Sobey Families Confirm Internal Consolidation of its Empire Shar

Sobey Families Confirm Internal Consolidation of its Empire Shares

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SOURCE Class B Holdings Limited

STELLARTON, NS, Dec. 28, 2017 /CNW/ - Representatives of three branches of the Sobey family confirmed today that Empire Company Limited Class B common shares beneficially owned by the three branches of the Sobey family have been consolidated into a single holding company, Class B Holdings Limited ("CBHL"). In exchange for CBHL shares, CBHL acquired beneficial ownership of an aggregate of 90,933,092 or 92.66% of the outstanding Class B common shares from: DFS Investments Limited, a holding company controlled by David F. Sobey; Dunvegan Holdings Limited, holding company controlled by the children of the late William Sobey; and Sumac Holdings Limited, holding company controlled by Donald R. Sobey.

CBHL, together with its shareholders and their affiliates, own or control 90,971,444 Class B common shares representing approximately 92.70% of the outstanding Class B common shares. The Sobey families continue to separately hold Non-voting class A shares of Empire outside of CBHL. Insider and other regulatory filings are being updated to reflect the consolidation.

"The three families believe that the consolidation of their Empire voting shares in CBHL will create a governance structure to better administer their interest in Empire," said Stewart Mahoney, President of CBHL.

CBHL, its shareholders and their affiliates have no intention to undertake any other transactions relating to his ownership of Empire. However, subject to regulatory limitations, they may acquire or continue to hold Empire shares in the normal course of their investment activities.

 

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