Four Seasons Hotels Inc. - Company Update.TORONTO--(BUSINESS WIRE)--Aug. 22, 1996--FOUR SEASONS HOTELS (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: FSH FSH follicle-stimulating hormone. FSH abbr. follicle-stimulating hormone Facioscapulohumeral muscular dystrophy (FSH) ) Four Seasons Hotels Inc. announced today that it will hold a special meeting of its shareholders on Oct. 3, 1996 at which shareholders will be asked to approve an amendment to the articles of the Company. The purpose of the amendment is to provide a more flexible capital structure to permit the pursuit of the Company's long term growth plans. Since the Company went public in 1986, the family of Isadore Sharp Isadore "Issy" Sharp, O.C. (born October 8, 1931) is a Jewish-Canadian businessman and founder, chairman and CEO of Four Seasons Hotels and Resorts. In 1952, he graduated from the Ryerson University with a degree in architecture. ("Sharp") has controlled Four Seasons through its holdings of Multiple Voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 Shares, which today represent approximately 65 percent of the votes attaching to the Company's outstanding voting securities. To ensure that future growth does not significantly alter the present voting structure, the Company is proposing that the existing Multiple Voting Shares, which carry 12 votes per share, be exchanged for new Variable Voting Shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. , carrying a number of votes which increases proportionately as additional Subordinate Voting Shares are issued. In effect, under this proposal the current number of outstanding Variable Voting Shares, as a class, would continue to carry approximately 65 percent of the votes despite the issuance of additional Subordinate Voting Shares in the future. The continued application of this mechanism would be subject to ratification every three years, beginning at the Company's annual meeting in the year 2000, by a majority of the votes cast by holders of Subordinate Voting Shares, other than Sharp and associates of Sharp. The articles of the Company will also be amended to provide that from the time the votes first are adjusted, the dividend entitlement on the Variable Voting Shares will be decreased, on a per share basis, to 50 percent of the dividend entitlement of the Subordinate Voting Shares (to be renamed "Limited Voting Limited voting is a voting system in which electors have fewer votes than there are positions available. The positions are awarded to the candidates who receive the most votes absolutely. Shares"). The proposed amendment is subject to certain regulatory approvals and the approval of a majority of the votes cast by holders of Subordinate Voting Shares, other than Sharp and associates of Sharp. In addition to this minority approval, the amendment must be approved by two thirds of the votes cast by holders of the Multiple Voting Shares and Subordinate Voting Shares, each voting separately as a class. Proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other will be available for mailing to shareholders following Sept. 2, 1996, which is the record date for the special meeting. Further information concerning the proposed announcement is set forth in a background paper which is available, upon request, from the Company. Four Seasons Hotels and Resorts The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. , together with Regent International Hotels Regent hotel is brand of luxury hotels, part of the Carlson Companies, currently operating six hotels in Asia, USA and Europe. Originating in Hong Kong in 1970, in 1990s Regent brand was part of Four Seasons hotel chain until 1997, when it was acquired by Carlson Companies. , is the world's largest operator of luxury hotels. Upon completion of properties under construction or development, Four Seasons and Regent will have 50 hotels operating in 22 countries. CONTACT: Four Seasons Hotels Inc. Douglas Ludwig, 416/441-4320 Kathleen Taylor, 416/441-4399 |
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