MISSISSAUGA, ONTARIO — Profile extruder CPI Plastics Group Ltd. is reclassifying shares following approval of the plan at its May 18 annual meeting. The Mississauga-based firm said its multiple voting shares carrying 20 votes each and its subordinate voting shares with one vote each will become common shares carrying one vote each. As a result of the reclassification, CPI Chairman and Chief Executive Officer Peter Clark will control about 65 percent of the outstanding common shares. He has controlled more than 95 percent of the votes among the three classes of shares.
CPI elected a new director, federal Sen. Michael Kirby, to the company's board of directors, it said after the meeting.