However, the ITO faced opposition from Spence Caldwell, a former CBC executive and one of the unsuccessful applicants for the Toronto licence, who had first approached the BBG in April 1960 to pitch a second-station network proposal of his own. Under his plan, at least 51% of the shares of the network would be owned by various prominent Bay Street investors who had previously backed his Toronto station bid; only 49% would be reserved for the network's affiliates to purchase, if they wished. The BBG – and particularly its chair Andrew Stewart (who at the time also served as the president of the University of Alberta) – was not in favour of a station-owned network, fearing that the Toronto station would eventually come to dominate it. Although it did not immediately approve Caldwell's proposal, it soon set several conditions on such a network that effectively made Caldwell's group the only feasible applicant.