So for some reason, George Armoyen wanted his holding company G2S2 to own less than 10% of the shares in Torrent. Prior to the sales this past week, G2S2 owned 11.32% of Torrent shares, but now they own 9.99%.
Any thoughts why?
HALIFAX, NS, July 6, 2020 /CNW/ - G2S2 Capital Inc. ("G2S2") announces that it, along with George Armoyan, a person which it is deemed to be a joint actor pursuant to applicable securities legislation ("Deemed Joint Actor"), have disposed of common shares of Torrent Capital Ltd. ("Torrent"), such that G2S2 and the Deemed Joint Actor no longer holds over 10% of Torrent's outstanding common shares. G2S2 has filed an early warning report today pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
Specifically, on July 3, 2020, the Deemed Joint Actor disposed of 322,000 common shares of Torrent through the facilities of the TSX Venture Exchange at a price of $0.626 per share (the "Disposition").
Prior to the Disposition, G2S2, together with the Deemed Joint Actor, owned and exercised control over an aggregate of 2,720,000 common shares of Torrent, representing 11.34% of the outstanding common shares.
Immediately after the Acquisition, G2S2, together with the Deemed Joint Actor, owns and exercises control over an aggregate of 2,398,000 common shares of Torrent, representing 9.99% of the outstanding common shares.
The shares were disposed of for investment purposes. G2S2, together with joint actors, may, from time to time, acquire additional common shares or dispose of some or all of their current or additional common shares in the normal course of their investment activities.
The above-referenced early warning report relating to this press release has been filed on System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Torrent's issuer profile.
About G2S2
G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is incorporated under the laws of Canada. G2S2 is controlled by George & Sim Armoyan.