MONTREAL, July 17,
2023 /CNW/ - Mr. Stanley
Ma, the Founder and President and Chairman of the Board of
MTY Food Group Inc. ("MTY"), has filed today an early
warning report with respect to his shareholdings in MTY for the
distribution of 465,000 common shares of MTY ("Common
Shares"), representing 1.90% of the issued and outstanding
Common Shares. The common shares were sold through the facilities
of the stock exchange, and may also be sold or transferred
privately.
On July 14, 2023, Mr. Ma completed
the (i) sale of 100,000 Common Shares beneficially owned by Mr. Ma
(representing 0.41% of the issued and outstanding Common Shares)
through the facilities of the stock exchange, which were sold at a
price of $63.47 per share, (ii) sale
of 225,000 shares Common Shares beneficially owned by 11625306
Canada Inc. (representing 0.92% of the issued and outstanding
Common Shares) through the facilities of the stock exchange, which
were sold at a price of $63.47 per
share, (iii) sale of 125,000 Common Shares beneficially owned by
3148785 Canada Inc. (representing 0.51% of the issued and
outstanding Common Shares) through the facilities of the stock
exchange, which were sold at a price of $63.47 per share, and (iv) donation of 15,000
Common Shares beneficially owned by Mr. Ma (representing 0.06% of
the issued and outstanding Common Shares) to the Philantra
Foundation, a non-profit and charitable organization, representing
in aggregate 465,000 Common Shares, or 1.90% of the issued and
outstanding Common Shares as of July 14,
2023 (collectively, the "Transactions").
Immediately prior to the Transactions, Mr. Ma: (i) beneficially
owned and controlled 463,131 Common Shares (representing 1.90% of
the issued and outstanding Common Shares), (ii) controlled 446,500
Common Shares beneficially owned by 3148785 Canada Inc.
(representing 1.83% of the issued and outstanding Common Shares),
and (iii) controlled 2,731,012 Common Shares beneficially owned by
11625306 Canada Inc. (representing 11.19% of the issued and
outstanding Common Shares), representing in aggregate 3,640,643
Common Shares (or 14.91% of the issued and outstanding Common
Shares).
Immediately after the Transactions, Mr. Ma: (i) beneficially
owns and controls 348,131 Common Shares (representing 1.43% of the
issued and outstanding Common Shares), (ii) controls 321,500 Common
Shares beneficially owned by 3148785 Canada Inc. (representing
1.32% of the issued and outstanding Common Shares), and (iii)
controls 2,506,012 Common Shares beneficially owned by 11625306
Canada Inc. (representing 10.26% of the issued and outstanding
Common Shares), representing in aggregate 3,175,643 Common Shares
(or 13.01% of the issued and outstanding Common Shares).
In addition, the spouse of Mr. Ma, Claude St-Pierre, beneficially owns and controls
514,500 Common Shares (representing 2.11% of the issued and
outstanding Common Shares), representing a total ownership, on a
combined basis with Mr. Ma and other entities controlled by Mr. Ma
as outlined above, of 4,155,143 Common Shares (representing 17.02%
of the issued and outstanding Common Shares) immediately prior to
the Transactions and 3,690,143 Common Shares (representing 15.12%
of the issued and outstanding Common Shares) immediately after the
Transactions.
The Common Shares were sold or transferred by Mr. Ma for
personal reasons, for estate planning purposes and in support of
philanthropic endeavors. Mr. Ma is and will continue to be the
largest shareholder of MTY and will remain in his current role of
President and Chairman of the Board. Mr. Ma and any joint
actor may, from time to time, acquire or dispose of ownership or
control or direction over some or all of the securities of MTY
depending on a number of factors.
Forward-Looking
Information
Certain information in this press release may constitute
"forward-looking" information that involves known and unknown
risks, uncertainties, future expectations and other factors, which
may cause the actual results, performance or achievements of the
Company or industry to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. When used in this press release, this
information may include words such as "anticipate", "estimate",
"may", "will", "expect", "believe", "plan" and other terminology.
This information reflects current expectations regarding future
events and operating performance and speaks only as of the date of
this press release. Except as required by law, the Company assumes
no obligation to update or revise forward-looking information to
reflect new events or circumstances. Additional information is
available in the Company's Management's Discussion and Analysis of
the financial position and financial performance, which can be
found on SEDAR at www.sedar.com.
For further information, including regarding the early
warning report, including a copy of same (which is available under
MTY's SEDAR profile at www.sedar.com), please
contact:
Eric Lefebvre, Chief
Executive Officer of MTY, at 1-514-336-8885 Ext: 8288 or by email
at ir@mtygroup.com. The address of the head office of MTY is 8210
Trans-Canada Highway, St-Laurent,
Quebec, H4S 1M5.
SOURCE MTY Food Group Inc.