Canadian supermarket chain Metro to simplify its share capital to have a single class of voting and participating shares
December 1, 2011
– Following successful discussions with the representatives of the Metro affiliated retailers who are holders of Class B shares, and favourable informal indications received from a majority of those retailers, Metro Inc. announces that it intends to submit a proposal to its shareholders for the simplification of its share capital.
Under this proposal, all the Class B multiple voting shares, which are held solely by Metro affiliated retailers, will be converted into Class A Subordinate Shares (carrying one vote per share) on a one for one basis. The subordinate shares would then be redesignated as Common Shares and become the only voting and participating shares of the Corporation. This reorganization will be submitted for shareholder approval at the next annual general and special meeting of shareholders, on January 31, 2012. The detailed terms of this reorganization will be set out in the Management Proxy Circular to be sent to the shareholders in relation to that meeting. The share capital reorganization is subject to the relevant regulatory approvals.
As at November 29, 2011, the 577,440 outstanding Class B Shares represented 0.57% of all the voting and participating shares of the Corporation and 8.4% of the votes attached thereto.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Quebec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.