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
During the meeting, which took place on 3 September 2009 the Bank of Lithuania approved the transaction, according to which AB Bank SNORAS will acquire 100 percent of the shares of AB “Finasta įmonių finansai” owning AB bank “Finasta”.
more »
The European Commission tabled yesterday its proposal on fishing possibilities for fish stocks in the Baltic Sea for 2010.
more »
Members of the Civil Liberties Committee voiced concern on Thursday over the interim agreement under negotiation between the EU and the United States on data transfers via the SWIFT network.
more »
Consumers in Cyprus, the Czech Republic, Hungary, Poland, Romania and Slovenia now have access to consumer magazines and websites, which provide independent, comparative testing of consumer products, following a three-year EU project co-financed by the European Commission.
more »
Funds management company “SNORAS Asset Management” will establish the first alternative investment fund in Lithuania - “SAM Renewable Energy Fund”.
more »
The re-launched Lisbon Partnership for growth and jobs has put innovation and entrepreneurship at the centre and called for decisive and more coherent action by the Community and the Member States in view of mastering the shift towards knowledge based low carbon economy.
more »
Helping dairy farmers now, as well as restructuring the dairy sector in the long run, is the way out of the current milk market crisis, Agriculture Committee MEPs told Agriculture Commissioner Mariann Fischer Boel in a debate on Tuesday.
more »
The EU is phasing out traditional light bulbs over the next three years in favour of a new generation of energy-efficient lighting.
more »
Lithuania increases the VAT rate from 19 % to 21 % from September 1, 2009.
more »
Two recent joint missions from three development finance institutions helped Thailand identify low carbon projects that could be eligible for Clean Technology Fund financing.
more »