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ARCHIVED -  Decision CRTC 97-261

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Decision

Ottawa, 10 June 1997
Decision CRTC 97-261
Shaw Radio Ltd., Margot M. Micallef, Ron D. Rogers, Hal E. Blackadar, Bob Lang and J.T. Strain, on behalf of Burlington Broadcasting Incorporated
Burlington, Ontario - 199618105
Acquisition of shares
1. Following Public Notice CRTC 1997-30 dated 13 March 1997, the Commission approves the application by Shaw Radio Ltd. (Shaw), Margot M. Micallef, Ron D. Rogers, Hal E. Blackadar, Bob Lang and J.T. Strain, on behalf of Burlington Broadcasting Incorporated (BBI), to acquire a total of 65% of BBI's issued and outstanding shares. BBI is the independent licensee of CING-FM Burlington.
2. As a result of this transaction, Shaw will hold 11% of the shares and the other purchasers will each hold 10.8% of the shares. According to BBI's current by-laws no individual or corporate entity may hold more than 17.5% of the company's issued and outstanding shares. Since no shareholder will hold more than 17.5% of the issued outstanding shares, control of the company will reside with its Board of Directors. Shaw will be responsible for managing CING-FM's operations.
3. The purchase price for the shares is $3,363,750. Based on the evidence filed with the application, the Commission has no concerns with respect to the availability or the adequacy of the required financing and is satisfied with the benefits flowing from this transaction.
4. The Commission has noted the concerns expressed in the eight opposing interventions submitted with respect to this application and is satisfied with the applicant's response thereto. The Commission also acknowledges the four interventions filed in support of this application.
This decision is to be appended to the licence.
Allan J. Darling
Secretary General
This document is available in alternative format upon request.
DEC97-261_0
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