

Public market acquisition

6,100

30,592

5.02

4,696,600

Control or direction

Pooled Fund A

Common shares

3/23/2016

Public market acquisition

13,900

69,304

4.99

4,710,500

Control or direction

Pooled Fund A

Common shares

3/31/2016

Public market acquisition

5,000

25,056

5.01

4,715,500

Control or direction

Pension A

Common shares

4/4/2016

Public market acquisition

25,000

125,173

5.01

4,740,500

Control or direction

Princeton Holdings

Common shares

4/6/2016

Public market acquisition

75,000

375,750

5.01

4,815,500

Control or direction

Princeton Holdings

Common shares

4/8/2016

Public market acquisition

50,000

250,005

5.00

4,865,500

Control or direction

Princeton Holdings

Common shares

4/11/2016

Public market acquisition

10,000

50,100

5.01

4,875,500

Control or direction

Princeton Holdings

Common shares

4/11/2016

Public market acquisition

7,500

37,580

5.01

4,883,000

Control or direction

Pooled Fund A

Common shares

4/12/2016

Public market acquisition

50,000

249,630

4.99

4,933,000

Control or direction

Princeton Holdings

Common shares

4/13/2016

Public market acquisition

7,500

38,013

5.07

4,940,500

Control or direction

Princeton Holdings

Common shares

4/15/2016

Public market acquisition

7,500

37,326

4.98

4,948,000

Control or direction

Princeton Holdings

Common shares

4/19/2016

Public market acquisition

4,000

20,031

5.01

4,952,000

Control or direction

Princeton Holdings

Common shares

4/19/2016

Public market acquisition

3,000

15,013

5.00

4,955,000

Control or direction

Pension A

Common shares

4/22/2016

Public market acquisition

3,500

17,535

5.01

4,958,500

Control or direction

Princeton Holdings

Common shares

4/22/2016

Public market acquisition

5,000

24,890

4.98

4,963,500

Control or direction

Pension A

Common shares

5/2/2016

Public market acquisition

5,000

24,840

4.97

4,968,500

Control or direction

Princeton Holdings

Common shares

5/4/2016

Public market acquisition

7,500

37,496

5.00

4,976,000

Control or direction

Princeton Holdings

Common shares

5/5/2016

Public market acquisition

7,500

37,253

4.97

4,983,500

Control or direction

Princeton Holdings

Common shares

5/12/2016

Public market acquisition

12,300

63,418

5.16

4,995,800

Control or direction

Princeton Holdings

Common shares

5/12/2016

Public market acquisition

1,500

7,763

5.18

4,997,300

Control or direction

Pooled Fund A

Common shares

5/13/2016

Public market acquisition

2,700

14,007

5.19

5,000,000

Control or direction

Princeton Holdings

Common shares

5/16/2016

Public market acquisition

1,000

5,203

5.20

5,001,000

Control or direction

Princeton Holdings

Common shares

5/17/2016

Public market acquisition

2,500

13,006

5.20

5,003,500

Control or direction

Princeton Holdings

Common shares

5/18/2016

Public market acquisition

1,500

7,803

5.20

5,005,000

Control or direction

Princeton Holdings

Common shares

5/19/2016

Public market acquisition

1,000

5,210

5.21

5,006,000

Control or direction

Princeton Holdings

Common shares

5/20/2016

Public market acquisition

7,500

38,959

5.19

5,013,500

Control or direction

Princeton Holdings

Common shares

5/24/2016

Public market acquisition

5,000

25,746

5.15

5,018,500

Control or direction

Princeton Holdings

Common shares

5/25/2016

Public market acquisition

1,000

5,195

5.20

5,019,500

Control or direction

Princeton Holdings

Common shares

5/31/2016

Public market acquisition

5,500

28,105

5.11

5,025,000

Control or direction

Princeton Holdings

Common shares

6/1/2016

Public market acquisition

5,000

25,707

5.14

5,030,000

Control or direction

Pension A

Common shares

6/7/2016

Public market acquisition

3,500

17,665

5.05

5,033,500

Control or direction

Pension A

Common shares

6/8/2016

Public market acquisition

1,500

7,964

5.31

5,035,000

Control or direction

Pension A

Common shares

6/9/2016

Public market acquisition

2,400

12,977

5.41

5,037,400

Control or direction

Pension A

Common shares

6/16/2016

Public market acquisition

1,100

6,071

5.52

5,038,500

Control or direction

Princeton Holdings

Common shares

6/16/2016

Public market acquisition

600

3,306

5.51

5,039,100

Control or direction

Pension A

Common shares

6/17/2016

Public market acquisition

1,000

5,520

5.52

5,040,100

Control or direction

Princeton Holdings

Common shares

6/21/2016

Public market acquisition

45,000

240,548

5.35

5,085,100

Control or direction

Princeton Holdings

Common shares

6/22/2016

Public market acquisition

10,000

53,990

5.40

5,095,100

Control or direction

Princeton Holdings

Common shares

6/23/2016

Public market acquisition

2,500

13,480

5.39

5,097,600

Control or direction

Princeton Holdings

Common shares

6/24/2016

Public market acquisition

5,000

26,730

5.35

5,102,600

Control or direction

Princeton Holdings

Common shares

6/28/2016

Public market acquisition

1,300

6,956

5.35

5,103,900

Control or direction

Princeton Holdings

Common shares

6/29/2016

Public market acquisition

3,500

18,627

5.32

5,107,400

Control or direction

Princeton Holdings

 

___________________________

* The reporting issuer made a distribution of rights to all securityholders, which entitled holders to purchase one common share for every 1.1063 rights held. The Acquiror received a total of 1,525,000 rights, equating to 1,378,489 common shares.

** The Acquiror exercised all rights and received a total of 1,378,489 shares at a price of $5.84 per share.

SOURCE Cowan Asset Management Inc.

For further information: COWAN ASSET MANAGEMENT LTD., Tel: 1-844-334-3323, info@cowanasset.com

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Cowan Asset Management Inc.

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