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Gluskin Sheff + Associates Inc Announces $122 Million Secondary Offering

Wednesday, 25 Sep 2013 03:46pm EDT 

Gluskin Sheff + Associates Inc announced that entities affiliated with Ira Gluskin and Gerald Sheff, as well as charitable foundations established by Ira Gluskin and Gerald Sheff (collectively, the Selling Shareholders), have entered into an agreement to sell to a syndicate of underwriters led by RBC Capital Markets and TD Securities Inc. (the Underwriters), on a bought deal basis, an aggregate of 6.4 million subordinate voting shares of the Company (the Shares) at a price of Cdn$19.00 per Share for gross proceeds of approximately CAD122 million (the Offering). The Offering is expected to close on or about October 16, 2013 and is subject to customary conditions. The Company is not selling any Shares in the Offering and will not receive any proceeds therefrom. In connection with the Offering, the Selling Shareholders, Mr. Gluskin, Mr. Sheff and the Company entered into an agreement whereby, among other things, the Company agreed to facilitate the Offering by the Selling Shareholders, and Mr. Gluskin and Mr. Sheff agreed that, upon closing of the Offering, they would exercise their rights to cause any remaining outstanding multiple voting shares to be converted into subordinate voting shares. Under the terms of the voting control agreement dated May 26, 2006, Mr. Gluskin and Mr. Sheff have the right, at their option, to cause the other shareholders party thereto to convert their multiple voting shares into subordinate voting shares on a one-for-one basis. 

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