Obelysk Media Inc.

John Bitove

May 26, 2017 08:39 ET

Obelysk Media Inc. And John Bitove File Early Warning Report in Sirius XM Canada Holdings Inc.

TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Obelysk Media Inc. ("Obelysk"), an entity owned by John Bitove announced today that it has filed an early warning report in respect of its disposition of 7,887,307 Class A Shares and 15,259,149 Class B Shares of Sirius XM Canada Holdings Inc. (the "Company") in connection with the closing of a transaction pursuant to an arrangement agreement dated May 12, 2016 among the Company, Sirius XM Canada Inc., 2517835 Ontario Inc. (the "Purchaser") and Sirius XM Radio Inc. (the "Arrangement").

Immediately prior to the Arrangement, Obelysk owned 7,887,307 Class A Shares and 15,259,149 Class B Shares in the Company, representing approximately 10.1% of the Company's outstanding Class A Shares (assuming the conversion of all Class B Shares and Class C non-voting shares into Class A Shares) and approximately 17.1% of the voting interests in the Company.

Immediately following the completion of the Arrangement and completion of a follow-on amalgamation of the Purchaser and the Company (the "Amalgamation"), Obelysk owned 1,666,667 Class A voting common shares representing approximately 33.5% of the issued and outstanding voting shares of the entity resulting from the Amalgamation ("Amalco") and approximately 15% of all of the common shares of Amalco.

Immediately prior to the Arrangement, John Bitove, President of Obelysk, owned 8,445 Class A Shares in the Company. Immediately prior to the Arrangement, together with John Bitove, Obelysk had, in the aggregate, 7,895,752 Class A Shares and 15,259,149 Class B Shares of the Company, representing approximately 10.1% of the Company's outstanding Class A Shares (assuming the conversion of all Class B Shares and Class C non-voting shares into Class A Shares) and approximately 17.1% of the voting interest in the Company.

In connection with completion of the Arrangement Obelysk: (a) exchanged 1,666,667 of its Class A Shares in the Company for shares of the Purchaser, and (b) sold the balance of its Class A Shares in the Company and Class B Shares in the Company to the Purchaser for the consideration provided for in the Arrangement.

The dispositions of securities of the Company by Obelysk were made for the purposes of the Arrangement.

This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com.

Contact Information

  • Obelysk Media Inc.
    Maria Yeh
    (416) 361-1254

    Brookfield Place, TD Canada Trust Tower
    Suite 2300 P.O. Box 222
    161 Bay Street
    Toronto, Ontario
    M5J 2S1