Lumine Group Inc. Provides Update on Mandatory Conversion of its Preferred Shares and Special Shares

TORONTO, Feb. 09, 2024 (GLOBE NEWSWIRE) -- In accordance with the terms of the preferred shares and special shares (collectively, “Shares”) issued by Lumine Group Inc. (“Lumine Group” or the “Company”) in connection with Lumine Group’s spin-off into a separate public company last year, all of such Shares will be automatically converted into subordinate voting shares of the Company (“subordinate voting shares”) effective March 25, 2024 (the “Mandatory Conversion Date”) at their pre-determined conversion ratios. In connection with the mandatory conversion of the Shares, the holders thereof are entitled to receive all accrued but unpaid cumulative dividends on such shares accruing to the day before the Mandatory Conversion Date. The aggregate value of such dividends is estimated by the Company to be approximately US$87 million. Today, the Company announced that it expects to satisfy the payment of the dividend through the issuance of additional subordinate voting shares rather than cash. The decision to issue additional subordinate voting shares in satisfaction of the dividend was made by the Board of Directors of the Company, who has determined that it is in the best interests of the Company and of its shareholders to satisfy the dividend through the issuance of additional subordinate voting shares.

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