(MENAFN- GlobeNewsWire - Nasdaq)
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.
MENAFN12052022004107003653ID1104203707
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.