Financial figures expressed in Canadian dollars
CALGARY, Feb. 6, 2019 /CNW/ - Michael Broadfoot announces that he has sold, through an automatic securities disposition plan ("ASDP"), an aggregate of 419,800 common shares ("Shares") in the capital of Solium Capital Inc. ("Solium") between September 19, 2018 and February 5, 2019 at an average price of $12.25 per Share for total gross proceeds of $5,144,070. This is in addition to the 803,500 Shares he sold through the ASDP between February 1, 2018 and September 18, 2018 as previously announced on September 20, 2018.
The purpose of this early warning press release is to announce that Mr. Broadfoot now holds less than 10% of the issued and outstanding Shares.
As at February 5, 2019, Mr. Broadfoot currently holds 5,661,386 Common Shares, 9,500 vested stock options and 1,949 RSUs that will vest within 60 days, being approximately 9.995% of the total issued and outstanding Shares (on a partially diluted basis). In addition, Mr. Broadfoot holds stock options to acquire an additional 9,500 Shares and holds 1,948 restricted share units that have not yet vested (and which will not vest within the next 60 days).
Mr. Broadfoot previously announced the adoption of the ASDP plan on December 27, 2017 in order to facilitate the sale of up to 2,400,000 Shares on the open market over a period of up to two years. In accordance with Canadian securities legislation, sales of Shares under the ASDP are being effected by an independent securities broker in accordance with the trading parameters, price and volume limits and other instructions set out at the time the ASDP was adopted. Mr. Broadfoot is not able to exercise any further discretion or influence over how dispositions occur under his ASDP, and the broker administering his ASDP is not permitted to consult with him regarding any such dispositions.
Mr. Broadfoot retired from his position as the Executive Chairman of Solium in May of 2017, although he continues as the Chair of the Board of Directors of Solium. He is selling a portion of his Shares in order to support his family's philanthropy program and to support capital requirements in other family owned ventures. Up to an additional 1,176,700 Shares may be sold pursuant to Mr. Broadfoot's current ASDP, which expires in January 2020. Depending on market and other conditions, Mr. Broadfoot may take such additional actions in respect of his holdings in the future as he deems appropriate in light of the then existing circumstances.
Solium's head office is located at: Suite 1500, 600 – 3rd Avenue SW, Calgary, Alberta T2P 0G5.
SOURCE Solium Capital Inc.
For further information: or for a copy of the early warning report filed in respect of the above transaction, please contact: Heidi Christensen Brown, NATIONAL Capital Markets, 416.848.1389, [email protected]