Stronach Associate Increases Ownership of Magna to 5.8%

A business associated with Magna Entertainment founder and chairman Frank Stronach has increased its ownership of the racing conglomerate stock to 5.8%.

Fair Enterprise Ltd., of the Channel Islands, announced the recent acquisition of 945,000 shares of Class A stock, raising its total ownership to 2,831,200 shares.

All the shares are owned by Bergenie Anstalt, an associate of Stronach's, but Stronach also shares control over the stock, according to information released by Fair Enterprise. Including these shares, Stronach owns 18.5% of the company's Class A stock. Individually and through trusts, Stronach controls nearly all of Magna Entertainment's Class B shares--a supervoting class that is permitted 20 votes per share. The Class A stock carries one vote per share.

Fair Enterprise reported that it had acquired these shares for investment purposes, and may depending on circumstances and as permitted, acquire additional shares of Magna Entertainment Corp. in the future. The company also stated that the announcement of its acquisition should not be considered an "admission that any entity described above is a joint actor with any other entity."