VANCOUVER, British Columbia, July 26, 2018 (GLOBE NEWSWIRE) -- Madison Venture Corporation (“MVC” or the “Company”) reports that it has acquired, by private transaction, a total of 180,000 Class B voting shares (“B Shares”) at a price of $4.11 per B Share and 337,000 Class C non-voting shares (“C Shares”) of Madison Pacific Properties Inc. (“MadPac”) at a price of $3.74 per C Share, for total consideration of $2,000,180.
Prior to the transaction, MVC had ownership and control over 2,158,563 B Shares, representing approximately 29.75% of the outstanding B Shares of MadPac and 19,469,238 C Shares, representing approximately 37.94% of the outstanding C Shares of MadPac. Following the transaction, MVC has ownership and control over 2,338,563 B Shares of MadPac, representing approximately 32.23% of the outstanding B Shares of MadPac and 19,806,238 C Shares of MadPac representing 38.60% of the outstanding C Shares of MadPac.
MVC acquired the shares as an equity investment in MadPac. The B Shares and 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. 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.