CALGARY, July 23 /CNW/ - IFF Holdings Inc. ("IFF"), a company controlled by David A. Martin, Executive Chairman and Chairman of the Board of Directors of SMART Technologies Inc. (the "Issuer") and Nancy L. Knowlton, President and Chief Executive Officer and a director of the Issuer, announced today that it owns 27,202,071 Class B Shares of the Issuer, which became a reporting issuer in connection with the Issuer's initial public offering and secondary offering of 38,830,000 Class A Subordinate Voting Shares ("Class A Shares") at a price of U.S. $17.00 per Class A Share (the "Offering").
The Issuer's Class B Shares are convertible, at the option of the holder, into Class A Shares on a one-to-one basis. Based on information provided in the Issuer's supplemented PREP prospectus dated July 14, 2010 in respect of the Offering, IFF owns approximately 22% of the Issuer's Class A Shares, assuming full conversion of all outstanding Class B Shares into Class A Shares, as at the closing date of the Offering. In addition, David. A. Martin and Nancy L. Knowlton also each own 450,000 Class A Shares, each representing approximately 1.0% of the Class A Shares currently issued and outstanding.
IFF held the Class B Shares prior to completion of the Offering. The Class B Shares are being held for investment purposes. In the future, IFF may increase or decrease its control and/or ownership in securities of the Issuer depending on the business and prospects of the Issuer as well as market conditions, whether in the open market, by privately negotiated agreements or otherwise.
SOURCE IFF HOLDINGS INC.
For further information: For further information: Further information (including a copy of the early warning report to be filed on SEDAR and made available at www.sedar.com in connection with this transaction) can be obtained by contacting: Nancy Macnab, Chief Financial Officer, IFF Holdings Inc., 825, 808 - 4th Avenue SW, Calgary, Alberta, T2P 3E8, Tel: (403) 699-9781