Cervus' Largest Shareholder no Longer Reducing Shareholdings for RRSP Rules
Cervus Equipment Corporation ("Cervus" or the "Company") (TSX:CERV.TO) today announced that its founder, largest shareholder and Board Chair, Peter Lacey, and his wife, Kathy Lacey, are no longer intending to sell shares as previously announced on June 7, 2018. At the time of that announcement, the Laceys planned to sell a sufficient number of common shares of the Company, over time, to fit within RRSP rules governing qualified investments for registered retirement savings plans. As subsequently reported June 14, 2019, the Laceys sold 500,000 common shares of Cervus as part of the planned share reduction.
After consulting with professional tax advisers, the Laceys recently determined that as a result of the RRSP transitional relief available, they intend to remain significant shareholders of the Company into the foreseeable future. The Laceys currently hold 2,777,764 common shares in aggregate, plus deferred shares exchangeable for an aggregate of 46,901 common shares, being approximately 18.4% of the outstanding shares of Cervus.
Peter Lacey stated: "Kathy and I are very pleased to be able to maintain our significant ownership in Cervus. We have the utmost confidence that President and CEO Angela Lekatsas, her executive team, and the employees of Cervus will achieve sustainable success in the pursuit of Cervus' strategic objectives".
About Cervus Equipment Cervus acquires and operates authorized agricultural, transportation and material handling equipment dealerships. The Company has interests in 63 dealerships in Canada, New Zealand and Australia, employing more than 1,500 people. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Peterbilt transportation equipment; and Clark, Sellick, Doosan, JLG and Baumann material handling equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CERV".
SOURCE Cervus Equipment Corporation
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SOURCE: Cervus Equipment Corporation
Angela Lekatsas - President & CEO, email@example.com; Adam Lowther - Chief Financial Officer, firstname.lastname@example.org