Business
Vitality Products Inc. - Announcement by the estate of William Neil Grant
Trading Symbol:  VPI VANCOUVER, Dec. 17, 2012 /CNW/ - As previously announced, Wil...
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\n\n\nTrading Symbol:  VPI\n\n\nVANCOUVER, Dec. 17, 2012 /CNW/ - As previously announced, William Neil\n Grant passed away on November 27, 2011.  Pursuant to the grant of\n probate approved and sealed by the Supreme Court of British Columbia on\n December 14, 2012, the common shares and preference shares of Vitality\n Products Inc. (\"Vitality\") beneficially owned directly and indirectly\n by Mr. Grant devolved to his estate in accordance with his will which\n provides for such shares to continue to be controlled by and for the\n benefit of members of the Grant family.  The Estate of William Neil\n Grant (the \"Estate\") beneficially owns 4,492,563 common shares of\n Vitality or 22.59% of the outstanding common shares of Vitality.  In\n addition, the Estate controls 1,028,671 common shares of Vitality or\n 5.17% of the outstanding common shares of Vitality.  The 1,028,671\n common shares of Vitality are owned by Consolidated Firstfund Capital\n Corp. (\"Firstfund\") and the Estate is a control person of Firstfund. \n Therefore, the Estate beneficially owns or controls, directly and\n indirectly, 5,521,234 common shares of Vitality or 27.76% of the\n outstanding common shares of Vitality.\n\n\nThe Estate controls 26,920 Class \"A\" Preference Shares, Series 3 of\n Vitality or 100% of the outstanding Class \"A\" Preference Shares, Series\n 3 of Vitality, and 46,000 Class \"A\" Preference Shares, Series 6 of\n Vitality or 100% of the outstanding Class \"A\" Preference Shares, Series\n 6 of Vitality.  These Preference Shares are owned by Firstfund.  The\n 46,000 Class \"A\" Preference Shares, Series 6 of Vitality are\n convertible to common shares of Vitality.  If the conversion privilege\n is exercised, the direct and indirect holdings of the voting common\n shares of Vitality owned or controlled by the Estate would increase\n from 5,521,234 common shares (27.76% of the issued and outstanding\n common shares) to 10,121,234 (41.33% of the issued and outstanding\n common shares, assuming conversion), assuming that the conversion right\n is exercised at $0.10 per common share, being the lowest price into\n which the Class \"A\" Preference Shares, Series 6 can be converted into\n common shares of Vitality.\n\n\nThe executors of the Estate are Sue J. Grant, W. Douglas Grant, R. Brian\n...