The shares were held within John Folkes' - James and Constantine's now deceased father - will trust fund and their transfer means Constantine Folkes, his wife Angela and his son Samson, now directly control 66 per cent of the voting shares
and five per cent of the non-voting.
* 22,727,272 variable voting shares
of Jetlines representing approximately 21.2% of Jetlines' total common shares and variable voting shares
issued and outstanding (assuming conversion of all Subscription Receipts); and
The estate's position was that the class A voting shares
should have the same value as the class B nonvoting shares.
Pursuant to the terms of the Combination Agreement, ABS will create a new class of proportionate voting shares
(the "Proportionate Voting Shares
") and alter the identifying name of its common shares to be subordinate voting shares
(the "Subordinate Voting Shares
The carrier is now authorised to purchase up to 6,914,330 common voting shares
and variable voting shares
Ruling that common sense dictated that the voting shares
' "inherent potential for influence and control of the [Simplot] company" made them "far more valuable" than the nonvoting shares, the Tax Court adopted the percentage of the company's value method.
It added: 'Based on this construction, the Folkes family has at all times since the Articles were amended on May 20 1999 held more than 40 per cent of the issued voting share
capital of Folkes Group and, accordingly, the conditions requiring enfranchisement of the nonvoting shares have not been met.
ACE Aviation Holdings Inc (TSX:ACE.A), a Canadian holding company with various aviation interests including Air Canada, reported yesterday that it has completed the sale of 44m Class B voting shares
of Air Canada in a secondary offering on a bought deal basis.
The conversion price per subordinate voting share
is CDN0.05 for up to one year following closing and is CDN0.10 per subordinate voting share
after such date in the event the Investor elects to extend the term.