MONTREAL, July 8, 2013 /CNW Telbec/ - The Caisse de dépôt et placement
du Québec today provided the following facts regarding its investment
in the Montreal, Maine & Atlantic Railway Corporation (MM&A).
The Caisse became a minority shareholder when MM&A was founded by Edward
Burkhardt in 2003.
Its initial investment was $14.7 million:
$7 million in share capital; and
a $7.7-million loan.
The loan was fully repaid in 2011 after a portion of the Corporation's
assets was sold.
Since 2008, the value of the Caisse's investment has been practically
In 2011, MM&A was put up for sale. As a result of a non-transferable
loan provided by a U.S. government agency, a transaction with a third
party could not be carried out.
As at December 31, 2012:
The value of the Caisse's holdings is practically nil (about $1,000).
The Caisse's holdings as a percentage: 12.77%
Majority shareholder: Earlston Associates Limited/Edward Burkhardt
The Caisse appointed a director to the board.
Yves Bourdon, a former CN manager, has been on the MM&A board since
The Caisse also made the following statement:
"All the thoughts of the Caisse's employees are with the people of
Lac-Mégantic and their families.
To help them rebuild their community, the Caisse and its subsidiary
Ivanhoé Cambridge are offering the people and the City of Lac-Mégantic
the services of their experts in real estate and urban development,
including the retail and residential sectors.
Furthermore, on behalf of its employees, the Caisse, following
Desjardins Group and National Bank, will be making a $100,000 donation
to the Red Cross to help the residents of Lac-Mégantic."
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2012, it held $176.2 billion in net
assets. As one of Canada's leading institutional fund managers, the
Caisse invests in major financial markets, private equity,
infrastructure and real estate globally. For more information: www.lacaisse.com.
SOURCE: Caisse de dépôt et placement du Québec
For further information:
Senior Director, Media Relations
(514) 847 5493