Early Warning Report regarding acquisition of shares of Conifex Timber Inc. by Cowan Asset Management Ltd.

TORONTO, Dec. 2, 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 2,552,300 common shares of the Reporting Issuer (defined below), representing a securityholding percentage of 12.07%.


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 Conifex Timber Inc. (TSX:CFF)




Conifex Timber Inc. (the "Reporting Issuer")
980 – 700 West Georgia Street
Vancouver, British Columbia
V7Y 1B6

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 19 months, including the following transactions (each, a "Reportable Transaction" and collectively, the "Reportable Transactions"):




Date

Description

Defined term for this report






30 Oct 2015

Acquiror's securityholding percentage increased above 10% to 10.02%.

First Reportable Transaction


29 June 2016

Acquiror's securityholding percentage increased by over 2% to 12.07%.

Second Reportable Transaction





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

2,118,500 Securities acquired until the date of the First Reportable Transaction (the "First Reporting Period").

Initial reportable position






Second Reportable
Transaction

 

433,800 Securities acquired between the day after date of the First Reportable Transaction and the date of the Second Reportable Transaction (the "Second Reporting Period").

2.05%






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 date of this report 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

2,118,500 Securities

10.02%






Second Reportable
Transaction

2,552,300 Securities

12.07%





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 2,269,300 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$5.33

