TORONTO, ONTARIO--(Marketwired - Jan. 28, 2016) - Huddersfield Investments Ltd. ("Huddersfield") announced that on January 27, 2016, it acquired beneficial ownership of 1,050,010 common shares ("Common Shares") of Strongco Corporation representing approximately 7.94% of the issued and outstanding Common Shares pursuant to a Private Agreement, at a price per share of $1.75. Following the acquisition, Huddersfield has beneficial ownership of 1,050,010 Common Shares representing approximately 7.94% of the issued and outstanding Common Shares.
The acquisition was effected by Huddersfield in reliance upon the exemption set forth in Section 100.1 of the Securities Act (Ontario) (the "Act") from the formal bid requirements of Part 20 of the Act. Huddersfield's reliance on such exemption is supported by the following facts: (i) Huddersfield purchased the Common Shares from only one person or company, (ii) the Huddersfield's offer was not made generally to holders of Common Shares, and (iii) the value of the consideration paid for any of the securities acquired by Huddersfield, including brokerage fees or commissions, is not greater than 115 per cent of the market price of the securities at the date of the bid as determined in accordance with the regulations made pursuant to the Act.
Saul Koschitzky has control and direction over the Common Shares beneficially owned by Huddersfield. Mr. Koschitzky together with Henry Koschitzky, Mira Koschitzky, Julia Koschitzky and ISH Capital Inc. may be considered joint actors of Huddersfield in connection with the foregoing acquisition. Huddersfield, together with its joint actors, has ownership and control over 3,672,204 Common Shares representing approximately 27.77% of the issued and outstanding Common Shares.
The Common Shares were acquired for investment purposes. Depending on various factors, Huddersfield may acquire additional Common Shares or dispose of Common Shares from time to time. For further information or to receive a copy of the early warning report filed in connection with this news release, please contact Derek Fee at 416-780-5898.
Contact Information:
416-780-5898