Telesat readies share listing
November 12, 2021
By Chris Forrester
Ottawa-based Telesat is expected to be granted approval by the Toronto Stock Exchange for a listing over the next few working days. However, the approval depends on a planned merger between Telesat’s part-owners Loral Space & Communications and Canada’s Public Sector Pension Investment Board (PSP Investments) also closing on time.
If all goes as planned Telesat’s shares will be traded on about November 19th according to reports.
The somewhat complex process is made difficult because Loral’s shares are already listed on the New York Nasdaq exchange and Telesat will take that spot and the end result will see Telesat Canada and Loral becoming subsidiaries of Telesat Corp, a new publicly traded Canadian incorporated and controlled company.
“This transaction allows public market investors, including Loral’s stockholders, to own Telesat directly, and, moreover, provides Telesat access to the public equity markets to support its compelling growth initiatives, including its revolutionary, highly advanced low Earth orbit (LEO) satellite constellation. Telesat’s state-of-the-art LEO network will enable affordable, reliable, high-speed broadband connectivity everywhere on Earth, positioning Telesat to be a leader in this high growth industry,” said Nasdaq in a statement made at the start of the process.
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