HOLLAND LANDING, Ontario, July 11, 2018 (GLOBE NEWSWIRE) -- Bhayana Management Ltd. ("Bhayana"), a company controlled indirectly by Madan Bhayana, today converted 2,000,000 Class A Multiple Voting Shares into Class B Subordinated Voting Shares on a one-for-one-basis. The Class B Subordinated Voting Shares are listed on The Toronto Stock Exchange. (TMX:INQ)
The share conversion will allow Mr. Bhayana to generate liquidity upon eventual sale of the Class B Subordinated Voting Shares. After the conversion, Bhayana together with its affiliates continues to hold 3,345,881 Class A Multiple Voting Shares, being all of the remaining issued and outstanding Class A Multiple Voting Shares, and 3,541,200 Class B Subordinated Voting Shares or 32.09 percent of the issued and outstanding Class B Subordinated Voting Shares on a non-diluted basis.
There are now 3,345,881 Class A Multiple Voting Shares and 11,034,820 Class B Subordinated Voting Shares of Inscape Corporation issued and outstanding.
Mr. Bhayana said: “Now that I have ceased active involvement as Chair of the Board of Inscape, I have elected to convert these shares to provide more liquidity which also allows me to support some of my own charitable endeavors and personal initiatives.”
Inscape is a design enabler. We have been saying yes since 1888 with a versatile portfolio of systems, storage and walls products that are adaptable and always built to last. With a wide dealer network, showrooms in both Canada and the U.S., and full service and support for all of our clients, our philosophy is to always do what we can to say Yes.
For further information, visit www.inscapesolutions.com.
Aziz Hirji, CPA, CA
Chief Financial Officer