May 31, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as “Autorité des marchés financiers” or “AMF”) is asking the Bureau de décision et de révision en valeurs mobilières (BDRVM), under subsections 6 and 10 of sections 93 and 94 of the Act respecting the Agence nationale d’encadrement du secteur financier, to:

• prohibit the Regroupement des marchands actionnaires inc. (the “Association”) from carrying on any activity in respect of a transaction in securities of Metro, under section 265 of the Quebec Securities Act (the “Act”), so long as the Association has not filed its insider report with the AMF in accordance with section 97 of the Act;
• impose an administrative penalty on the Association, in accordance with section 273.1 of the Act;
• take any other step to ensure compliance with the provisions of the Act, including ordering the Association to file an insider report with the AMF within ten days of the BDRVM decision and, failing such filing, to prohibit the exercise of its right to vote Metro’s Class A and Class B shares.

Recall that the Association acts as the exclusive representative and power of attorney of the merchant shareholders and owners of approximately 168 Metro stores respecting the exercise of the voting rights attached to the shares of Metro. Since its last insider report filed on September 28, 2002, transactions were apparently carried out without the Association declaring the change of its control over Metro shares.

The BDRVM will hold a pro forma (administrative) hearing on June 1, 2004 at 9:30 a.m. in the hearing room on the 23rd floor of the Stock Exchange Tower, 800 Victoria Square, Montréal.

To read the AMF’s request (pdf - 112 KB)This link will open in a new windowUpdated on May 31, 2004, please consult the appendix to the press release (in French only) published on the AMF web site, under the heading Media Centre/The Autorité's Latest Press Releases.

Created under the Act respecting the Agence nationale d'encadrement du secteur financier, the Bureau de décision et de révision en valeurs mobilières (BDRVM) is a tribunal which exercises certain powers prescribed by the Securities Act. The BDRVM is independent from the AMF.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission desvaleurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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Information:

Journalists only: Barbara Timmins (514) 940-2176
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