Tuesday, February 26, 2008

BCE: Sure looks Canadian controlled to me?

This intricate spider web of multilevel ownership through various classes of shares was tabled by BCE and Teachers at the recent CRTC Public Hearings in a document entitled: "Reference Materials Regarding Control-in-Fact Issues for the CRTC"

Looks more like a sub prime mortgage conduit diagram to me, which it most certainly is as well. Almost as certain as the intent of the following:

Section 11 of Schedule III of Teachers’ governing regulations provides that:

“the administration of a plan shall not, directly or indirectly, invest the moneys of the plan in the securities of a corporation to which are attached more than 30% of the votes that may be cast to elect the directors of the corporation”.

Meanwhile the CRTC doesn't appear so easily wowed with the actual "control-in-fact" circumstances of this proposed arrangement:

CRTC raises concerns about BCE takeover
The Toronto Star
Ross Marowits
Canadian Press

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