G2S2 Capital Inc. Announces Disposition of Investment in Temple Hotels Inc.

HALIFAX, Feb. 19, 2020 /CNW/ - G2S2 Capital Inc. ("G2S2"), announces that it has disposed of its holdings of common shares of Temple Hotels Inc. ("Temple"), pursuant to a previously announced statutory plan of arrangement under section 192 of the Canada Business Corporations Act, which was completed on February 18, 2020. As a result, G2S2, together with certain parties it is deemed to be a joint actor with, no longer holds shares of Temple.

G2S2 has filed an early warning report today pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

Specifically, on February 18, 2020, G2S2 disposed of 12,664,834 common shares of Temple at a price of $2.10 per share (the "Disposition"). Simé Armoyan also disposed of 50,000 common shares of Temple at a price of $2.10 per share.

Prior to the Disposition, G2S2, together with deemed joint actors, owned and exercised control over an aggregate of 12,714,834 common shares of Temple, representing 16.92% of the outstanding common shares.

Immediately after the Disposition, G2S2, together with deemed joint actors, no longer owns or exercises control over any common shares of Temple.

The above-referenced early warning report relating to this press release has been filed on System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Temple's issuer profile.

About G2S2

G2S2 Capital Inc. is a privately held investment holding company focused on creating value across a variety of businesses with a long term horizon. G2S2 is a corporation incorporated under the laws of Canada and operates as an investment holding company. G2S2 is controlled by George & Simé Armoyan.

SOURCE G2S2 Capital Inc.

or to obtain a copy of the early warning report, please contact Rob Jeffery, Executive Vice President & Chief Financial Officer of G2S2 at 902-423-4000.