The following ownership percentages are based on 23,163,496 Shares outstanding, which is comprised of 22,189,336 Shares, the total number of Shares outstanding as of October 28, 2015, as reported in the Issuer’s Form 10Q dated October 30, 2015 and 974,160 Shares which is assuming the issuance of new Shares based on the conversion of 12,000 Shares of 8.0% Series A Convertible Preferred Stock.
The 1,499,293 Shares owned by the Master Fund represent approximately 6.5% of the outstanding Shares. The 329,859 Shares owned by the Separately Managed Accounts represent approximately 1.4% 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 1,829,152 Shares, representing approximately 7.9% of the outstanding Shares.
The 35,633 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 35,633 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 1,864,785 Shares, representing approximately 8.1% of the outstanding Shares.
This schedule 13G reports an aggregate of 1,864,785 Shares, representing approximately 8.1% of the outstanding Shares.