Assisted Living Concepts, Inc. (NYSE:ALC) announced earlier this week that the reorganization of its largest shareholder, Scotia Investments Limited, has been completed. The reorganization transfers the shares of Class A and Class B Common Stock of Assisted Living Concepts, Inc. previously held by Scotia Investments Limited to a former affiliate of Scotia Investments, Thornridge Holdings Limited. Thornridge, a privately-held limited company located in Nova Scotia, is wholly owned by private holding companies owned by members of the extended family of Jean Hennigar, a daughter of the late R.A. Jodrey, including her son David J. Hennigar, who is chairman of Assisted Living Concepts, Inc. s Board of Directors.
“We are pleased that the restructuring of Scotia Investments has resulted in the continued ownership commitment by the Hennigar family,” commented Laurie Bebo, President and Chief Executive Officer. “Based upon their past commitment and their recent Schedule 13D filing, we believe this restructuring of Scotia will have no material impact on ALC and reinforces the support for ALC s strategic direction.”