By: E&P Staff
Back on Jan. 27, the Ontario Superior Court of Justice judge overseeing the litigation against Hollinger Inc. gave the holding company until June 30 to hold its long-overdue 2004 annual meeting. Now Hollinger says it will soon go back to court for another extension, and for permission to delay its 2005 annual meeting as well.
In its bi-monthly “status report,” Hollinger said it still cannot file the 2003 annual financial statements that are required by Canadian securities law before it could hold a 2004 annual meeting. As it has said repeatedly, it is also unable to file audited quarterly or annual statements for 2004.
Toronto-based Hollinger Inc. is the holding company Conrad Black used to control Hollinger International, the Chicago company that publishes the Chicago Sun-Times and dozens of dailies and community papers in the Chicago market. Last November, Black resigned as the company’s chairman and CEO in a failed attempt to take the company private.
Hollinger Inc.’s principal asset is its approximately 66.8% voting and 17.4% equity interest in Hollinger International.
In its status report, Hollinger Inc. said as of close of business June 10 it had cash on hand of about U.S.$69.6 million. It said the market value of its holdings in Hollinger International as of that date was U.S.$150,789,143.
Through June 10, the company said, it had spent in excess of C$8.53 million, approximately U.S.$6.92 million, to fund the court-appointed investigation by the accounting firm Ernst & Young of its related-party transactions.