CONCORD, ON, May 16, 2019 /CNW/ - Wynstar Enterprise Inc. ("Wynstar"), a holding investment company controlled by Marc Anthony Venere, founder and Chief Executive Officer of MAV Beauty Brands Inc. ("MAV Beauty Brands"), a high-growth global personal care company, is pleased to announce that on May 15, 2019, it acquired ownership of an aggregate of 601,000 common shares of MAV Beauty Brands ("Common Shares") through the facilities of the Toronto Stock Exchange.
The Common Shares were acquired in a single trade through the facilities of the Toronto Stock Exchange at a price of $7.00 per share and an aggregate purchase price of $4,207,000. Marc Anthony Venere, through Wynstar, has acquired the Common Shares for investment purposes and may acquire further Shares, or dispose of his holdings, both as investment conditions warrant. The Common Shares acquired by Wynstar represent approximately 1.61% of the presently issued and outstanding Common Shares and approximately 1.48% of the equity and voting rights attaching to all of MAV Beauty Brand's Shares (on a non-diluted basis).
Immediately prior to the acquisition, Wynstar did not own any Common Shares and no proportionate voting shares (together with the Common Shares, the "Shares") of MAV Beauty Brands. MAE (2016) Inc. ("MAE"), another holding investment company controlled by Marc Anthony Venere, held 7,401,817 Common Shares. In addition, Marc Anthony Venere held 1,721,170 options to acquire Common Shares, each option exercisable for one Common Share (each an "Option"), with 20% of the Options scheduled to vest on July 10, 2019 (the "Vesting Options") and no proportionate voting shares. The Common Shares held by MAE, together with the Vesting Options, represented approximately 20.57% of the outstanding Common Shares, and 18.97% of the equity and voting rights attaching to all of MAV Beauty Brand's outstanding Shares (in each case, on a partially-diluted basis). Immediately following the acquisition, Marc Anthony Venere, together with MAE and Wynstar, collectively owns 8,002,817 Common Shares, 1,721,170 Options and no proportionate voting shares. The Common Shares and the Vesting Options represent, in the aggregate, approximately 22.17% of MAV Beauty Brand's outstanding Common Shares and 20.44% of the equity and voting rights attaching to all of MAV Beauty Brand's outstanding Shares (in each case, on a partially-diluted basis).
Marc Anthony Venere commented: "My investment today demonstrates my continued belief that MAV Beauty Brands is very well positioned for long-term growth and value creation."
The acquisition of the Common Shares was made in reliance on the normal course purchase exemption from the formal take-over bid requirements of National Instrument 62-104 Takeover Bids and Issuer Bids found in section 4.1 of the same.
The Common Shares of MAV Beauty Brands are listed on the Toronto Stock Exchange under the symbol "MAV". MAV Beauty Brands' head office is located at 190 Pippin Road, Concord, Ontario, L4K 4X9. MAV Beauty Brands is incorporated under the laws of British Columbia. Wynstar's head office is located at 190 Pippin Road, Concord, Ontario, L4K 4X9.
SOURCE Wynstar Enterprise Inc.
For further information: For further information and/or a copy of the related early warning report to be filed, please contact Alex Servinis at (416) 725-7500.