Chair of Sangoma Technologies Corporation Reports Updated Ownership Position
November 24 2023 - 6:32PM
This press release is being disseminated as required by National
Instrument 62‐103 ‐ The Early Warning System and Related Take Over
Bids and Insider Reporting Issuers in connection with the filing of
an early warning report (the “Early Warning Report”) by Noman A.
Worthington, III in respect of his ownership position in Sangoma
Technologies Corporation (TSX: STC; Nasdaq: SANG) (the
“Corporation”).
On November 3, 2023, Old Town Gelato, LLC
(“OTG”), an entity controlled by Mr. Worthington, filed a Form
45-102F1 under the Corporation’s SEDAR profile at www.sedarplus.com
in which OTG disclosed its intention to sell up to 785,940 common
shares of the Corporation (“Shares”). OTG indicated that it was
proposing to sell the Shares in order to reduce the capital gains
tax payable by it in connection with its receipt of a portion of
the 9,142,856 Shares that were distributed by the Corporation on
May 9 2023 to the former owners of StarBlue Inc. (“StarBlue”) in
satisfaction of the Corporation’s remaining purchase price
obligations under the terms of the stock purchase agreement dated
January 28, 2021 between, inter alia, the Corporation, StarBlue and
Star2Star Holdings, LLC (“S2S”).
On November 22, 2023, OTG sold 785,940 Shares
over the facilities of the Toronto Stock Exchange at an average
price of C$3.5006 per Share. The Shares sold by OTG represented
approximately 2.4% of the Shares outstanding as of the date
thereof.
As of the date hereof, Mr. Worthington has,
directly or indirectly through OTG and S2S, beneficial ownership or
control over 6,400,662 Shares (consisting of 6,306,977 Shares held
by OTG and 93,686 Shares held by S2S), representing approximately
19.3% of the Shares outstanding as of the date hereof.
A copy of the Early Warning Report filed by Mr.
Worthington in connection with the transactions described above is
available on the Corporation’s SEDAR profile at
www.sedarplus.com
The head office of the Corporation is located at
Suite 100, 100 Renfrew Drive, Markham, Ontario L3R 9R6 and Mr.
Worthington’s address is c/o Sangoma Technologies Corporation,
Suite 100, 100 Renfrew Drive, Markham, Ontario L3R 9R6.
To obtain a copy of the Early Warning Report filed under
National Instrument 62-103, please contact Samantha Reburn, General
Counsel of the Corporation, at 1-905-474-1990 ext. 4134.
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