Clifford Starke's Holdings in Flora Growth Corp.
Clifford Starke, an investor in Flora Growth Corp. (FLGC), has increased his holdings in the company. On August 14, 2024, FLGC shareholders approved the issuance of 1,028,665 stock appreciation rights (SARs) to Starke on December 15, 2023, and an additional 575,319 SARs on August 14, 2024. These SARs vest in 12 equal installments, subject to share price criteria, with a ten-year term. Following this acquisition, Starke's fully-diluted ownership in FLGC increased from approximately 10.03% to 16.44% of outstanding common shares. Starke may acquire or dispose of FLGC securities in the future, depending on market conditions and other factors.
Clifford Starke, un investitore in Flora Growth Corp. (FLGC), ha aumentato le sue partecipazioni nella società. Il 14 agosto 2024, gli azionisti di FLGC hanno approvato l'emissione di 1.028.665 diritti di apprezzamento azionario (SAR) a Starke il 15 dicembre 2023, e ulteriori 575.319 SAR il 14 agosto 2024. Questi SAR maturano in 12 rate uguali, soggetti a criteri di prezzo delle azioni, con un termine di dieci anni. Dopo questo acquisto, la proprietà completamente diluita di Starke in FLGC è aumentata da circa 10,03% a 16,44% delle azioni ordinarie in circolazione. Starke potrebbe acquistare o disporre di titoli FLGC in futuro, a seconda delle condizioni di mercato e di altri fattori.
Clifford Starke, un inversor en Flora Growth Corp. (FLGC), ha incrementado su participación en la empresa. El 14 de agosto de 2024, los accionistas de FLGC aprobaron la emisión de 1.028.665 derechos de apreciación de acciones (SAR) a Starke el 15 de diciembre de 2023, y un adicional de 575.319 SAR el 14 de agosto de 2024. Estos SAR se otorgan en 12 cuotas iguales, sujetas a criterios de precios de acciones, con un plazo de diez años. Tras esta adquisición, la propiedad totalmente diluida de Starke en FLGC aumentó de aproximadamente 10,03% a 16,44% de las acciones ordinarias en circulación. Starke puede adquirir o disponer de valores de FLGC en el futuro, dependiendo de las condiciones del mercado y otros factores.
클리포드 스타크(Clifford Starke)는 플로라 그로스(Flora Growth Corp. (FLGC))의 투자자로서 회사에 대한 보유 지분을 늘렸습니다. 2024년 8월 14일 FLGC 주주들은 2023년 12월 15일 스타크에게 1,028,665 주식 가치 상승권(SAR)의 발행을 승인했으며, 2024년 8월 14일에 575,319 SAR을 추가로 승인했습니다. 이 SAR은 주가 기준에 따라 12회 균등하게 분할되어 발생하며, 10년의 기간이 있습니다. 이번 인수 이후 스타크의 FLGC 내 완전 희석 소유 지분은 약 10.03%에서 16.44%로 증가했습니다. 스타크는 향후 시장 상황과 기타 요인에 따라 FLGC 증권을 매입하거나 처분할 수 있습니다.
Clifford Starke, un investisseur dans Flora Growth Corp. (FLGC), a augmenté sa participation dans la société. Le 14 août 2024, les actionnaires de FLGC ont approuvé l'émission de 1.028.665 droits de hausse de stocks (SAR) à Starke le 15 décembre 2023, ainsi qu'un supplément de 575.319 SAR le 14 août 2024. Ces SAR sont acquis en 12 versements égaux, sous réserve de critères de prix des actions, avec un terme de dix ans. À la suite de cette acquisition, la propriété complètement diluée de Starke dans FLGC est passée d'environ 10,03% à 16,44% des actions ordinaires en circulation. Starke pourrait acquérir ou céder des titres de FLGC à l'avenir, en fonction des conditions du marché et d'autres facteurs.
