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ARCHIVED - Broadcasting Decision CRTC 2003-45

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Broadcasting Decision CRTC 2003-45

Ottawa, 13 February 2003

Les Communications Matane inc.
Matane, Quebec

Application 2002-0812-5

Transfer of effective control

1.

The Commission received an application from Les Communications Matane inc. for authorization to change the effective control of the company by modifying its ownership structure.

2.

Les Communications Matane inc. is the licensee of CHOE-FM and CHRM-FM Matane, Quebec.

3.

Changes in the licensee's ownership structure include the following steps:

  • alteration of the licensee's share capital in order to replace the classes of shares with new classes, as follows: converting common and preferred shares issued to current shareholders to class "B" and class "H" shares, respectively; dividing certain new classes of shares among current shareholders;
  • transfer of the class "B" voting shares belonging to Roger Dion (33.96%) and Romain Gagné (5.66%) to 9021-8918 Québec inc. (9021-8918), a company that is 99% owned by Kenneth Gagné; and
  • transfer of 68 class "B" shares from 9021-8918 to Jean-Jacques Ouellet inc., bringing this company's ownership interest in the licensee from 15.85% to 34.9%.

4.

The Commission notes that these transactions were conducted without its prior approval and it reminds the licensee that it must comply with section 11(4) of the Radio Regulations, 1986 at all times.

5.

The result of the above-mentioned transactions is the transfer of effective control of the licensee to 9021-8918, which will hold 64.9% of the voting shares. However, the transactions do not change the ultimate control of the licensee, which will continue to be exercised indirectly by Kenneth Gagné, through his company, 9021-8918.

6.

The Commission approves the transfer of effective control of Les Communications Matane inc.

7.

The Commission will amend its ownership records accordingly.

Secretary General

This decision is to be appended to each licence. It is available in alternative format, upon request, and may also be examined at the following Internet site: www.crtc.gc.ca

Date Modified: 2003-02-13

Date modified: