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VANCOUVER, British Columbia, May 12, 2022 (GLOBE NEWSWIRE) -- Madison Venture Corporation (“MVC” or the“Company”) reports that it has acquired, by private transaction, a total of 1,000,000 Class C non-voting shares (“C Shares”) at a price of $6.50 per C Share of Madison Pacific Properties Inc. (“MadPac”) for total consideration of $6,500,000.
Prior to the transaction, MVC had ownership and control over 3,443,826 Class B voting shares (“B Shares”), representing approximately 46.8% of the outstanding B Shares of MadPac and 22,138,984 C Shares, representing approximately 42.5% of the outstanding C Shares of MadPac. Following the transaction, MVC has ownership and control over 3,443,826 B Shares of MadPac, representing approximately 46.8% of the outstanding B Shares of MadPac and 23,138,984 C Shares of MadPac representing approximately 44.4% of the outstanding C Shares of MadPac.
MVC acquired the shares as an equity investment in MadPac. The C Shares were acquired by private agreement from one person, and the applicable consideration paid was not more than 115% of the market price as determined under applicable securities legislation.
MadPac's head office is located at 389 West 6th Avenue, Vancouver, BC V5Y 1L1.
For further information, or to obtain a copy of the acquisition report filed under securities legislation, please contact Mr. Dino Di Marco, Executive Vice-President and Chief Financial Officer, at 604-638-5272.
B Shares and C Shares in MadPac are traded on the Toronto Stock Exchange under the symbol MPC and MPC.C, respectively.
About the Company: The Company is a privately held diversified holding company.
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