The Paul and Gina Godfrey Sons Family Trust (the “Trust”) announced
today that it has acquired, on the automatic exchange of 647,233
subscription receipts (“Subscription Receipts”) of Postmedia Network
Canada Corp. (“Postmedia”), ownership and control over 647,233 Class NC
variable voting shares (“Variable Voting Shares”) of Postmedia. The
647,233 Variable Voting Shares, which are exchangeable for Class C
voting shares (“Voting Shares”) of Postmedia on a one-for-one basis,
represent approximately 23.94% of Postmedia’s outstanding Voting Shares
(calculated based on 2,703,886 outstanding Voting Shares, including the
647,233 Variable Voting Shares and options and restricted share units
held by Paul Godfrey to acquire 1,110,000 Voting Shares). The
Subscription Receipts were acquired at a price of $.72 per Subscription
Receipt and the Variable Voting Shares were acquired for no additional
consideration upon the automatic exchange of the Subscription Receipts.
After giving effect to the exchange of the Variable Voting Shares held
by the Trust and the exercise of options and restricted share units held
by Paul Godfrey, and assuming no other security holder converts its
convertible securities, the Trust would own and control, together with
the Voting Shares issuable upon the exercise of options and restricted
share units held by Paul Godfrey, 1,865,233 Voting Shares representing
approximately 68.98% of the outstanding Voting Shares.
The Trust has purchased the Variable Voting Shares for investment
purposes and may increase or decrease the investment in these securities
depending on Postmedia’s business and prospects, as well as future
market conditions.
Further information (including a copy of the report to be filed with
Canadian securities regulators in connection with this transaction) can
be obtained by contacting:
Julie Stoddart
416-383-2300
Copyright Business Wire 2015