Péladeau a no-show at Quebecor AGM, Mulroney reads comments on his behalf

MONTREAL – Pierre Karl Péladeau was a physical no-show at Quebecor Inc.‘s annual meeting Thursday morning but the company’s controlling shareholder still made his voice heard.

Quebecor chairman Brian Mulroney read a statement from Péladeau in which the former Parti Québécois leader reiterated his confidence in the current management team.

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Péladeau no longer runs Quebecor (TSX:QBR.B) on a day-to-day basis but still holds nearly 74 per cent of its voting shares.

He surprised political observers when he announced last week he was quitting as PQ leader and leaving politics entirely to spend more time with his children.

Earlier Thursday, Quebecor said it was raising its quarterly dividend by 29 per cent, to 4.5 cents per share from 3.5 cents per share, payable June 21.

The Montreal-based parent of Videotron announced total first-quarter revenue grew five per cent to $975.4 million from $929 million, while net income more than doubled to $69.9 million from $29.4 million.