MONTREAL, May 17 /CNW Telbec/ - In a decision handed down today, the
Quebec Superior Court ruled fully in favour of Metro Inc. in the
latter's dispute with the Regroupement des Marchands Actionnaires Inc.
Eight years ago, the Regroupement instituted oppression and nullity
proceedings against Metro Inc., claiming in particular that certain
shareholder merchants who had converted their multiple voting Class B
Shares (carrying 16 votes per share) into Class A Subordinate Shares
(carrying one vote per share) should be able to convert their Class A
Subordinate Shares back into Class B Shares. The trial was held in
The Superior Court's ruling confirms Metro Inc.'s position that the
lawsuit brought by the Regroupement was unfounded and that at all times
Metro Inc.'s actions were lawful and in the best interests of the
Company and its shareholders.
Metro Inc. maintains excellent business relations with its merchants,
including the minority of merchants who support the Regroupement.
The Regroupement has 30 days from the date of the ruling to appeal the
Superior Court's decision.
With annual sales of over $11 billion and over 65,000 employees, Metro
Inc. is a leader in the food and pharmaceutical sectors in Québec 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: |
| Marie-Claude Bacon |
1-800-361-4681, ext. 1086