VANCOUVER, British Columbia, Aug. 28, 2020 (GLOBE NEWSWIRE) -- Madison Venture Corporation (“MVC” or the “Company”) reports that it has acquired, by private transaction, a total of 296,100 Class B voting shares (“B Shares”) at a price of $3.983 per B Share of Madison Pacific Properties Inc. (“MadPac”) for total consideration of $1,179,366.30.
Prior to the transaction, MVC had ownership and control over 2,911,348 B Shares, representing approximately 40.13% of the outstanding B Shares of MadPac and 20,347,638 Class C non-voting shares (“C Shares”), representing approximately 39.7% of the outstanding C Shares of MadPac. Following the transaction, MVC has ownership and control over 3,207,448 B Shares of MadPac, representing approximately 44.21% of the outstanding B Shares of MadPac and 20,347,638 C Shares of MadPac representing approximately 39.7% of the outstanding C Shares of MadPac.
MVC acquired the shares as an equity investment in MadPac. The B Shares were acquired by private agreement from two persons, 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. Bruce Aunger, Director, at 604-708-3283.
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.