Michael A. DeGiglio, Chief Executive Officer and a director of Village Farms, sold 180,000 common shares of Village Farms through the facilities of the Toronto Stock Exchange at an average price of $6.37 per common share, for an aggregate disposition price of $1,146,464.
Following the Disposition, Mr. DeGiglio beneficially owns approximately 21.3% of the issued and outstanding common shares. Mr. DeGiglio also holds fully vested options for a total of 366,667 Village Farms common shares. Prior to the disposition, Mr. DeGiglio held beneficial ownership of approximately 21.7% of the issued and outstanding Common Shares. Mr. DeGiglio disposed of the common shares in order to monetize a de minimus percentage of his shareholdings in Village Farms for personal reasons, including his intention to provide seed funding for a proposed charitable foundation. Mr. DeGiglio has no other immediate plans to acquire or dispose of any additional common shares. In the future, Mr. DeGiglio may from time to time acquire or dispose ownership of, or control or direction over, additional common shares for investment purposes.