Kernwood Updates Securities Act Filings in Connection with Black Diamond Group

TORONTO, Nov. 18, 2019 /CNW/ - Kernwood Limited ("Kernwood") is updating its filings pursuant to the early warning and insider reporting requirements of Canadian securities laws in connection with its holdings of Black Diamond Group Ltd. ("Black Diamond").

Previously, Kernwood's filings have assumed that Kernwood may be considered to act jointly with its shareholders and their spouses and its reports have included shares it owns and shares owned by Edward J. Kernaghan, Edward H. Kernaghan, Alice Kernaghan, Elizabeth Kernaghan and Jennifer Kernaghan.

Following recent changes, Edward J. Kernaghan is no longer a shareholder of Kernwood and he and his wife, Alice Kernaghan, do not have any agreement, commitment or understanding with Kernwood or its shareholders as to how they vote their shares of Black Diamond or as to when such shares are purchased or sold. 

Accordingly, Kernwood, together with Edward H. Kernaghan, Elizabeth Kernaghan and Jennifer Kernaghan collectively own 7,388,600 shares of Black Diamond representing approximately 13.329% of the total outstanding shares (down from 10,577,700 shares reported on December 6, 2018 when Edward J. Kernaghan and Alice Kernaghan were included in the filing).

Neither Kernwood nor any of the other persons named above have recently purchased or sold shares of Black Diamond and there is no current intention to buy or sell such shares.  

Kernwood is a private holding company that invests in securities of private and public companies.

The acquisition of the Black Diamond Shares by Kernwood was undertaken for investment purposes. Kernwood does not have any current plans or future intentions to buy or sell further Shares, to solicit proxies or to otherwise participate in any significant transaction involving Black Diamond. Kernwood intends to review its investment on a continuing basis and may engage in discussions with management of Black Diamond concerning its business and future plans. Depending on various factors, Kernwood may in the future purchase or sell securities or engage in other activities relating to Black Diamond.

Kernwood's head office is located at 75 Wellington St. W., TD South Tower, Suite 605, P.O. Box 346, TD Centre, Toronto, Ontario M5K 1K7.  

Kernwood will be filing an Early Warning Report under Black Diamond's profile on SEDAR and copies of the report may be obtained at www.SEDAR.com or from Kernwood by contacting its President, Edward H. Kernaghan at [phone].

SOURCE Kernwood Limited

Edward H. Kernaghan at [phone]