Operations & Management
Kruger subsidiary now has right to acquire additional common shares of K.P. Tissue
April 18, 2023 By P&PC Staff/Kruger
Kruger’s wholly-owned subsidiary 13582141 Canada has acquired 1,099,616 class B common shares of Kruger Products (KPI). These shares are exchangeable for common shares of KP Tissue on a one-for-one basis pursuant to an amended and restated exchange agreement dated January 1, 2023, between Kruger, KP Tissue and KPI (the acquisition).
The KPI Shares were acquired pursuant to KPI’s dividend reinvestment plan and in satisfaction of the dividend declared by KPI and payable today to 13582141 Canada, namely $11,271,069.72, satisfied by the issuance of KPI Shares at a price of $10.25 per KPI Share, being the volume weighted average trading price of the common shares on the Toronto Stock Exchange during the five trading day period immediately preceding the dividend payment date.
Immediately prior to the acquisition, through its rights under the exchange agreement, 13582141 Canada had the right to acquire 62,617,054 common shares, representing approximately 86.28 percent of the issued and outstanding common shares on a partially-diluted basis.
Immediately after the acquisition, through its rights under the exchange agreement, 13582141 Canada had the right to acquire 63,716,670 Common Shares, representing approximately 86.48 percent of the issued and outstanding common shares on a partially-diluted basis.
13582141 Canada acquired the KPI Shares for investment purposes. 13582141 Canada may continue to acquire, on a quarterly basis, additional KPI Shares pursuant to KPI’s dividend reinvestment plan and may from time to time exchange some or all KPI shares held by it for common shares on a one-for-one basis pursuant to the exchange agreement. 13582141 Canada may, depending on market and other conditions, increase or decrease its beneficial ownership of securities of KP Tissue through market transactions, private agreements, public offerings or otherwise.
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