On 13 July 2010, Shore Media and Astral Radio entered into both a Put and Call Agreement and a Loan Agreement (the 2010 Agreements). The Put and Call Agreement provided Shore Media shareholders with the ability to require Astral Radio to purchase all of their shares in Shore Media. Shore Media shareholders exercised their option as per the 2010 Agreements on 14 July 2011. The Share purchase agreement between Astral Radio and Shore Media was executed on 22 July 2011 (the 2011 Agreement).
In Revised criteria for the application of the licence trafficking policy, Broadcasting Information Bulletin CRTC 2010-220, 19 April 2010 (the licence trafficking policy), the Commission stated that during the first two years following the launch of a service, any transaction involving the licence will normally be denied, except where the applicant can demonstrate the necessity of the transaction as a result of a force majeure event.
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