RE:RE:RE:TD's spin on new CEOI don't know how many corporations this analyst has to cover. Seems to me that he is not very interested in Torstar. I absolutely don't see a danger for the current dividend of 10 cents, because the Voting Trust will always want the preferential dividend on the Class B Shares to be paid. Otherwise we would have voting shares after two years. Man, that would be great! Cut the dividend once and for all:-)
FYI Page 20 from the Annual Information Form 2016 (with information about a possible takeover bid):
Class B Non-Voting Shares
The holders of the Class B non-voting shares are generally not entitled to vote at any meeting of the shareholders of
the Corporation; provided that, if at any time the Corporation has failed to pay the full quarterly preferential dividend
on the Class B non-voting shares in each of eight consecutive quarters, then and until the Corporation has paid full
quarterly preferential dividends (7.5 cents per annum) on the Class B non-voting shares for eight consecutive quarters,
the holders of the Class B non-voting shares are entitled to vote at all meetings of the shareholders at which directors
are to be elected on the basis of one vote for each Class B non-voting share held. To date, the Corporation has paid in
full all quarterly preferential dividends on the Class B non-voting shares. In addition, holders of Class B non-voting
shares are entitled to vote at all class meetings of holders of Class B non-voting shares. Each Class B non-voting
share entitles the holder, subject to the rights of holders of First Preference shares, to the full preferential dividend
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described above and to receive any further dividend on such share and to participate equally, on a share for share
basis, with all other holders of Class B non-voting shares and Class A shares, in the remaining property and assets
of the Corporation on liquidation, dissolution or winding-up of the Corporation.
In 1988, the TSX approved a plan to protect the holders of the Class B non-voting shares in the event of a take-over
bid for Class A shares. Generally, the result of the plan is that parties to the Voting Trust Agreement, owners of
approximately 99% of all outstanding Class A shares as of the date of this AIF, have undertaken to CIBC Mellon
Trust Company as Trustee for all holders of Class B non-voting shares that, subject to certain exemptions, they will
not dispose of their Class A shares pursuant to a take-over bid, unless the same offer is made to all holders of Class B
non-voting shares.