TORONTO--(BUSINESS WIRE)--Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL), today announced that Chief Executive Officer Jason Smith has established an Automatic Securities Disposition Plan (“ASDP”) in accordance with applicable Canadian securities legislation, including guidance under Ontario Securities Commission Staff Notice 55-701 and the Company’s Disclosure Policy. The ASDP will allow for an orderly disposition of a portion of Mr. Smith’s securities in Real Matters at prevailing market prices.
Mr. Smith plans to sell 750,000 common shares under the ASDP, which represent approximately 15% of his outstanding security holdings in Real Matters. The shares will be sold over the course of 12 months commencing August 4, 2020, concurrent with the expiry of the Company’s trading blackout period following the release of its Q3 2020 financial results. Mr. Smith will continue to hold a significant equity interest in Real Matters following the sale of such shares.
Additionally, Mr. Smith intends to complete his previously announced pledge to Holland Bloorview Kids Rehabilitation Hospital Foundation and Sunnybrook Hospital Foundation, by donating the remaining C$2.9 million of his pledge in the form of shares in the Company. These shares will be in addition to the shares being sold under the ASDP.