Convenience store giant Alimentation Couche-Tard (TSX:ATD.B) will eliminate its dual class share structure on Wednesday of this week (December 8).
In a written statement, the convenience store operator announced that all four co-founders of Couche-Tard – Alain Bouchard, Jacques D'Amours, Richard Fortin and Réal Plourde – will each be at least 65 years old as of December 8, triggering a scheduled collapse of the company’s dual-class share structure into a single stock.
Investors that hold Couche-Tard’s Class B shares will receive Class A versions of the stock on a one-to-one basis. The Class B shares will be delisted from the Toronto Stock Exchange after markets close today (December 7).
Bouchard, Couche-Tard's co-founder and executive chairman, said that despite the changes to the company's share structure, it remains business as usual at the company.
"All of the founders, including myself, will remain as members of Couche-Tard's board of directors and closely involved in the organization," he said in the news release.
In addition to the stock changes, Couche-Tard said it plans to amend previously announced terms of a share buyback of more than 32 million shares to Class A shares rather than Class B shares.
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