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BC Sugar Refinery, Limited

Identity area

Type of entity

Corporate body

Authorized form of name

BC Sugar Refinery, Limited

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Identifiers for corporate bodies

Description area

Dates of existence

1899-1997

History

The BC Sugar Refinery, Limited was formed in 1899. Its only function was to hold issued shares of The British Columbia Sugar Refining Company, Limited, and distribute its dividends to shareholders.

BC Sugar Refinery, Limited was referred to by management as the “holding company” to distinguish it from The British Columbia Sugar Refining Company, Limited thereafter referred to as the “operating company”.

Existing shareholders in the operating company at the time of the 1899 reorganisation were given two shares in the holding company in exchange for each share that they held in the 1890 operating company. The operating company then issued new shares which were all purchased by the holding company.

Both the “operating” and “holding” companies were wound up and re-created in 1920. In an effort to address fears that the British Columbia government might designate the operating company a Public Utility (and thereby fall under much more strict regulation and price controls), both companies were wound up in 1920 and re-created as Dominion-registered companies. This change placed the companies under federal, rather than provincial, jurisdiction. The ownership and operations were unchanged at that time as shares in both companies were swapped for shares in the newly-constituted companies of the same name, and assets of both companies were transferred to the respective new companies. The companies continued the same set of books for the entire fiscal year ending March 31, 2921; in the eyes of management the new companies formed in 1920 were a seamless continuation even though they were legally separate entities.

In 1961, BC Sugar Refinery, Limited went public, listings its shares on the Vancouver and Toronto stock exchanges. The first public issue of new equity was completed in 1984, in order to finance the operating company’s increasing investments in oil, gas and petrochemicals.

In 1997, BC Sugar Refinery Company, Limited, was taken over by a consortium consisting of Belcorp and Onex Corp. The Company was wound up and replaced with the Rogers Sugar Income Trust. In 2011, the Rogers Sugar Income Trust was wound up and reformed as a conventional corporation, Rogers Sugar Inc.

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Created 2013-10-21, SW

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Maintenance notes

Note: do not use this authority record for the records of The British Columbia Sugar Refining Company, Limited (the operating company of BC Sugar); ensure that any records linked to the BC Sugar Refinery, Limited authority are only those of the holding company. These will likely be only Board of Directors meeting records, Annual General Meeting records and records documenting the company's relationship with shareholders.