Rainy Day Investments Ltd.

June 12, 2017 08:57 ET

Rainy Day Investments Ltd. Exchanges $25M of Principal Amounts of Loans Into New First Preferred Shares of Le Chateau Inc.

MONTREAL, QUÉBEC--(Marketwired - June 12, 2017) - Rainy Day Investments Ltd. (the "Acquiror") today announced that on June 9, 2017 it has exchanged approximately $25M of the principal amount of $41.2 million loans it has with Le Château Inc. (the "Issuer") for $25M face amount of newly created First Preferred Shares of the Issuer (the "Transaction").

Before the Transaction, the Acquiror had control and direct ownership over 6,856,377 Class B multiple voting shares of the Issuer (the "Class B Shares") representing approximately 22.9% of all of the issued and outstanding Class B Shares. Following the Transaction the Acquiror has control and direct ownership over over 6,856,377 Class B Shares representing approximately 22.9% of all of the issued and outstanding Class B Shares and 250,000 First Preferred Shares, representing 100% of all of the issued and outstanding First Preferred Shares. The aggregate presumed consideration paid for the 250,000 First Preferred Shares is $25M or $100 per First Preferred Share.

The First Preferred Shares were acquired by the Acquiror for investment purposes and not for the purpose of exercising control or direction over the Issuer.

Contact Information

  • Rainy Day Investments Ltd.
    Lorenzo Salvaggio, Vice-President & COO
    5695, Ferrier Street
    Montreal, Quebec H4P 1N1
    514 295-2353