MONTRÉAL, Dec. 31, 2020 /CNW/ - The Desmarais Family Residuary Trust (the "Trust") announced a change to its early warning reports in connection with its indirect holdings (through Pansolo Holding Inc. ("Pansolo"), a corporation controlled by the Trust) of Participating Preferred Shares and Subordinate Voting Shares of Power Corporation of Canada ("PCC"). As of December 31, 2020, under customary commercial credit facilities of Pansolo, Pansolo has, directly and indirectly, pledged 54,697,962 Participating Preferred Shares and 17,363,392 Subordinate Voting Shares of PCC to certain Canadian bank lenders as security for its obligations thereunder.
Immediately before and after the occurrence of the event that triggered the requirement to issue this news release, the Trust exercised control over Pansolo which, directly and indirectly, owns 54,697,962 Participating Preferred Shares and 48,363,392 Subordinate Voting Shares in the aggregate, representing 99.70% and 7.77%, respectively, of the outstanding shares of such classes and 50.84% and 15.22%, respectively, of the votes associated with, and quantity of, the total outstanding voting shares of PCC.
The head office address of Power Corporation of Canada is 751 Square Victoria, Montréal, Québec H2Y 2J3. The Trust's address is 759 Square Victoria, Suite 520, Montréal, Québec 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 or by contacting the contact person noted below.
SOURCE Desmarais Family Residuary Trust
Ernest McNee, Sanpalo Investments Corporation, Tel: 514-281-3385
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