SMART completes share and board restructuring
SMART Technologies Inc. (NASDAQ: SMT; TSX: SMA) has converted All multiple vote Class B Shares into single vote Class A Subordinate Voting Shares.
As of the result of the conversion, David Martin has resigned as Chairman and Nancy Knowlton as a director of the company, effective April 17, 2014.
Robert Hagerty, a director of the company since July 2010 and Lead Independent Director since June 2011, has assumed Acting Chairman position.
On April 17, 2014, there were 79,464,195 Class B shares outstanding and such shares have now converted into 79,464,195 Class A Subordinate Voting Shares, representing 65.6% of the outstanding Class A Subordinate Voting Shares.
After accounting for this conversion the breakdown of Class A Subordinate Voting Shares is as follows: Martin and Knowlton own 23.5%, entities related to and funds advised by Apax Partners hold 31.1%, Intel Corporation holds 14.4% and the remaining 31.0% of shares are widely held.
“David and Nancy founded SMART Technologies over twenty-five years ago. Over that time, they grew it from a small start-up into a company that has truly changed the way the world works and learns. I want to thank David and Nancy for their many years of unparalleled service to the Company,” said Hagerty.