WINNIPEG, June 17, 2019 /CNW/ - The North West
Company Inc. (TSX: NWC) ("North West") is pleased to
announce that the Court of Queen's Bench Manitoba issued earlier
today a final order approving the previously announced plan of
arrangement under the Canada Business Corporations Act
effecting amendments to North West's articles of arrangement (the
"Articles") and By-Law No. 1 to align the permitted level of
non-Canadian ownership and control of its voting shares with those
prescribed by the new definition of "Canadian" under the Canada
Transportation Act (the "CTA") as amended in
June 2018.
Prior to the CTA amendments, no more than 25% of the voting
interests of a Canadian air carrier (or a Canadian air carrier's
holding company) could be owned or controlled by non-Canadians. The
Government of Canada's stated
purpose in implementing the CTA amendments is to attract more
foreign investment and encourage growth in the aviation sector by
increasing, from 25% to 49%, the permitted level of foreign
ownership of Canadian air carriers. At the same time, the CTA
amendments introduced two new limitations on voting ownership and
control, by capping the voting rights of single non-Canadians and
of the aggregate of non-Canadian air carriers at 25%.
North West will file its amended articles and expects them to
become effective on or about June 17, 2019. Further details
regarding the amendments are set out in the management information
circular of North West dated April 10,
2019, which is available under North West's profile on SEDAR
at www.sedar.com.
ABOUT THE NORTH WEST COMPANY INC.
The North West Company Inc., through its subsidiaries, is a
leading retailer of food and everyday products and services to
rural communities and urban neighbourhoods in Canada, Alaska, the South Pacific and the Caribbean. North West operates 245 stores
under the trading names Northern, NorthMart, Giant Tiger, Alaska
Commercial Company, Cost-U-Less and RiteWay Food Markets and has
annualized sales of approximately CDN$2.0
billion.
SOURCE The North West Company Inc.
