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SOURCE Desmarais family
MONTREAL, Oct. 16, 2013 /CNW Telbec/ - Upon the death of The Honourable Paul G. Desmarais on October 8, 2013, the direct and indirect control of Power Corporation of Canada passed to a Québec testamentary trust governed by the Civil Code of Québec (the "Desmarais Family Residuary Trust"). The Desmarais Family Residuary Trust is for the benefit of members of the family of The Honourable Paul G. Desmarais. The trustees of the Desmarais Family Residuary Trust are Jacqueline Desmarais, Paul Desmarais, Jr., André Desmarais, Michel Plessis-Bélair and Guy Fortin. The Desmarais family member trustees determine how to vote the shares of Power Corporation controlled by the Desmarais Family Residuary Trust. The Desmarais Family Residuary Trust controls 48,603,392 Participating Preferred Shares of Power Corporation and 63,825,142 Subordinate Voting Shares of Power Corporation in aggregate, representing 99.49 per cent and 15.52 per cent, respectively, of the outstanding shares of such classes and 61.10 per cent and 24.43 per cent, respectively, of the votes and equity associated with the total outstanding shares of Power Corporation. The shares are held for investment purposes.
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