Ipl Inc. - Restructuring Share Capital

Business Wire, Jan 12, 1995

SAINT-DAMIEN, QUEBEC--(BUSINESS WIRE)--JANUARY 12, 1994--IPL INC.(ME: IPI ) IPL Inc. ("IPL") announces that its Board of Directors has authorized that an annual general and special meeting of common shareholders be held in Quebec City on February 17, 1995, and has approved the contents and the sending of a Proxy Circular in this regard.

In addition to usual matters considered during an annual general meeting, IPL shareholders will be asked to consider and, if they so deem appropriate, to ratify By-Law No C-21 adopted by the IPL Board of Directors on December 9, 1994. By-Law No C-21 sets forth the modification of IPL share capital in order, namely, to redesignate its issued and non-issued Common Shares as "Voting Multiple Shares", to increase the number of votes attached to said shares to ten voting rights per share and to create a new category of shares, to be designated as "Subordinate Voting Shares" carrying one vote per share.

This restructuring will enable IPL to obtain capital funds through participating securities without substantially diluting the voting control held by its principal shareholders. IPL is controlled by members of the Metivier family since 1939.

         CONTACT:  Julien Metivier
                   President-Chief Executive Officer
                   1-800-463-7083

(418) 789-2880