An administrative agreement was recently reached between Biblairie G.G.C. Ltée, Biblairie G.G.C. (1981) Ltée, Biblairie G.G.C. Belvédère Ltée, Biblairie G.G.C. Estrie Ltée, Biblairie G.G.C. Minto Ltée, Biblairie G.G.C. Montérégie Ltée, Biblairie G.G.C. Sherbrooke (the Biblairie Group) and the Autorité des marchés financiers (the AMF) to normalize an irregular distribution matter.
Under the agreement , the Biblairie Group agrees that all its holders will henceforth be grouped under the same entity following a merger pursuant to the Business Corporations Act, the terms of which have been submitted to the AMF. Under the agreement, the Biblairie Group, of the first part, and Gérald-Guy Caza, Francine Archambault, Yvan Cloutier and Roger Durand, of the second part, agree to jointly pay the AMF an administrative penalty of $100,000, which corresponds to 10% of the value of the irregular distributions made.