Eight years ago, the Regroupement instituted oppression and nullity proceedings against Metro Inc., claiming in particular that certain shareholder merchants who had converted their multiple voting Class B Shares (carrying 16 votes per share) into Class A Subordinate Shares (carrying one vote per share) should be able to convert their Class A Subordinate Shares back into Class B Shares. The trial was held in March 2010.
The Superior Court’s ruling confirms Metro Inc.’s position that the lawsuit brought by the Regroupement was unfounded and that at all times Metro Inc.’s actions were lawful and in the best interests of the Company and its shareholders.
Metro Inc. maintains excellent business relations with its merchants, including the minority of merchants who support the Regroupement.
The Regroupement has 30 days from the date of the ruling to appeal the Superior Court’s decision.
With annual sales of over $11 billion and over 65,000 employees, Metro Inc. is a leader in the food and pharmaceutical sectors in Québec and Ontario, where it operates a network of more than 600 food stores under several banners including Metro, Metro Plus, Super C and Food Basics, as well as over 250 drugstores under the Brunet, The Pharmacy and Drug Basics banners.
Senior Director, Corporate Affairs Department
1 800 361-4681 # 1086
Source: Metro Inc.