LANGLEY, BC,
May 31,
2024 /CNW/ - ADENTRA Inc. (TSX:
ADEN) ("ADENTRA" or the "Company") today
announced that after 11 years of service Mr. Peter Bull has stepped down from ADENTRA's Board
of Directors (the "Board"), and has reduced a portion of his
share ownership position to achieve certain personal financial and
estate planning objectives. Mr. Bull continues to own or control,
directly or indirectly, 2,207,712 shares representing 9.8% of the
issued and outstanding shares.
"We would like to extend our sincerest gratitude to Peter for
his invaluable contributions and dedicated service over his 11
years on ADENTRA's Board. Peter's insight and guidance have been
instrumental in
shaping the strategic direction of the Company
and we are appreciative of his continued
support, remaining a meaningful shareholder in the business."
said Graham Wilson, Chairman of
ADENTRA.
"On behalf of the executive team and all our employees, I want
to extend my heartfelt thanks to Peter for his thoughtful and
constructive counsel to the Board and our Company," said
Rob Brown, President, and CEO of
ADENTRA.
Mr. Bull emphasized he remains a significant and long-term investor
in ADENTRA and continues to have great
confidence in the Company's future.
"It has been a privilege to serve on ADENTRA's Board and I am
incredibly proud of all that we have been able to accomplish
together during my tenure. I wholeheartedly believe in the
Company's vision, the leadership of its management team, and its
potential for future success. While I am stepping down from my role
on the board, I look forward to continuing to support the Company
as a shareholder," said Mr. Peter
Bull.
To achieve certain personal financial and estate planning
objectives, Mr. Bull and Arbutus Distributors Ltd.
("Arbutus"), a private investment and holding company
controlled by Mr. Bull, (i) disposed of an aggregate of 2,050,000
common shares of ADENTRA ("Shares") through a block sale on
the Toronto Stock Exchange on May 30,
2024, and (ii) entered into a Total Return Swap contract
with a Canadian Bank in respect of an aggregate of 2,050,000
Shares. Under the Total Return Swap Mr. Bull and Arbutus
retains the full economic exposure to the Shares. Mr. Bull
and Arbutus retain the ability to extend or close the Total
Return Swap at any point in time.
Following the partial reduction of shareholdings, Mr. Bull
continues to own or control, directly or indirectly, 2,207,712
Shares, representing 9.8% of the issued and outstanding shares.
An early warning report (Form 62-103F1) will
be filed by Mr. Bull under the Company's SEDAR+
profile at www.sedarplus.ca.
About ADENTRA Inc.
ADENTRA is one of North
America's largest distributors of architectural building
products to the residential, repair and remodel, and commercial
construction markets. The Company currently operates a network of
85 facilities in the United States
and Canada. ADENTRA's common
shares are listed on the Toronto Stock Exchange under the symbol
ADEN.
SOURCE ADENTRA Inc.