ST. DAMIEN, QUEBEC - Custom injection molder and extruder IPL Inc. said more than 80 percent of its shareholders approved a recently announced share restructuring plan. The plan will allow the St. Damien firm to raise funds without diluting voting control of its major shareholders, the members of the Metivier family.
Shareholders at a Feb. 17 meeting approved the plan to redesignate common shares carrying one vote each to multiple voting shares with ten votes each. The plan also will create a new class of subordinate voting shares, each having one vote.
Julien Metivier, IPL's president and chief executive officer, said his firm will implement the plan at its next share issue. It has set no date, but an issue could co-incide with an acquisition.
Metivier views a recent share purchase by IPL's second-largest shareholder as an investment move and not the start of a takeover offer. Investment institution Caisse de depot et placement du Quebec of Montreal bought 95,000 common shares before the Feb. 17 restructuring vote to boost its stake in IPL to 11.4 percent of common shares from about 9.8 percent. The Metivier family holds about 63 percent.