NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) -- As required by National Instrument 62-103 of the Canadian Securities Administrators, Alex Shnaider announces that on August 17, 2020 a ruling was handed down in a proceeding between Mr. Shnaider and Mr. Gil Blutrich in the Economic Department of the Tel Aviv-Yafo District Court which determined that the joint control agreements previously entered into between the parties in respect of Mishorim Real Estate Investments Ltd. (“Mishorim”) was not valid (the “Ruling”). As a result of the Ruling, Mr. Shnaider is deemed to be the controlling shareholder of Mishorim and accordingly a person that exercises, indirectly, control or direction over the common shares (“Common Shares”) of Skyline Investments Inc. (“Skyline”) held by Mishorim.
Pursuant to section 1.8 of National Instrument 62-104, prior to the Ruling, Mr. Shnaider beneficially owned or exercised control or direction over 256,045 Common Shares of Skyline, representing a 1.5% ownership interest in Skyline. He also held a significant interest in Mishorim through the direct ownership and control or direction over of 44.66% of the voting rights of Mishorim, but was not considered a controlling shareholder of Mishorim, and therefore did not have control or direction over the Common Shares of Skyline held by Mishorim.
Pursuant to section 1.8 of National Instrument 62-104, after the Ruling, Mr. Shnaider beneficially owns or exercises control or direction over 8,522,825 Common Shares of Skyline, which includes the 8,266,780 Common Shares of Skyline held by Mishorim and the 256,045 Common Shares held directly by Mr. Shnaider, representing an aggregate 50.9% ownership interest (direct and indirect) in Skyline.
The Common Shares held by Mr. Shnaider are being held for investment purposes. Mr. Shnaider may, from time to time, subject to market conditions and in compliance with applicable securities laws, make additional investments in, or dispositions of, securities of Common Shares, including additional purchases or dispositions of Common Shares or securities convertible into, or exchangeable for, Common Shares.
The head office of Skyline is located at:
Skyline Investments Inc.
36 King St. East, Suite 700
Toronto, Ontario
M5C 2L97
Mr. Shnaider’s address is:
259 Yorkland Road
3rd Floor
Toronto, ON
M2J 5B2
For further information or to obtain a copy of the early warning report, please contact :
Rob Waxman, CPA CA, CFA
Chief Financial Officer
robw@skylineinvestments.com
1 (647) 207-5312
Ben Novo-Shalem
VP, Asset Management & Investor Relations
benn@skylineinvestments.com
1 (416) 368-2565 ext. 2222
About Skyline
Skyline is a Canadian company that specializes in hospitality real estate investments in the United States and Canada. The Company currently owns 18 income-producing assets with 3,301 hotel rooms and 89,869 square feet of commercial space, and development lands with rights for approximately 2,315 residential units located in three main areas north of Toronto, Canada.
The Company is traded on the Tel Aviv Stock Exchange (ticker: SKLN) and is a reporting issuer in Canada.