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Reitmans Ord Shs V.RET

Alternate Symbol(s):  RTMNF | RTMAF | V.RET.A

Reitmans (Canada) Limited is a Canada-based specialty apparel retailer for women and men, with retail outlets throughout the country. The principal business activity of the Company is the sale of women’s wear. The Company operates three different brands: Reitmans, Penningtons and RW&CO. The Reitmans banner is a specialty fashion destination. The Reitmans has an online presence and store locations across the country. Penningtons is a destination for plus-size fashion, ranging from sizes 14 to 32. Penningtons operates stores across Canada, as well as an ecommerce site at penningtons.com. RW&CO. operates stores averaging 4,500 square feet in premium locations in shopping malls, as well as on their e-commerce site. Specializing in menswear and womenswear, the brand delivers versatile, well-crafted collections and brand experiences. It operates approximately 391 stores under three distinct banners consisting of 226 Reitmans, 85 Pennington, and 80 RW&CO.


TSXV:RET - Post by User

Comment by savyinvestor333on Dec 11, 2024 12:53pm
37 Views
Post# 36356953

RE:RE:And Roots Results are Out

RE:RE:And Roots Results are Out

When are Non-Voting Shareholders Entitled to Vote?

When are Non-Voting Shareholders Entitled to Vote? 

The Ontario Business Corporations Act (“OBCA”) allows corporations to be formed with multiple classes of shares. For a variety of reasons, incorporators sometimes find it desirable to create classes of shares whose stockholders are not entitled to vote on company resolutions (“non-voting shares”). By foregoing their right to vote, the owners of non-voting shares will sometimes be compensated through increased priority with respect to dividends and/or preferred status during liquidation.   

Despite what the name implies, non-voting shareholders can become enfranchised if certain conditions are met. Pursuant to Subsections 170(1) and (3) of the OBCA, non-voting shareholders are entitled to cast votes on a resolution to amend the corporation’s articles if the amendment proposes to do any of the following: 

  • Change the maximum number of authorized shares of the non-voting class;
  • Increase the maximum number of authorized shares of a class having rights or privileges equal or superior to the shares of the non-voting class;
  • Exchange, reclassify or cancel the shares of the non-voting class;
  • Change the rights, privileges, restrictions or conditions attached to the shares of the non-voting class;
  • Change the rights or privileges of any class of shares having rights or privileges equal or superior to the shares of the non-voting class
  • Create a new class of shares equal or superior to the shares of the non-voting class;
  • Change an inferior class of shares making them equal or superior to the shares of the non-voting class;
  • Allow for a particular class of shares to be exchanged for shares of the non-voting class; or
  • Change restrictions related to the issue, transfer or ownership of the shares of the non-voting class. 

Non-voting shareholders retain their right to vote even if the changes noted above are effected through less direct means. For example, non-voting shareholders are entitled to vote if a proposed amalgamation will affect their class in any of the ways listed above (OBCA, s. 176(3)). This rule ensures that non-voting shareholders will not see their privileges reduced without their participation in the process.

For additional information, consult Part XIV of the Ontario Business Corporations Act, RSO 1990, c B.16. 


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