MONTREAL – Cogeco Inc. said Tuesday that Audet family holding company Gestion Audem Inc. is selling144,090 subordinate voting shares on a private placement basis.
The transaction does not alter the control of Cogeco since, upon completion of this transaction, Gestion Audem will retain control and ownership over 1,809,660 multiple voting shares and 365,720 subordinate voting shares of Cogeco, representing in aggregate 70.5% of the voting rights associated with all shares of Cogeco (compared to 70.8% of the voting rights prior to the transaction).
"This transaction represents only a small percentage of Gestion Audem's holding in Cogeco Inc.," said Gestion Audem Inc. president Louis Audet, in the news release. "On behalf of all members of the Audet Family, I wish to confirm that we remain fully committed to maintaining a controlling ownership position and to continue to grow Cogeco, which was founded by our father Henri Audet almost sixty years ago."
The transaction is expected to close on or about February 26, 2016, subject to customary closing conditions.