Clifford Starke, ein Investor in Flora Growth Corp. (FLGC), hat seinen Anteil an dem Unternehmen erhöht. Am 14. August 2024 genehmigten die FLGC-Aktionäre die Ausgabe von 1.028.665 Aktienwertsteigerungsrechten (SAR) an Starke am 15. Dezember 2023 und zusätzlich 575.319 SAR am 14. August 2024. Diese SAR werden in 12 gleichen Raten, abhängig von den Aktienpreiskriterien, mit einer Laufzeit von zehn Jahren fällig. Nach dieser Akquisition stieg Starkes vollständig verwässerter Anteil an FLGC von etwa 10,03% auf 16,44% der ausstehenden Stammaktien. Starke kann in Zukunft FLGC-Wertpapiere erwerben oder veräußern, abhängig von den Marktbedingungen und anderen Faktoren.
- Increased insider ownership from 10.03% to 16.44% on a fully-diluted basis
- SARs vesting tied to share price criteria, potentially aligning management interests with shareholders
- Potential dilution for existing shareholders due to the issuance of new SARs
- Insider's large ownership position may impact stock liquidity
Insights
The acquisition of SARs by Clifford Starke in Flora Growth Corp. represents a significant increase in his potential ownership stake. On a fully-diluted basis, Starke's holdings have grown from
The vesting structure of the SARs, tied to share price criteria, aligns Starke's interests with overall company performance. The ten-year term suggests a long-term commitment, potentially providing stability for other investors. However, the one-year post-termination exercise period adds an element of flexibility for Starke.
Investors should monitor Starke's future actions closely, as his statement leaves open the possibility of further acquisitions or divestments based on various factors. This uncertainty could introduce volatility in Flora Growth's stock price in the short term.
This disclosure aligns with the early warning requirements of National Instrument 62-103, demonstrating regulatory compliance. The detailed breakdown of Starke's holdings and potential future actions provides necessary transparency for other investors and the market.
The statement that Starke has "no present intention of acquiring additional Securities" is a standard legal disclaimer. However, the subsequent mention of potential future acquisitions or sales based on various factors leaves room for significant changes in his position.
Investors should note that while this disclosure fulfills legal requirements, it doesn't guarantee Starke's future actions. The open-ended nature of his stated intentions could be seen as a strategic move, providing flexibility while meeting regulatory obligations.
Panama City, Panama--(Newsfile Corp. - September 12, 2024) - On August 14, 2024, at the annual meeting of the shareholders of Flora Growth Corp. (the "Issuer"), the shareholders of the Issuer approved: (a) the December 15, 2023, issuance of 1,028,665 stock appreciation rights ("SARs") to Clifford Starke (the "Acquiror") and the; (b) the August 14, 2024 issuance of 575,319 SARs to the Acquiror. The SARs vest in 12 equal installments, subject to Issuer share price criteria, have a ten-year term, and a post-termination exercise price of one year (the "Acquisition").
Immediately before the completion of the Offering, the Acquiror owned an aggregate of 1,340,056 common shares of the Issuer, representing approximately
In accordance with applicable securities laws, the Acquiror may, from time to time and at any time, acquire additional common shares, and/or other equity, debt or other securities or instruments (collectively, "Securities") of the Issuer in the open market or otherwise, and Acquiror reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of the Issuer and other relevant factors.
The head office address of the Acquiror is: PH Park Loft - Suite 2006, Via Porras 75, Panama City, Panama.
The Acquiror acquired the Shares for investment purposes, and has no present intention of acquiring additional Securities. Depending upon the Acquiror's evaluation of the business, prospects and financial condition of the Issuer, the market for the Issuer's Securities, general economic and tax conditions and other factors, the Acquiror may acquire more or sell some or all of the Acquiror's Securities of the Issuer.
This press release is issued pursuant to early warning requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which also requires the Early Warning Report to be filed in accordance with applicable Canadian securities laws. For further information please refer to the Early Warning Report to be posted on the Issuer's SEDAR+ profile at www.sedarplus.com or which may be obtained by contacting the Acquiror at (954) 842-4989.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223147
FAQ
How many stock appreciation rights (SARs) were issued to Clifford Starke by Flora Growth Corp. (FLGC)?
What is Clifford Starke's current ownership percentage in Flora Growth Corp. (FLGC) after the SARs issuance?
What are the vesting terms for the SARs issued by Flora Growth Corp. (FLGC) to Clifford Starke?
When did Flora Growth Corp. (FLGC) shareholders approve the issuance of SARs to Clifford Starke?
