Earlier today PSR published a story about ownership of CHEK which we’re told was inaccurate.
News Director Rob Germain sent an e-mail detailing the corrected picture, which is reproduced below. We regret any misinformation that may have been disseminated.
Your report is inaccurate. The Sampson family continues to hold less than a majority of shares in CHEK.
CHEK is seeking approval from the CRTC to buy-back some shares. An application to the regulator was first made last spring.
The CRTC ruled the initial buy-back proposal would result in a change of control.
So CHEK has since revised its application. Our aim is to preserve and strengthen the employee-owned nature of the company and ensure there is no change of control.
The Sampson family has shown great support of the employee-ownership model at CHEK (and at Nanaimo’s Harmac pulp mill) and they continue to do so.
Does anyone know how much the employees are getting back?
I think the original employees paid 1 dollar for each share. I saw an article recently from CHEK saying they are profitable, and the real estate value has gone up a huge amount, so the shareholders must be making a decent profit.
Amazing Chek has hung in there as an independent and kept it afloat in this changing media environment. Their news cast is sure looking way better. What my connection said was the recent share thing was largely about finally having the money to buy back shares from former and retired staffers. Seems like the honourable thing to do if you are in the black.