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BY FAX: (780) 428-1066
Decision CRTC 2001-367
Ottawa, 20 June 2001
Mr. Robert P. Bruce
Lucas Bowker & White LLP
Barristers & Solicitors
1201 Scotia 2 Tower
Scotia Place
10060 Jasper Avenue
Edmonton, Alberta
T5J 4E5
Dear Sir:
Re: Application No. 2001-0578-5- Approved
Transfer of control and shares - Peace River Broadcasting Corporation Ltd., licensee of radio programming undertakings CKHL-FM High Level, CKKX-FM and CKYL Peace River, and CKLM-FM Lloydminster, Alberta, requests authority to transfer the voting shares held by J. Stewart Dent and Anita Dent in Peace Radio Network Ltd., a company which holds all the issued and outstanding shares of Peace River Broadcasting Corporation Ltd., to 937593 Alberta Ltd., a company jointly owned by Terrence Babiy and Cynthia Babiy.
The Commission approves the above-noted application for authority to effect a change in the ownership of Peace River Broadcasting Corporation Ltd., licensee of radio programming undertakings CKHL-FM High Level, CKKX-FM and CKYL Peace River, and CKLM-FM Lloydminster. The change in ownership is effected through the transfer of all the issued and outstanding shares held by J. Stewart Dent and Anita Dent in Peace Radio Network Ltd., a company which holds all the issued and outstanding shares of Peace River Broadcasting Corporation Ltd., to 937593 Alberta Ltd., a company jointly owned by Terrence Babiy and Cynthia Babiy.
The Commission understands that, following the transaction, 937593 Alberta Ltd. will amalgamate with Peace Radio Network Ltd. and expects the amalgamation documents to be forwarded once they become available.
The Commission also notes, that this is the first step of a multi- step transaction. Mr. and Mrs. Dent will subsequently, acquire the assets of the radio programming undertaking CKLM-FM Lloydminster, through 912038 Alberta Ltd., their personal holding company (application 2001-0592-5). This application will be dealt with at the July 24, 2001 Public Hearing in Hull, Quebec, as it involves the issuance of a new licence.
The Commission will modify its ownership records to reflect the authorized ownership of Peace River Broadcasting Corporation Ltd., as shown in the attached appendix.
All letters of approval issued by the Commission are made available for public examination at the Commission's central office. The Commission also requires you to append this letter to your licence.
Yours sincerely,
Ursula Menke
Secretary General
Att
c.c. Peace River Broadcasting Ltd.
Appendix
Peace River Broadcasting Ltd.
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Shareholder
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Type
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# held
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% of vote
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Peace Radio Network Ltd.
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Class A
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540
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100%
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Peace Radio Network Ltd.
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Class B
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136
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Peace Radio Network Ltd.
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Shareholder
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Type
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# held
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% of vote
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937593 Alberta Ltd.
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Class B
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500
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50%
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Terrence Babiy
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Class A
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250
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Cynthia Babiy
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Class A
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250
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50%
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937593 Alberta Ltd.
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Shareholder
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Type
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# held
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% of vote
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Terrence Babiy
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Class A
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250
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50%
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Cynthia Babiy
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Class A
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250
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50%
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Note
The Class B shares of Peace Radio Network Ltd. will be eliminated upon amalgamation of Peace Radio Network Ltd. and 937593 Alberta Ltd. Terrence Babiy and Cynthia Babiy will each hold 500 Class A shares in amalgamated Peace Radio Network Ltd.
Date Modified: 2001-07-09
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