VANCOUVER, British Columbia, June 03, 2024 (GLOBE NEWSWIRE) -- Mr. Peter Bull and Arbutus Distributors Ltd. (“Arbutus”), a private investment and holding company controlled by Mr. Bull, announced today that Mr. Bull and Arbutus disposed of an aggregate of 2,050,000 common shares (the “Subject Shares”) of ADENTRA Inc. (“ADENTRA”) at a sale price of $38.06 per Subject Share for aggregate gross proceeds of $78,023,000 on the Toronto Stock Exchange through a block sale on May 31, 2024 (the “Transaction”). ADENTRA is incorporated under the federal laws of Canada and has its head office at #B340 20161 86th Avenue, Langley, British Columbia, V2Y 2C1.
Immediately prior to the Transaction, Mr. Bull and Arbutus held beneficial ownership of, or control and direction over, 4,257,712 common shares of ADENTRA, representing approximately 19.0% of the then issued and outstanding common shares of ADENTRA (calculated on a non-diluted basis). Immediately following the Transaction, Mr. Bull and Arbutus held beneficial ownership of, or control and direction over, an aggregate of 2,207,712 common shares of ADENTRA, representing approximately 9.8% of the then issued and outstanding common shares of ADENTRA (calculated on a non-diluted basis).
Immediately following the Transaction, Mr. Bull and Arbutus no longer beneficially own, or exercise control and direction over, 10% or more of the outstanding common shares of ADENTRA and Mr. Bull is therefore is no longer a “reporting insider” (as such term is defined under applicable securities laws) of ADENTRA.
Arbutus and Mr. Bull disposed of the Subject Shares to achieve certain financial and estate planning objectives. Depending on their evaluation of the business, prospects and financial condition of ADENTRA, the market for ADENTRA’s securities, general economic conditions and other factors, Arbutus and Mr. Bull may acquire additional securities of ADENTRA, or may sell some or all of the securities of ADENTRA which they hold, in the open market, by private agreement or otherwise.
Each statement in this press release of the percentage of the issued and outstanding common shares of ADENTRA owned by Mr. Bull and Arbutus is based on the disclosure of the number of issued and outstanding common shares of ADENTRA contained in the public disclosure documents filed by ADENTRA on SEDAR+ (www.sedarplus.com).
This press release is being issued pursuant to National Instrument 62-103 – “The Early Warning System and Related Take-Over Bid and Insider Reporting Issues”, which requires an early warning report to be filed under ADENTRA’s profile on SEDAR+ (www.sedarplus.com) containing additional information respecting the foregoing matters.
Arbutus was incorporated under the laws of the Province of British Columbia and its head office is located at Suite 200, 2780 Granville Street, Vancouver, British Columbia, V6J 3J3. For inquiries or a copy of the early warning report required under Canadian securities legislation with respect to transactions referred to in this press release, a copy of which will be filed on SEDAR+ (www.sedarplus.com) in accordance with applicable securities legislation, please contact:
Arbutus Distributors Ltd.
Contact person: Leonard Ruppenthal
Suite 200, 2780 Granville Street
Vancouver, BC V6J 3J3
Telephone: 604-682-2911
Facsimile: 604-682-2729
