7
C6
i6t
September 8, 1976
knasco L
4 vies
Aftnu-nal 7.1 6. canaft
Forcion Investment ftevicw Aoancy,
Post office Box 2300S _4
-P.O. Box am
Ottatlra,. Ontario.
Mon"91 101, Canad,2
Atteni-fon: Assess=ent Division
(514) 937 911
w cT*runa
Dear Sirs,
tie understand that the Ajency is at present in the
process of assessing the acquisition by Grissol Foods
(1975) Limited of Biscuits Montnagny Inc. and Henri
ct Fils Inc., both of Moatzaanv, Quebec.
Crissol Foods C1975) Limited is a subsidiary of
Irv
Imasco Limited. Inasca Limited is a no.4-cligible
person" under the terns of the Foreian Investment
Review Act. ' We understand that you fiave raised the
question as to Imascols philosophv an increased
Canadian ownership in Imasce. in-ascols aajor share-
holeer is British-.4mcrican Tobacco Company Limited
(BAT) of England. Both Ir-asco Limited and BAT believe 3
that witen the proper occasion ar;.3e3 that it would be
desirable to increase Canadian ownership c:E Imasco
Limited. For examples in 1.1.1ovC.-ibar, 1973 when Tobacco
Securitics Trust Company Limttad, a company in which
BAT controls SO% of the voting power, decided to dis-
pose of 500,000 common shares of I=zsco, it was 2272ed
that tey would be centered on the Canad4an market by
a syndicate of Canadian undcru-riters. these shares
could more easily have been sold by Tobacco Sacuritie3
Trust to BAT, but both BAT and Irtasco Linized felt it
bctter to offer them on the Canadian mark-et.
Furthermore, it is the general undarstanding betue2n
the tw; companies that should riatsco rcqulre further
equity fin.ancing, it would be obtained by -- publid
offering an the Canadian warl^-et and that BAT wculd not
participate in such offferin-- it is hoped; tha4 or-r
the ycars as im-"co expands that there will be increased.
Canadian participition in its common Steck.
urs _;4,n trely,
M.)
t @Ss@,_
Vice-President Financc-
C=)
Gcfz/r"l.
(_i4
Lj
BAT Industries document for Province of British Columbia 13 April 1999