WEST PALM BEACH, FLORIDA--(Marketwired - Mar 27, 2017) - On March 24, 2017, Lloyd I. Miller, III acquired ownership, control or direction over 150,000 common shares ("Common Shares") of Genesis Land Development Corp. ("Genesis"), representing an increase in Mr. Miller's securityholding percentage of approximately 0.34% of the issued and outstanding Common Shares, as reported by Genesis. Mr. Miller acquired the foregoing Common Shares through Lloyd I. Miller Trust A-4 ("Trust A4"), a trust in respect of which Miller has discretionary investment management authority.
Prior to the acquisition, Mr. Miller acquired ownership, control or direction over 686,800 Common Shares through Trust A4 and other entities, bringing his ownership, control or direction to 7,006,800 Common Shares, representing an increase in Mr. Miller's securityholding percentage from 14.17%, as previously reported, to 16.02% of the issued and outstanding Common Shares, as reported by Genesis.
Immediately after the acquisition, Mr. Miller, through Trust A4 and other entities, had ownership, control or direction over an aggregate of 7,156,800 Common Shares, representing approximately 16.36% of the issued and outstanding Common Shares, as reported by Genesis.
The Common Shares were acquired through the facilities of the Toronto Stock Exchange at a price of US$2.1702 per Common Share, which based on the Bank of Canada daily exchange rate on March 24, 2017 equals CDN$2.9024 per Common Share for a total consideration of CDN$435,363.82.
The Common Shares were acquired for investment purposes. Depending on the evolution of Genesis's business, financial condition, the market, if any, for Genesis's securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of Genesis, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.
For inquiries or a copy of the related early warning report, a copy of which will be filed on www.sedar.com under Genesis's profile, please contact: