11:24 AM EST, 01/20/2025 (MT Newswires) -- Transcontinental (TCL-A.TO, TCL-B.TO) Capinabel Inc. announced Monday the closing of a series of transactions resulting in the termination of the monetization of 3.95-million TC Transcontinental Class B multiple-voting shares held by Capinabel, a company controlled by its founder, Remi Marcoux.

A statement noted prior to the closing of the transaction, the shares held by Capinabel represented approximately 74.42% of the voting rights attached to all outstanding shares of TC Transcontinental. Immediately following the closing of the transaction, Capinabel holds no Class A Subordinate Voting Shares and holds 8,714,884 Class B Shares representing approximately 91.67% of the outstanding Class B Shares and 65.86% of the voting rights attached to all outstanding shares of TC Transcontinental.

National Bank of Canada maintained its outperform rating and $23 price target at following the news.

The company's Class A shares were last seen up $0.24 to $17.80 on the Toronto Stock Exchange.

Price: 17.80, Change: +0.24, Percent Change: +1.37