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Mainstreet Announces Exercise of Stock Options
Mainstreet Announces Exercise of Stock Options Canada NewsWire CALGARY, March 1,...
About this update from Mainstreet Equity Corp.
[{"type":"text","content":"\n\n\n\nMainstreet Announces Exercise of Stock Options\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 1, 2019\n\n\n\nCALGARY, March 1, 2019 /CNW/ - Mainstreet Equity Corp. (\"Mainstreet\" or the \"Corporation\") (TSX: MEQ) today announced that all of the holders (\"Holders\") of the Corporation's remaining outstanding incentive stock options (\"Options\"), each of which is a director or officer of the Corporation, have exercised their Options, at an exercise price of $5.51 per common share of the Corporation (\"Common Share\") in accordance with the terms of Mainstreet's stock option plan (the \"Option Plan\"). As a result of such exercise, Mainstreet has no options issued or outstanding, and as the Option Plan has expired, no further Options may be issued until such time as the Corporation approves a new stock option plan.  \nUnder the Option Plan, the Holders may elect to exercise their Options, or alternatively may jointly elect with the Corporation to receive a cash settlement, whereby they may receive the \"in the money value\" of the Option in lieu of purchasing the number of Common Shares purchasable under the Option (a \"Cash Settlement\"). Each Holder elected to receive a Cash Settlement in respect of a portion of their Options and to exercise the remainder for Common Shares.  Based on the closing price of the Common Shares on the Toronto Stock Exchange (\"TSX\") on February 28, 2019, being $45.75, the Corporation paid an aggregate amount of $ 10,968,426.05 to the Holders pursuant to the Cash Settlement election and issued an aggregate of 549,425 Common Shares, representing 6.22% of the issued and outstanding Common Shares. Following such issuance, the Corporation has 9,381,730 Common Shares issued and outstanding.\nBob Dhillon, Chief Executive Officer of Mainstreet added, \"Given we believe the current trading value of the common shares of Mainstreet is significantly below what we believe is the underlying net asset value of the Common Shares, Management is of the view that jointly electing to use the Cash Settl...