Netgraphe also will receive $10 million
Published:
8 March 2001 y., Thursday
Quebecor Inc., shedding the last of its Internet assets, said its Netgraphe Inc. unit has accepted a plan under which the subsidiary will absorb the Canoe Web sites. Netgraphe will also get $10 million and issue a 60.8-per-cent stake to Quebecor and its pension-fund partner, the Caisse de Depot et Placement du Quebec.
Quebecor owns 55 per cent of Quebecor Media Inc., which will hold the stake, valued at about $62 million, while the Caisse has 45 per cent.
The plan is the result of negotiations between Quebecor executives and an independent committee of Netgraphe directors, he said.
The transaction calls for Netgraphe to create two classes of stock - multiple-voting shares each carrying 10 votes, and subordinate-voting shares, with one each.
It is subject to a number of conditions, including approval by Netgraphe shareholders.
Netgraphe's stock has lost more than nine-10ths of its value in the past year. Montreal-based Netgraphe only has common shares now. Current shareholders will be offered a 10-per-cent premium if they choose to convert their common stock into subordinate-voting shares, the company said.
Šaltinis:
Bloomberg News
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
In European sustainable energy week 2010, new EU energy commissioner presents strategy to reduce Europe’s dependence on fossil fuel.
more »
The EBRD is launching a Project Complaint Mechanism, which is expected to enhance the accountability and transparency of the Bank’s operations.
more »
The EBRD is boosting the availability of local currency financing in Armenia with a synthetic loan in Armenian Drams (AMD) worth $4 million to FINCA UCO CJSC for on-lending to local micro and small enterprises (MSEs).
more »
This year is the UN year of biodiversity and it brings endangered species into the spotlight.
more »
The World Bank Board of Directors today approved a US$65 million project to support the recovery of Haiti’s critical infrastructure as well as the reestablishment of basic State functions following the devastating 7.0 magnitude earthquake on January 12, 2010.
more »
Haiti’s arduous reconstruction and recovery process jolted forward today following fresh commitments to help the Caribbean nation rebuild in the wake of its devastating January 12 earthquake.
more »
A mission from the African Department of the International Monetary Fund (IMF) visited Uganda during March 4-17, 2010, to conduct the seventh and final review under Uganda’s Policy Support Instrument (PSI) and reach understandings on a policy framework for a new three-year PSI to cover the period 2010 to 2013.
more »
The European Economic and Social Committee (EESC), as the first EU institution, rose to the challenge of providing a comprehensive vision for the future of the Common Agriculture Policy (CAP), in advance of the European Commission's papers on the matter, due to be issued later this year and in 2011.
more »
The outlook for primary energy supplies, heat, and electricity is questionable for the Eastern Europe and Central Asia region, despite Russia and Central Asia’s current role as a major energy supplier to both Eastern and Western Europe.
more »
The Executive Board of the International Monetary Fund (IMF) today approved a 36-month, SDR 513.9 million (about US$790 million) Stand-By Arrangement (SBA) for El Salvador to help the country mitigate the adverse effects of the global crisis.
more »