Assante CEO converts Multiple Voting Shares eliminating dual class voting structure

Trading Symbol: LMS

Exchange Listing: Toronto



Apr 26, 2001, 01:00 ET from Assante Corporation

    WINNIPEG, MB, April 26 /PRNewswire/ - Assante Corporation CEO Martin
 Weinberg has converted 100 per cent or 14,563,326 of his outstanding Multiple
 Voting Shares to 14,563,326 Subordinate Voting Shares in the company.
     The conversion eliminates the company's dual class voting structure along
 with Mr. Weinberg's right to elect a majority of the company's board of
 directors. Mr. Weinberg and his family continue to be the largest shareholders
 in the company, holding 15,288,442 Subordinate Voting Shares or 21 per cent of
 the outstanding Subordinate Voting Shares.
     "The dual class voting structure was intended to provide me with
 sufficient voting authority at the time of our initial public offering to
 ensure the successful execution of our acquisition, integration and branding
 strategy," said Mr. Weinberg. "I now believe that our execution risk has
 declined to a point where I am able to relinquish this voting authority and
 adopt a simpler governance structure. The conversion of these shares is
 another important step in meeting the needs of the investment community. Our
 next step will be to elect a board of directors comprised of a majority of
 independent directors."
     Denis Taillieu, chief financial officer of Assante Corporation, said the
 conversion is one of several initiatives the company has taken over the last
 year to inspire investor confidence. "We've made a concerted effort to tell
 our story, simplify our structure, enhance corporate disclosure and actively
 communicate our acquisition and integration strategies," he said. "Martin's
 actions, combined with our decision to move to a one company model in Canada,
 demonstrate a strong commitment to enhancing long-term value for all
 shareholders".
 
     Assante Corporation is a leading provider of integrated wealth and life
 management services. Headquartered in Winnipeg, Manitoba, Assante takes a
 multidisciplinary approach to financial planning, investment advice, wealth
 management, estate and succession planning, insurance and business and sports
 management services.
 
 

SOURCE Assante Corporation
    WINNIPEG, MB, April 26 /PRNewswire/ - Assante Corporation CEO Martin
 Weinberg has converted 100 per cent or 14,563,326 of his outstanding Multiple
 Voting Shares to 14,563,326 Subordinate Voting Shares in the company.
     The conversion eliminates the company's dual class voting structure along
 with Mr. Weinberg's right to elect a majority of the company's board of
 directors. Mr. Weinberg and his family continue to be the largest shareholders
 in the company, holding 15,288,442 Subordinate Voting Shares or 21 per cent of
 the outstanding Subordinate Voting Shares.
     "The dual class voting structure was intended to provide me with
 sufficient voting authority at the time of our initial public offering to
 ensure the successful execution of our acquisition, integration and branding
 strategy," said Mr. Weinberg. "I now believe that our execution risk has
 declined to a point where I am able to relinquish this voting authority and
 adopt a simpler governance structure. The conversion of these shares is
 another important step in meeting the needs of the investment community. Our
 next step will be to elect a board of directors comprised of a majority of
 independent directors."
     Denis Taillieu, chief financial officer of Assante Corporation, said the
 conversion is one of several initiatives the company has taken over the last
 year to inspire investor confidence. "We've made a concerted effort to tell
 our story, simplify our structure, enhance corporate disclosure and actively
 communicate our acquisition and integration strategies," he said. "Martin's
 actions, combined with our decision to move to a one company model in Canada,
 demonstrate a strong commitment to enhancing long-term value for all
 shareholders".
 
     Assante Corporation is a leading provider of integrated wealth and life
 management services. Headquartered in Winnipeg, Manitoba, Assante takes a
 multidisciplinary approach to financial planning, investment advice, wealth
 management, estate and succession planning, insurance and business and sports
 management services.
 
 SOURCE Assante Corporation