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To all,
Quoting from the Notice of Annual and Special Meeting of Shareholders, under the heading of Voting Shares and Principal Holders Thereof:
"To the knowledge of the directors or officers of the Corporation, the following shareholders beneficially own, directly or indirectly, or excercise control, or direction over, more than 10% of the voting rights attaching to the outstanding common shares of the Corporation, as at the date thereof:
Name of Shareholder----Number of Common Shares----Percentage of Total Shares
Cede & Co.*-------13,583,484-------76.49%
*Note-the above noted registered shareholders are nominees of the beneficial owners of the common shares of the Corporation. The Corporation is unaware of any person beneficially owning more that 10% of the issued and outstanding common shares of the Corporation, except for the Capital Group of Companies, a Los Angeles based mutual fund who indicated in a press release issed in March, 1997, that it owns 10% of the issued and outstanding capital of the Corporation. This amount is may be reflected in the shares registered in the name of Cede & Co. indicated above."
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Qestion: Who is Cede & Co.?
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Quoting from Section Three Directors:
"3.02 Qualification
No person shall be qualified for election as a director if he is less that 18 years of age; if he is of unsound mind and has been so found by a court in Canada or elswhere; if he is not an individual; or if he has the status of a bankrupt. A director ned not be a shareholder. A majority of the directors shall be resident Canadians, provided that if the Corporation has only one or two directors, that director or one of the two directos, as the case may be, shall be a resident Canadian. If the Corporation is of becomes an offering corporation within the meaning of the Act, at least on-third of the director; of the Corporation shall not be officers or employees of the Corporation or any of its affiliates."
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Question: Why must the majority of directors be Canadians? If the majority of directors must be Canadians, why is IPM planning to delist in Canada?
Thanks in advance,
Michal |
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