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.
jointly determine how the Class A voting shares
held by Southhill Strategy Inc.
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.
The offeror must not own more than 10 percent of the outstanding voting shares
, unless the offeror held in excess of this threshold on the date of the plan and has acquired no more than 2 percent of the outstanding voting shares
As of November 16, 2005, under the terms of its November 2004 Normal Course Issuer Bid, which expires on November 28, 2005, the Company had purchased 862,200 Subordinate Voting Shares
at an average cost of $16.
Completion of the transaction is subject to certain conditions, including approval by 75 percent of the holders of Hertel's voting shares
and of the holders of Hertel's non-voting shares
represented at the special meeting of Hertel called to approve the recapitalization transaction which has been scheduled for July 15, 1993, forgiveness of certain Hertel debt by the bank consortium and any United States and European regulatory filings and approvals.
iii) cancel all the authorized and unissued multiple voting shares
and subordinate voting shares
of the Company.
Fairfax is making this Normal Course Issuer Bid because it believes that in appropriate circumstances its subordinate voting shares
represent an attractive investment opportunity and that consequently purchases under the bid will enhance the value of the shares held by the remaining shareholders.
The Corporation purchased 200 of its Class A subordinate voting shares
during the twelve months preceding the date of the notice at an average price of $11.
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.
Dundee Corporation purchased an aggregate of 67,228 Subordinate Voting Shares
at an average price of $24.
Global believes that recent market prices of its subordinate voting shares
do not properly reflect their underlying value and the cancellation of these shares are in the best interest of Global and its shareholders.