Fidelity Investments becomes Onex’ second largest shareholder

CPE News

CPE News Brief (10.11.2023) – FIL Limited of Pembroke, Bermuda, together with certain of its affiliates and Fidelity Investments Canada ULC (Fidelity Investments), has reported net acquisition of 106,095 Subordinate Voting Shares of Onex Corporation (TSX: ONEX) on September 6, 2023.

With the acquisition of the additional shares, Fidelity Investments, increased its beneficial ownership to 8,271,835 Subordinate Voting Shares, representing approximately 10.43% of the outstanding shares of that class.

As at March 27, 2023, Onex had 100,000 Multiple Voting Shares and 80,863,172 Subordinate Voting Shares issued and outstanding.

Gerald W. Schwartz holds indirectly all the outstanding Multiple Voting Shares. Schwartz also beneficially owns, controls or directs, directly or indirectly, 10,364,140 Subordinate Voting Shares, representing approximately 12.8% of the outstanding Subordinate Voting Shares.

Schwartz, as the holder of Multiple Voting Shares, is entitled, voting separately as a class, to elect 60% (rounded to the nearest whole number) of the members of Onex board of directors, unless and until an event of change occurs at which the Multiple Voting Shares would be redeemed at $1 per Share.

Schwartz and Fidelity Investments are the only two known beneficial shareholders, controlling with 10% and more of Subordinate Voting Shares.

Onex Subordinate Voting Share stock closed at $80.52 on October 10, 2023.

photo credit: Onex