Genesis Land Development Corp. (TSX: GDC) announced on Wednesday night that its largest shareholder, Smoothwater Capital Corporation, has acquired an aggregate of 500,000 of the company’s common shares. This brings the investment firm’s stake at the company to 50.22%.
The transaction involved private purchases of the 500,000 common shares, representing 1.19% equity, at $2.72 per share from two vendors for a total consideration of approximately $1.36 million.
Prior to the acquisition, the investment company held 20,524,820 common shares of Genesis Land, representing approximately 49.03% equity. This transaction effectively brings Smoothwater Capital’s ownership to over 50% of the outstanding shares.
Genesis Land Development last traded at $2.80 on the TSX.
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