TORONTO, Oct. 22, 2012 /CNW/ - Today WIND Mobile announced that its shareholder Orascom Telecommunications, controlled by Amsterdam-based VimpelCom Group, plans to convert its non-voting shares to voting shares pursuant to provisions in agreements that have governed the company since inception. This right of conversion became effective upon key changes to Canada's foreign investment rules.
This is purely an internal restructuring effected to simplify WIND Mobile's capital structure. In the absence of voting share restrictions formerly applicable to WIND Mobile, the non-voting shares were no longer necessary. This helps position the company as it continues to build Canada's fourth-largest carrier and offer consumers more choice and better value in the wireless marketplace. The decision has no impact on how WIND Mobile operates in Canada - the shareholders' agreement remains in place and unchanged.
"VimpelCom Group and WIND Mobile remain committed to the Canadian marketplace and becoming Canada's fourth-largest carrier," said Tony Lacavera, Chairman and CEO of WIND Mobile. "Contrary to certain preliminary stories in the media this morning, while we're always considering our strategic options, the company is not currently engaged in any active merger discussion. One thing remains unchanged - our commitment to offering Canadians simple, fair and easy-to understand wireless plans at an affordable rate."
About WIND Mobile
WIND Mobile is dedicated to improving the Canadian wireless experience by offering customers simple and transparent plans, including real unlimited voice/data/text with no term contracts and no hidden fees. Committed to becoming the country's fourth national carrier, WIND has more than 500,000 happy customers in Canada and is a part of Amsterdam-based VIMPELCOM Ltd., a global company with over 200 million customers. Learn more about WIND Mobile at www.windmobile.ca.
SOURCE: WIND Mobile
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Public Relations and Social Media Specialist, WIND Mobile