RE:Buying back 24% of the float I was soexcited that i had not read the end of the press release before posting my last post on the float.
So they will go ahead with the reduction of the share count.
Amazing.
With this in mind, the Corporation intends to enter into private agreements, within 30 days of June 12, 2024, with Jean, Pierre and Marise Paschini, members of the Board of Directors and the Corporation's management team, through Les Placements Jean and Diane Paschini Inc., Gestion P.R. Paschini Inc., Les Placements M.A.P.S. Inc. and Groupe JPMP Inc., to purchase, for cancellation, up to a maximum of 3,000,000 Subordinate Voting Shares of the Corporation (including up to 2,500,000 Multiple Voting Shares converted into Subordinate Voting Shares), at a price to be agreed upon by the parties at a discount of at least 3% to the market price of the Subordinate Voting Shares on the TSX and the price of the last independent trade of a board lot of the Subordinate Voting Shares on the TSX immediately prior to the proposed repurchase. The Corporation's Board of Directors has established a Special Committee composed of independent directors to review the terms of the proposed repurchase and to make a recommendation to the Board of Directors with respect thereto, and a favorable decision has been obtained from the Autorit des marchs financiers ("AMF") to exempt the Corporation from the requirements applicable to issuer bids under applicable legislation. If such agreements are entered into, the Corporation will issue a press release and information relating to the share repurchase, including the number of shares involved and the total purchase price, will be available on SEDAR+ www.sedarplus.ca following the completion of the proposed repurchase, if any. Jean, Pierre and Marise Paschini have informed the Corporation that the shares in question will be sold to the Corporation for asset diversification and estate planning purposes, that they are not considering any further share sales and that they remain fully committed to growing the Corporation.