MONTREAL, Nov. 30, 2011 /CNW Telbec/ - Following successful discussions
with the representatives of the Metro affiliated retailers who are
holders of Class B shares, and favourable informal indications received
from a majority of those retailers, Metro Inc. announces that it
intends to submit a proposal to its shareholders for the simplification
of its share capital.
Under this proposal, all the Class B multiple voting shares, which are
held solely by Metro affiliated retailers, will be converted into Class
A Subordinate Shares (carrying one vote per share) on a one for one
basis. The subordinate shares would then be redesignated as Common
Shares and become the only voting and participating shares of the
Corporation. This reorganization will be submitted for shareholder
approval at the next annual general and special meeting of
shareholders, on January 31, 2012. The detailed terms of this
reorganization will be set out in the Management Proxy Circular to be
sent to the shareholders in relation to that meeting. The share capital
reorganization is subject to the relevant regulatory approvals.
As at November 29, 2011, the 577,440 outstanding Class B Shares
represented 0.57% of all the voting and participating shares of the
Corporation and 8.4% of the votes attached thereto.
With annual sales of over $11 billion and over 65,000 employees, Metro
Inc. is a leader in the food and pharmaceutical sectors in Quebec and
Ontario, where it operates a network of more than 600 food stores under
several banners including Metro, Metro Plus, Super C and Food Basics,
as well as over 250 drugstores under the Brunet, The Pharmacy and Drug
SOURCE METRO INC.
For further information:
| Source: || Metro Inc. |
| Information: |
| Richard Dufresne |
Senior, Vice-President and Chief Financial Officer
1-800-361-4681, extension 1003