Examples of Stronach Trust in a sentence
Mr. Frank Stronach, the founder and Chairman of Magna, and certain members of his immediate family, are the trustees of the Stronach Trust and are members of the class of potential beneficiaries of the Stronach Trust.
The Arrangement Agreement contains covenants, representations and warranties of and from each of Granite, the Stronach Shareholder and the Stronach Trust and various conditions precedent, both mutual and with respect to each party.
The Agreement with the Initiating Shareholders, among other things, provides the Initiating Shareholders with the ability to compel Granite, the Stronach Shareholder and the Stronach Trust to comply with certain obligations under the Arrangement Agreement.
Concurrently with the entering into of the Arrangement Agreement, each of Granite Co., the Stronach Shareholder, the Stronach Trust and the Initiating Shareholders entered into the Agreement with Initiating Shareholders.
The Stronach Trust has disclosed in the Circular that it is content with the status quo if the Proposed Transaction does not proceed.
Mr. Galifi testified that the potential increase in enterprise value arising from the elimination of the dual class share structure would be split approximately 50/50 between the Stronach Trust and Class A Shareholders.
We note in this respect that as a result of comments from the Special Committee, the Stronach Trust agreed to reduce fees under the Consulting Agreements, as described in paragraph 68(ii) of these reasons, and to increase its investment in the E-Car Partnership by $20 million (from a total of $60 million to $80 million).
In considering whether disclosure in the Circular is adequate, we also recognize that the Proposed Transaction is complex and some portions of the consideration to be paid to the Stronach Trust are difficult to evaluate.
The Class B Shares, all of which are indirectly held by the Stronach Trust, currently represent approximately 66% of the votes but less than 1% of the equity attached to Magna’s total outstanding shares.
The primary purpose of the Proposed Transaction is the acquisition by Magna of the Class B Shares held by the Stronach Trust in exchange for Subordinate Voting Shares and the other consideration contemplated under the Proposed Transaction.