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CUSIP No. 05577W200 | | 13G | | Page 4 of 6 Pages |
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(g) | | | | ☐ | | A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G); |
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(h) | | | | ☐ | | A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); |
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(i) | | | | ☐ | | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C.80a-3); |
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(j) | | | | ☐ | | Anon-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J); |
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(k) | | | | ☐ | | Group, in accordance with §240.13d-1(b)(1)(ii)(K). |
Item 4(a). | Amount beneficially owned: |
This Schedule 13G is being filed on behalf of the Reporting Person. As of the close of business on December 31, 2018, the Reporting Person held 21,353,314 Multiple Voting Shares of the Company.
The rights of the holders of the Company’s Multiple Voting Shares and Subordinate Voting Shares are substantially identical, except with respect to voting, conversion and subscription rights. The Subordinate Voting Shares have one vote per share and the Multiple Voting Shares have six votes per share. The Subordinate Voting Shares are not convertible into any other class of shares, while the Multiple Voting Shares are convertible into Subordinate Voting Shares on aone-for-one basis at the option of the holder and under certain other circumstances. In the event of any distribution or issuance of voting shares of the Company (other than Multiple Voting Shares, Subordinate Voting Shares issued upon conversion of Multiple Voting Shares or voting shares issued upon the exercise of a right attached to a previously issued security), the holders of Multiple Voting Shares are entitled to subscribe for additional Multiple Voting Shares in order to maintain their proportion of total voting rights associated with the then outstanding Multiple Voting Shares. The holders of Subordinate Voting Shares benefit from protection provisions that give them certain rights in the event of a take-over bid for the Multiple Voting Shares.
Accordingly, the 21,353,314 Multiple Voting Shares held by the Reporting Person are convertible, at the option of the Reporting Person, into 21,353,314 Subordinate Voting Shares, or approximately 33.2% of the Company’s outstanding Subordinate Voting Shares.
The 21,353,314 Multiple Voting Shares held by the Reporting Person represent approximately 34.8% of the Company’s total voting power.
The percentage of the Company’s outstanding Subordinate Voting Shares and total voting power held by the Reporting Person are based on 43,031,409 Subordinate Voting Shares and 54,101,384 Multiple Voting Shares outstanding as of October 31, 2018, as reported in the Company’s Report of Foreign Private Issuer on Form6-K, filed with the Securities and Exchange Commission on November 30, 2018.
The Reporting Person is party to a Nomination Rights Agreement, dated as of May 29, 2013, with Beaudier Inc. and 4338618 Canada Inc. (collectively, “Beaudier Group”) and Caisse de dépôt et placement du Québec (“CDPQ”). The Nomination Rights Agreement requires that the Reporting Person, the Beaudier Group and CDPQ cast all votes to which they are entitled to fix the size of the Company’s board of directors at 13 members and to elect members of the board of directors in accordance with the provisions thereof. As a result, the Reporting Person, the Beaudier Group and CDPQ may be deemed to be a group for purposes of Section 13(d) of the Act. The Reporting Person disclaims beneficial ownership of the securities held by the Beaudier Group and CDPQ.
Item 4(b). | Percent of Class: |
See Item 4(a) hereof.