MINIMUM SHARE OWNERSHIP LEVELS FOR EXECUTIVES OF COGECO AND COGECO CABLE.
Press Release
For immediate release
Minimum Share Ownership Levels for Executives of COGECO and Cogeco Cable
Montréal, April 23, 2007
– COGECO Inc. (TSX: CGO) and Cogeco Cable Inc. (TSX: CCA)
announced today that the minimum share ownership levels for its senior executive officers have
been enhanced. In order to reflect best corporate governance practices in Canada, Mr. Louis
Audet, the President and Chief Executive Officer, is now expected to achieve a holding of
shares equal to at least five (formerly three) times his base annual salary. He volunteered this
higher level and he will have until October, 2011 to meet it. The minimum share ownership level
to be held by Mr. Audet, who is the President and Chief Officer of both COGECO and Cogeco
Cable, may be comprised of multiple and subordinate voting shares of COGECO and/or Cogeco
Cable and he is encouraged to own shares of both corporate entities.
A Vice President who reports to the President and Chief Executive Officer is expected to
achieve within a similar five-year time frame a holding of shares equal to at least 80% of his or
her base annual salary, and is also encouraged to achieve 100% of his or her base annual
salary.
These requirements are intended to encourage senior executives of COGECO and Cogeco
Cable as applicable, to increase their ownership stake in the corporations they manage so as to
further align the interests of senior management with those of shareholders at large.
About COGECO
COGECO is a diversified communications company. Through its Cogeco Cable subsidiary,
COGECO provides about 1,713,000 revenue-generating units (RGUs) to approximately
1,448,000 homes passed in its Canadian service territory and about 671,000 RGUs to
approximately 835,000 homes passed in its Portuguese services territory. Through its two-way
broadband cable networks, Cogeco Cable provides its residential and commercial customers
with analog and Digital Television and services, High Speed Internet access as well as
Telephony services.
Through its Cogeco Radio-Television subsidiary, COGECO holds a 60% interest and operates
the TQS network, six TQS television stations, and three French CBC-affiliated television
stations in partnership with CTV Television. Cogeco Radio-Television also wholly owns and
operates the RYTHME FM radio stations in Montréal, Québec City, Trois Rivières and
Sherbrooke as well as 93
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station in Québec City. COGECO’s subordinate voting shares are
listed on the Toronto Stock Exchange (CGO). The subordinate voting shares of Cogeco Cable
are also listed on the Toronto Stock Exchange (CCA).
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Source: COGECO Inc./Cogeco Cable Inc.
Pierre Gagné
Vice President, Finance and Chief Financial Officer
Tel: (514) 874-2600
Information: Media
Marie Carrier
Director, Corporate Communications
Tel: (514) 874-2600