NewsSherritt says eliminates two-class share structure - December 11, 2003 10:31AM ET
TORONTO, Dec 11 (Reuters) - Sherritt International Corp. said on Thursday it is eliminating its two-class share structure, which leaves the company's restricted voting shares as its sole class of equity.
In a release, Sherritt said all 100 multiple voting shares held by Chairman Ian Delaney are being converted into restricted shares on a one-for-one basis. Sherritt has about 131 million restricted shares outstanding.
Sherritt, a diversified minerals, energy and power group, said it intends to seek shareholder approval to redesignate its restricted voting shares as common shares.