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    POW   CA7392391016

POWER CORPORATION OF CANADA

(POW)
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Power of Canada : Early Warning Filing by Desmarais Family Residuary Trust in connection with Announced Transaction by Power Corporation of Canada and Power Financial Corporation

12/16/2019 | 10:06am EDT

Power Corporation of Canada ('PCC') and Power Financial Corporation ('PFC') today announced the execution of a definitive agreement to effect a reorganization transaction (the 'Transaction') pursuant to which each common share of PFC held by holders of PFC common shares other than PCC, will be exchanged for 1.05 Subordinate Voting Shares of PCC and $0.01 in cash.

In accordance with the pre-emptive right (the 'Pre-Emptive Right') in favour of holders of Participating Preferred Shares included in PCC's articles, PCC will make an offer to holders of Participating Preferred Shares allowing them to acquire, on a pro rata basis, such number of Participating Preferred Shares that is equal to 12.0% of the number of PCC Subordinate Voting Shares proposed to be issued pursuant to the Transaction for a consideration per share that is equal to the stated capital amount per share for which the Subordinate Voting Shares are to be issued.

The Desmarais Family Residuary Trust (the 'Trust') announces today that the Trust, through Pansolo Holding Inc. ('Pansolo'), its controlled holding company, intends to acquire, and has agreed with PCC and PFC to acquire, pursuant to exercise of the Pre-Emptive Right, between 5 million and 6 million Participating Preferred Shares. Immediately before and after the triggering of the requirement to issue this news release and file an early warning report (and without giving effect to the Transaction or acquisition of any shares under the Pre-Emptive Right), the Trust exercises control over Pansolo which, directly and indirectly, owns 48,697,962 Participating Preferred Shares and 48,363,392 Subordinate Voting Shares of PCC, representing 99.68% and 12.81%, respectively, of the outstanding shares of such classes and 61.81% and 22.76%, respectively, of the votes associated with, and quantity of, the total outstanding shares of PCC. Assuming Pansolo acquires between 5 million and 6 million Participating Preferred Shares upon exercise of the Pre-Emptive Right, and no other holders of Participating Preferred Shares acquire any Participating Preferred Shares under the Pre-Emptive Right, Pansolo would own between 53,697,962 and 54,697,962 Participating Preferred Shares and the Trust's securityholding percentage of Participating Preferred Shares would increase from 99.68% to approximately 99.71%. The Trust and Pansolo will not directly or indirectly acquire any Subordinate Voting Shares of PCC in the Transaction and, as a result, if the Transaction is implemented the Trust's securityholding percentage of the outstanding Subordinate Voting Shares will be reduced immediately following completion of the Transaction. It is expected that, following the foregoing transactions, the Trust (through Pansolo) will control, directly or indirectly Subordinate Voting Shares and Participating Preferred Shares representing in aggregate 50.2% to 50.6% of the total votes of all PCC voting shares to be outstanding

Contact:

Tel: 514-281-3385

(C) 2019 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
POWER CORPORATION OF CANADA -0.58% 39.73 Delayed Quote.36.71%
POWER FINANCIAL CORPORATION 0.00%End-of-day quote.3.92%
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Financials
Sales 2021 66 951 M 53 661 M 53 661 M
Net income 2021 2 446 M 1 960 M 1 960 M
Net Debt 2021 - - -
P/E ratio 2021 11,0x
Yield 2021 4,53%
Capitalization 26 743 M 21 437 M 21 434 M
Capi. / Sales 2021 0,40x
Capi. / Sales 2022 0,38x
Nbr of Employees 30 000
Free-Float 75,8%
Chart POWER CORPORATION OF CANADA
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Technical analysis trends POWER CORPORATION OF CANADA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 41,28 CAD
Last Close Price 39,73 CAD
Spread / Highest target 13,3%
Spread / Average Target 3,90%
Spread / Lowest Target -3,10%
EPS Revisions
Managers and Directors
NameTitle
Robert Jeffrey Orr President, Chief Executive Officer & Director
Gregory Dennis Tretiak Chief Financial Officer & Executive Vice President
Paul Guy B. Desmarais Chairman
Anthony R. Graham Lead Independent Director
Pierre Beaudoin Independent Director
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