TORONTO, June 11, 2014 /CNW Telbec/ - The largest shareholder of
Hudson's Bay Company ("HBC"), Hudson's Bay Company (Luxembourg) S.à
r.l. ("LuxCo"), has completed the previously announced distribution of
50,048,211 common shares of HBC to Luxco's ultimate shareholders,
including Hanover Investments (Luxembourg) S.A. ("Hanover"), on a pro rata basis.
In the distribution, Hanover acquired ownership of an aggregate of
approximately 24.2 million common shares of HBC, representing
approximately 13.3% of the issued and outstanding common shares of HBC.
Following the distribution, Hanover beneficially owns an aggregate of
approximately 32.9 million common shares of HBC, representing
approximately 18.1% of the issued and outstanding common shares of HBC.
Hanover has acquired the above mentioned common shares of HBC by way of
a dividend distribution from LuxCo. The common shares of HBC will be
held for investment purposes, and Hanover may acquire further common
shares of HBC, or dispose of its holdings of common shares of HBC, in
accordance with applicable securities laws as investment conditions
warrant. HBC is listed on the Toronto Stock Exchange under the symbol "HBC".
Following the distribution, LuxCo continues to hold approximately 20.6
million common shares of HBC, representing approximately 11.3% of the
issued and outstanding common shares of HBC. The sole shareholder of
LuxCo is Hudson's Bay Trading Company, L.P., ("HBTC") a Cayman Islands
limited partnership. The general partner of HBTC is NRDC L&T B, LLC
("NRDC"). As the general partner of HBTC, NRDC may be deemed to have
beneficial ownership of the common shares of HBC held by LuxCo. The
sole member of NRDC is L&T B (Cayman) Inc. Investment and voting
decisions at L&T B Cayman are made jointly by its beneficial owners
which do not include Hanover.
Pursuant to the HBTC limited partnership agreement, LuxCo has
irrevocably appointed Hanover as proxy for the exercise of all voting
rights that arise from time to time over the common shares of HBC held
by LuxCo up to the percentage of the common shares of HBC held by LuxCo
that is equal to Hanover's percentage interest in HBTC, provided that
in no event and at no time shall Hanover exercise the voting rights to
more than 33% of the issued and outstanding common shares of HBC.
Hanover Investments (Luxembourg) S.A. is a company governed by the laws
of Luxembourg with an address of 46a, Avenue J F Kennedy L-1855 Grand-Duchy of Luxembourg, R.C.
Luxembourg: B 132 723.
SOURCE: Hanover Investments (Luxembourg) S.A.
For further information:
For further information please contact Gerald Welvaert at +352 42 71 71 - 3240.