Three Dollarama insiders are selling shares in the company, according to the discount retail chain.
The investors are GRI Investments Inc., a private corporation controlled by the Rossy family, The Rossy Foundation and Neil Rossy. The three have agreed to sell respectively 6118369, 1,205,066 and 376,565 common shares of Dollarama in block trades to a financial institution, representing 2.2 million common shares of Dollarama.
Once the trades are settled, GRI Investments Inc. will hold 3,646,245 common shares, The Rossy Foundation will hold 7,127,657 common shares, and Neil Rossy will hold personally 2,313,183 common shares (in addition to 384,000 options vested and exercisable), representing, in aggregate, 13,087,085 common shares or approximately 4.2 per cent of the corporation's total number of common shares issued and outstanding.
Proceeds from the sale of shares by The Rossy Foundation will be used to fund existing commitments to charitable organizations. The decision by GRI Investments Inc. and Neil Rossy to sell a portion of their holdings in Dollarama was made for financial diversification purposes. Trades are expected to close on or about April 12, 2021.