MONTRÉAL, March 3, 2018 /CNW Telbec/ - The Desmarais Family announces that Jacqueline Desmarais died today.
Mme Desmarais was married to The Honourable Paul G. Desmarais who died in 2013. Mme Desmarais was the mother of Paul Desmarais Jr., André Desmarais, Louise Desmarais and Sophie Desmarais.
A private family funeral is to be held in the coming days, to be followed by a memorial service at a date to be announced by the Desmarais family.
Mme Desmarais was a trustee of the Desmarais Family Residuary Trust (the "Trust"). The Trust exercises control over family holding entities (together "Holdco Entities") which own 48,668,392 Participating Preferred Shares and 48,363,392 Subordinate Voting Shares of Power Corporation of Canada. The Trust is for the benefit of members of the family of The Honourable Paul G. Desmarais and the Holdco Entities are held by the Trust and members of the Desmarais family and trusts for their benefit. In accordance with the terms governing the Trust, Mme Desmarais has been replaced as a trustee by her daughter Sophie Desmarais. The other trustees of the Trust are Paul Desmarais Jr., André Desmarais, Michel Plessis-Bélair and Guy Fortin. The trustees of the Trust also act as voting administrators with respect to Holdco Entities. Decisions with respect to voting and disposition of shares of Power Corporation of Canada controlled by the Trust shall be determined (subject to the rights of Paul Desmarais Jr. and André Desmarais to direct the sale or pledge of up to 15 million and 14 million of those Subordinate Voting Shares respectively as previously disclosed) by a majority of the trustees of the Trust, excluding Sophie Desmarais.
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
SOURCE Desmarais family
For further information: Ernest McNee, Sanpalo Investments Corporation, Tel: 514-281-3385