HOLLAND LANDING, Ontario, Oct. 30, 2020 (GLOBE NEWSWIRE) -- Bhayana Management Ltd. ("Bhayana"), a company controlled indirectly by Madan Bhayana, today converted 3,345,881 Class A Multiple Voting Shares, being all of the issued and outstanding Class A Multiple Voting Shares, into Class B Subordinated Voting Shares on a one-for-one-basis (the “Conversion”). The Class B Subordinated Voting Shares are listed on The Toronto Stock Exchange. (TMX: symbol INQ)
After the Conversion, Bhayana together with its affiliates held 6,886,981 Class B Subordinated Voting Shares or 47.9% percent of the issued and outstanding Class B Subordinated Voting Shares on a non-diluted basis. The Conversion was completed by Mr. Bhayana for liquidity reasons in order to dispose of his entire interest in Inscape Corporation pursuant to a purchase agreement, as further disclosed in the press release issued by Bhayana on October 30, 2020.
There are now 14,380,701 Class B Subordinated Voting Shares of Inscape Corporation issued and outstanding. As a result of the Conversion, there are no longer any Class A Multiple Voting Shares issued and outstanding.
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.
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Jon Szczur, CMA, CPA
Chief Financial Officer & Corporate Secretary
T 905-836-7676, x3351
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