MONTREAL, Dec. 19, 2016 /CNW Telbec/ - Dollarama Inc. (TSX: DOL) ("Dollarama" or the "Corporation") announced today that three insiders, namely The Rossy Family Foundation, GRI Investments Inc., a private corporation controlled by Larry Rossy, Executive Chairman of the Corporation, as well as Neil Rossy, President and Chief Executive Officer of the Corporation, have agreed to sell, in aggregate, 1,448,965 common shares of Dollarama.
The Rossy Family Foundation and GRI Investments Inc. agreed to sell respectively 815,978 and 440,192 common shares of Dollarama, representing approximately 15% of their respective holdings of common shares, in block trades to a financial institution at a gross price of $96.80 per common share. Once those trades are settled, The Rossy Family Foundation and GRI Investments Inc. will hold 4,623,872 and 2,494,418 common shares, respectively, representing in the aggregate approximately 6% of the Corporation's total number of common shares issued and outstanding. Proceeds from the sale of shares by The Rossy Family Foundation will be used to fund its giving to charitable organizations across many areas, notably cancer care and mental health, as well as academia, education and the arts.
Neil Rossy also agreed to sell 192,795 common shares of Dollarama, representing approximately 15% of his personal holdings of common shares, in a block trade to a financial institution at a gross price of $96.80 per common share. His decision to sell a portion of his common shares of Dollarama was made for financial diversification purposes. Once the trade is settled, he will personally hold 1,063,893 common shares of Dollarama, representing approximately 1% of the Corporation's total number of common shares issued and outstanding.
All three trades are expected to close on or about December 22, 2016.
Dollarama is a Canadian dollar store operator offering a broad assortment of everyday consumer products, general merchandise and seasonal items. Our 1,069 locations across the country provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Our quality merchandise is sold in individual or multiple units at select, fixed price points up to $4.00.
SOURCE Dollarama Inc.