Caldwell to drop dual-share structure

TORONTO — Executive search firm Caldwell Partners International Inc. is ending its two-class share structure as part of a settlement of litigation brought by three institutional investors. Douglas Caldwell, who founded the firm in 1970, controls it through 85 per cent ownership of its class B voting stock, with the rest of the voting shares held in trust for senior executives of the firm. Under the agreement announced Tuesday, there is to be a single class of voting stock, with each class B share converted into 1.149 common shares. The conversion will not take place until Nov. 1, 2011. The change, subject to a shareholder vote at a date yet to be set, will leave Douglas Caldwell with about 22 per cent of the voting power. He will remain chairman of the board. The decision to adopt a single share class is part of an agreement... [read full story]