9) Nonetheless, the requirement in section 3(a)(3) of the BHC Act that the Board's approval be obtained before a bank holding company acquires more than 5 percent of the voting shares of a bank suggests that Congress contemplated the acquisition by bank holding companies of between 5 and 25 percent of the voting shares of a bank or a bank holding company.
First Mariner owns less than 1 percent of the voting shares of Glen Burnie and has an agreement to acquire an additional 18.
A holder will have the right to require conversion of the secured convertible notes into subordinate voting shares as described above, so long as such holder does not beneficially own 20% or more of the number of subordinate voting shares and multiple voting shares of the Company outstanding immediately after giving effect to such conversion.
As additional consideration, ProMetic intends to issue to the investors warrants to purchase up to 20,502,772 subordinate voting shares at a price of CAN$0.
BBL believes that its Class A subordinate voting shares
have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of BBL and its future business prospects.
As of April 29, 2005, there were 86,139,396 Subordinate Voting Shares and 46,987,120 Multiple Voting Shares of Quebecor World issued and outstanding.
Quebecor World believes that the repurchase of these Subordinate Voting Shares, pursuant to this normal course issuer bid, is in the best interest of Quebecor World and its shareholders.
A) today announced that purchases of a maximum of 1,209,756 of its class A subordinate voting shares
("Subordinate Voting Shares
"), representing approximately 5% of the 24,195,118 issued and outstanding Subordinate Voting Shares
, by means of a normal course issuer bid through the facilities of The Toronto Stock Exchange ("TSX"), will commence on April 1, 2005 and will terminate no later than March 31, 2006.
Global intends to purchase from time to time, if and to the extent Global considers advisable, up to a maximum of 2,019,458 subordinate voting shares
out of the total 40,389,164 issued and outstanding on March 21, 2005.
The Corporation believes that the purchase of its subordinate voting shares
at prevailing market prices may, from time-to-time, be a worthwhile investment for the Corporation.