The following ownership percentages are based on 22,802,466 Shares outstanding, which is comprised of 21,990,666 Shares, the total number of Shares outstanding as of November 6, 2014, as reported in the Issuer’s Form 10Q dated November 7, 2014 and 811,800 Shares which is assuming the issuance of new Shares based on the conversion of 10,000 Shares of 8.0% Series A Convertible Preferred Stock.
The 1,523,562 Shares owned by the Master Fund represent approximately 6.7% of the outstanding Shares. The 376,193 Shares owned by the Separately Managed Accounts represent approximately 1.6% of the outstanding Shares. By virtue of its relationship with the Master Fund and the Separately Managed Accounts discussed in further detail in Item 2, FrontFour Capital may be deemed to beneficially own 1,899,755 Shares, representing approximately 8.3% of the outstanding Shares.
The 85,248 Shares owned by the Canadian Fund represent less than 1% of the outstanding Shares. By virtue of its relationship with the Canadian Fund Discussed in further detail in Item 2, FrontFour Corp may be deemed to beneficially own 85,248 Shares, representing less than 1% of the outstanding Shares.
By virtue of their relationships with each of the Master Fund, the Separately Managed Accounts and the Canadian Fund discussed in further detail in Item 2, each of Messrs. Loukas, Lorber and George may be deemed to beneficially own 1,985,003 Shares, representing approximately 8.7% of the outstanding Shares.
This schedule 13G reports an aggregate of 1,985,003 Shares, representing approximately 8.7% of the outstanding Shares.