MONTREAL, Dec. 30, 2015 /CNW Telbec/ - The Desmarais Family Residuary Trust (the "Trust") announced today a change in material facts relating to its early warning report in connection with its indirect holdings of 48,363,392 subordinate voting shares of Power Corporation of Canada representing 11.67 per cent of the outstanding shares of such class.
On December 30, 2015, pursuant to an agreement (the "Agreement") entered into in the context of a reorganization of the Desmarais family holding structure, Paul Desmarais, Jr. and André Desmarais acquired shared control and direction with the Trust, of 15 million and 14 million subordinate voting shares, respectively, held through an intermediary holding company ("Holdco"). Pursuant to the Agreement, Paul Desmarais, Jr. or his designee has the power to direct Holdco to sell or pledge up to 15 million subordinate voting shares and André Desmarais or his designee has the power to direct Holdco to sell or pledge up to 14 million subordinate voting shares (each a "Right").
All other rights and interests in the subordinate voting shares held by Holdco, including the 29 million subordinate voting shares subject to such Rights, remain unchanged, including voting which continues to be determined by the Desmarais family trustees of the Trust.
Paul Desmarais, Jr. and André Desmarais have advised the Trust that neither has any current intention to direct the sale of any subordinate voting shares. The Trust continues to exercise control and direction, over 19,363,392 subordinate voting shares and 48,603,392 participating preferred shares of Power Corporation of Canada and, in addition, on a shared basis, control and direction over an aggregate of 29 million subordinate voting shares with either Paul Desmarais, Jr. or André Desmarais, or their designees.
The Trust's address is 759 Square Victoria, Suite 520, Montréal, Quebec H2Y 2J7. An early warning report will be filed by the Trust in accordance with applicable securities laws and will be available at www.sedar.com
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
SOURCE Desmarais family
For further information: Ernest McNee, Sanpalo Investments Corporation, Tel: 514-281-3385