Business
Affiliate of Pentland enters into monetization transaction
CALGARY , Dec. 9, 2013 /CNW Telbec/ - Pentland Securities (1981) Inc. ("Pentland") and 4...
About this update from Molson Coors Canada Inc. Class A
[{"type":"text","content":"\n\n\nCALGARY, Dec. 9, 2013 /CNW Telbec/ - Pentland Securities (1981) Inc.\n (\"Pentland\") and 4280661 Canada Inc. announced today that one of their\n affiliates has agreed to monetize a portion of its holdings of\n restricted voting exchangeable shares of Molson Coors Canada Inc.\n (which are exchangeable on a one-for-one basis for restricted voting\n shares in Molson Coors Brewing Company (\"Molson Coors\")). This\n monetization transaction (the \"Transaction\") permits Pentland and its\n affiliates to maintain the diversification of their investment\n portfolio, while retaining beneficial ownership and voting rights over\n the monetized shares. Pentland and its affiliates are controlled by\n Eric H. Molson, the Chairman Emeritus of the Board of Molson Coors.\n\n\n\"The Molson family remains fully committed to Molson Coors, its\n management team, growth strategy and people\", said Andrew Molson,\n President of Pentland.  \"The Transaction is designed to diversify our\n investment portfolio, while maintaining our economic and voting\n interest in the Company.\"  The Transaction does not alter Pentland's\n holdings of voting shares in Molson Coors, nor does it affect the\n Molson and Coors families' shared control over Molson Coors through\n their voting trust.\n\n\nUnder the Transaction, 4198832 Canada Inc. (\"4198832\") has entered into\n a forward agreement and a related confirmation (collectively, the\n \"Forward\") with an affiliate of a Canadian chartered bank (the \"Bank\")\n relating to 400,000 shares (the \"Forward Securities\") of restricted\n voting Class B common stock (\"Class B Shares\") of Molson Coors.  The\n Bank will provide 4198832 with a zero coupon loan repayable in cash at\n the settlement of the Forward.  Settlement of the Forward will occur on\n December 4, 2018 and will be in cash or, if elected by 4198832,\n physical delivery of the Forward Securities.  The Forward Securities\n were previously subject to a forward contract entered into in 2008 that\n will terminate without payment by either party on December 12, 2013.\n\n\nInformation About Share Ownership\n\n\nAs at November 1, 2013, Molson Coors had outstanding 2,565,894 shares of\n Class A common stock (\"Class A Shares\"), 159,330,264 shares of Class B\n Shares (together with the Class A Shares, the \"Common Shares\"), one\...