“It is easy to understand why the Audit family does not want to sell its stake in Coco Co. The future is bright and I assure you that the Audrey family wants to maintain its long-term commitment, ”Louise Audit told Cococo Communications, its main subsidiary, at the annual meeting of Cococo’s shareholders on Friday.
During a question and answer session for shareholders during the event, which was organized due to the epidemic, Louis Audette, chairman of the board of directors of the two companies, asked why Cocoa is still divided into two public companies and whether to maintain this structure.
“Why not merge the two companies today? It’s very simple, “said Louis Audette.
“It’s a matter of controlling the Audit family, which allowed the family to resist the sale.
“We have a single chairman, the same chairman and CEO of the board and they are the only senior managers for both companies. This reduces costs. These are still very low costs in terms of public sector costs. It helps, ”said Louis Audette.
On the basis of its multiple voting shares, Kajeshan Adam received 69% of the vote in Cocoa and 83% in Cococo Communications.
Louis Audrey recalls that in 1985 Coco became a public company and eight years later, financial markets announced the creation of a company that would only do cable distribution (Cable pure play) Are welcome.
The $ 11 billion offer from Altis USA and Rogers Communications was turned down last fall. The offer valued the Audit family’s contribution at $ 900 million.
Louise Audette said the maid role played by the Audette family for 63 years has allowed the company to grow and prosper and demonstrate that Coco is gaining a unique and enviable position as a company. Broadband services with significant presence in Canada and the United States.
Aldis USA and Rogers’ offer valued Cokeco Communications shares at $ 150 and Cokeco shares at 3,123.
Shares of Cococo Communications were up 6% at $ 101.75 in Toronto and Cococo shares were up 5% at $ 83.13.
Investors responded to deliver an attractive opening year financial performance. For more than a year, the earnings per share of Coco Communications exceeded 15% of analysts.
The quarterly results exceeded expectations in the Canadian and US markets. The demand for residential high speed internet service is strong.
The management is improving its revenue and profit forecasts for the financial year 2021, taking into account the recent acquisition of Derry Telecom and the results it has now recorded.