| (a) | Amount Beneficially Owned: The Master Fund owns 1,197,580 Shares, consisting of 223,420 Shares directly held, and 974,160 Shares underlying 8.0% Series A Convertible Preferred Stock which is convertible within 60 days. The Separately Managed Accounts own 164,580 Shares. By virtue of their relationships with the Master Fund and the Separately Managed Accounts discussed in further detail in Item 2, each of FrontFour Capital and Messrs. Loukas, Lorber and George may be deemed to beneficially own the Shares owned by the Master Fund and the Separately Managed Accounts.
The Canadian Fund owns 7,646 Shares. By virtue of their relationships with the Canadian Fund discussed in further detail in Item 2, each of FrontFour Corp. and Messrs. Loukas, Lorber and George may be deemed to beneficially own the Shares owned by the Canadian Fund.
This Schedule 13G reports an aggregate of 1,369,806 Shares, consisting of 395,646 Shares directly held and 974,160 Shares underlying 8.0% Series A Convertible Preferred Stock which is convertible within 60 days. The filing of this Schedule 13G shall not be construed as an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any of the Shares reported herein. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that are not directly owned by such Reporting Person. |
| | The following ownership percentages are based on 23,369,865 Shares outstanding, which is comprised of 22,395,705 Shares, the total number of Shares outstanding as of September 30, 2016, as reported in the Issuer’s Form 10Q dated November 4, 2016 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 1,197,580 Shares owned by the Master Fund represent approximately 5.1% of the outstanding Shares. The 164,580 Shares owned by the Separately Managed Accounts represent less than 1% 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 1,362,160 Shares, representing approximately 5.8% of the outstanding Shares.
The 7,646 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 7,646 Shares, representing less than 1% of the outstanding Shares. |