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
EBRD to pay 4.6 billion roubles for 11.75 percent stake.
more »
On 24 November in London a letter of intent will be signed between Alytus Municipality and the Spanish aluminium company “Sopena group” regarding investments of the “Sopena group” in Alytus.
more »
Tourism opportunities in Dzūkija Region of Lithuania and other issues of incoming tourism promotion were the main topics of the meeting of the Mixed Intergovernmental Commission on Trade and Economic Cooperation between the People’s Republic of China and the Republic of Lithuania.
more »
On 22-23 November in Kiyv, foreign ministers of Lithuania, Ukraine and Belarus discuss trilateral cooperation and participation of Belarus and Ukraine in the Eastern Partnership of the European Union.
more »
The Kozloduy International Decommissioning Support Fund is supporting an innovative programme to boost energy savings and efficiency of public buildings in Bulgaria with a €5 million grant.
more »
Bank DnB NORD’s Economic Research Group predicts that out of the six Baltic Rim countries, moderate economic growth will be seen in Poland, Finland and, possibly Estonia in 2010, while Denmark, Lithuania and Latvia will need more time to climb out of recession.
more »
In a meeting in Brussels of the European Bank Coordination Initiative held on 19 November 2009, the parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries.
more »
On 17 November 2009, the Board of AB Bank SNORAS decided to establish the bank’s representative office in London.
more »
The European Commission has approved, under EC Treaty state aid rules, two capital injections in favour of 'The Mortgage and Land Bank of Latvia' (LHZB).
more »
The government of G hana will tomorrow sign an historic agreement with the EU aimed at ensuring that only legally harvested timber from the West African country is exported to the EU market.
more »