CAD$11,290,761






Second Reporting Period

CAD$2.57

CAD$1,116,026









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

10/30/2015

Public market acquisition

75,000

225,248

3.00

2,118,500

Control or direction

Princeton Holdings

Common shares

11/2/2015

Public market acquisition

11,500

33,230

2.89

2,130,000

Control or direction

Princeton Holdings

Common shares

11/9/2015

Public market acquisition

5,000

14,438

2.89

2,135,000

Control or direction

Princeton Holdings

Common shares

11/10/2015

Public market acquisition

30,000

83,625

2.79

2,165,000

Control or direction

Princeton Holdings

Common shares

11/11/2015

Public market acquisition

10,200

26,106

2.56

2,175,200

Control or direction

Princeton Holdings

Common shares

11/12/2015

Public market acquisition

10,000

27,113

2.71

2,185,200

Control or direction

Princeton Holdings

Common shares

11/13/2015

Public market acquisition

10,000

26,631

2.66

2,195,200

Control or direction

Princeton Holdings

Common shares

11/16/2015

Public market acquisition

2,500

6,566

2.63

2,197,700

Control or direction

Princeton Holdings

Common shares

11/18/2015

Public market acquisition

6,000

15,327

2.55

2,203,700

Control or direction

Princeton Holdings

Common shares

11/20/2015

Public market acquisition

2,500

6,299

2.52

2,206,200

Control or direction

Princeton Holdings

Common shares

12/1/2015

Public market acquisition

38,400

88,301

2.30

2,244,600

Control or direction

Princeton Holdings

Common shares

1/6/2016

Public market acquisition

5,000

10,751

2.15

2,249,600

Control or direction

Pooled Fund A

Common shares

1/7/2016

Public market acquisition

5,000

10,363

2.07

2,254,600

Control or direction

Pooled Fund A

Common shares

1/8/2016

Public market acquisition

2,000

4,210

2.11

2,256,600

Control or direction

Pooled Fund A

Common shares

1/11/2016

Public market acquisition

12,500

25,551

2.04

2,269,100

Control or direction

Princeton Holdings

Common shares

1/15/2016

Public market acquisition

10,400

18,140

1.74

2,279,500

Control or direction

Princeton Holdings

Common shares

1/20/2016

Public market acquisition

5,000

9,098

1.82

2,284,500

Control or direction

Princeton Holdings

Common shares

1/25/2016

Public market acquisition

10,000

18,527

1.85

2,294,500

Control or direction

Princeton Holdings

Common shares

1/26/2016

Public market acquisition

3,500

6,910

1.97

2,298,000

Control or direction

Princeton Holdings

Common shares

1/27/2016

Public market acquisition

2,500

5,047

2.02

2,300,500

Control or direction

Princeton Holdings

Common shares

1/28/2016

Public market acquisition

2,500

5,025

2.01

2,303,000

Control or direction

Princeton Holdings

Common shares

2/1/2016

Public market acquisition

7,500

15,021

2.00

2,310,500

Control or direction

Princeton Holdings

Common shares

2/2/2016

Public market acquisition

1,500

3,030

2.02

2,312,000

Control or direction

Princeton Holdings

Common shares

2/19/2016

Public market acquisition

2,500

5,096

2.04

2,314,500

Control or direction

Princeton Holdings

Common shares

2/22/2016

Public market acquisition

6,000

12,491

2.08

2,320,500

Control or direction

Pooled Fund A

Common shares

2/23/2016

Public market acquisition

5,000

10,794

2.16

2,325,500

Control or direction

Pooled Fund A

Common shares

2/24/2016

Public market acquisition

20,000

43,798

2.19

2,345,500

Control or direction

Princeton Holdings

Common shares

2/29/2016

Public market acquisition

2,500

5,863

2.35

2,348,000

Control or direction

Princeton Holdings

Common shares

3/2/2016

Public market acquisition

7,500

17,817

2.38

2,355,500

Control or direction

Princeton Holdings

Common shares

3/3/2016

Public market acquisition

20,000

46,570

2.33

2,375,500

Control or direction

Princeton Holdings

Common shares

3/14/2016

Public market acquisition

2,000

4,420

2.21

2,377,500

Control or direction

Pooled Fund A

Common shares

3/15/2016

Public market acquisition

10,000

22,715

2.27

2,387,500

Control or direction

Princeton Holdings

Common shares

3/29/2016

Public market acquisition

3,300

7,458

2.26

2,390,800

Control or direction

Pooled Fund A

Common shares

4/1/2016

Public market acquisition

7,500

17,090

2.28

2,398,300

Control or direction

Princeton Holdings

Common shares

4/1/2016

Public market acquisition

6,700

15,276

2.28

2,405,000

Control or direction

Pooled Fund A

Common shares

4/7/2016

Public market acquisition

5,000

10,512

2.10

2,410,000

Control or direction

Pooled Fund A

Common shares

4/8/2016

Public market acquisition

5,000

10,588

2.12

2,415,000

Control or direction

Pooled Fund A

Common shares

4/13/2016

Public market acquisition

5,000

10,746

2.15

2,420,000

Control or direction

Pooled Fund A

Common shares

4/14/2016

Public market acquisition

25,000

57,750

2.31

2,445,000

Control or direction

Pooled Fund A

Common shares

4/18/2016

Public market acquisition

2,500

6,000

2.40

2,447,500

Control or direction

Pooled Fund A

Common shares

5/3/2016

Public market acquisition

5,000

14,299

2.86

2,452,500

Control or direction

Princeton Holdings

Common shares

5/16/2016

Public market acquisition

7,500

22,336

2.98

2,460,000

Control or direction

Princeton Holdings

Common shares

5/17/2016

Public market acquisition

1,800

5,506

3.06

2,461,800

Control or direction

Princeton Holdings

Common shares

6/8/2016

Public market acquisition

10,000

33,092

3.31

2,471,800

Control or direction

Pension A

Common shares

6/9/2016

Public market acquisition

5,000

17,149

3.43

2,476,800

Control or direction

Pension A

Common shares

6/10/2016

Public market acquisition

2,500

8,575

3.43

2,479,300

Control or direction

Pension A

Common shares

6/16/2016

Public market acquisition

5,000

17,462

3.49

2,484,300

Control or direction

Pension A

Common shares

6/17/2016

Public market acquisition

17,000

56,863

3.34

2,501,300

Control or direction

Pension A

Common shares

6/20/2016

Public market acquisition

5,000

17,457

3.49

2,506,300

Control or direction

Pension A

Common shares

6/21/2016

Public market acquisition

7,500

25,556

3.41

2,513,800

Control or direction

Pension A

Common shares

6/22/2016

Public market acquisition

3,500

12,387

3.54

2,517,300

Control or direction

Pension A

Common shares

6/23/2016

Public market acquisition

5,000

17,637

3.53

2,522,300

Control or direction

Pension A

Common shares

6/24/2016

Public market acquisition

7,500

26,107

3.48

2,529,800

Control or direction

Pension A

Common shares

6/24/2016

Public market acquisition

5,000

17,220

3.44

2,534,800

Control or direction

Pension A

Common shares

6/27/2016

Public market acquisition

2,500

8,659

3.46

2,537,300

Control or direction

Pension A

Common shares

6/29/2016

Public market acquisition

15,000

51,428

3.43

2,552,300

Control or direction

Princeton Holdings

 

SOURCE Cowan Asset Management Ltd.

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

Organization Profile

Cowan Asset Management Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890