La Caisse apologizes for Coutu confusionLa Caisse apologizes for Coutu confusion
Posted: February 15, 2008, 1:46 PM by DrewHasselback
Retail
Quebec's public pension fund, la Caisse de dépôt et placement du Québec, issued a statement on Friday to correct "misinformation" that has appeared over its holdings in Jean Coutu Group.
The Caisse notes that it owned more than 3 million shares of Jean Coutu as of Dec. 31, 2007, an increase from the 2.2 million shares it owned on Sept. 30, 2007. This statement aims to correct media reports that suggested the Caisse had decreased the pension fund's holdings in Jean Coutu.
The Caisse believes the confusion arose from filings it made with the U.S. Securities Exchange Commission. The September filing mentioned the Caisse's holdings of Jean Coutu, while the December filing didn't. That may have left some with the impression that the Caisse had dumped its stake in Jean Coutu. What actually happened is that Jean Coutu sold off its U.S. store network and therefore ceased to become a U.S. registrant. The Caisse decided it would be necessary to include mention of its Jean Coutu holdings in the subsequent SEC filing for the December quarter.
Declared the pension fund: "The Caisse would like to apologize to Jean Coutu Group and anybody who this information may have misled, and point out that this error might have been avoided if this interpretation had been checked with its representatives beforehand."
Drew Hasselback