Business
Independent Proxy Advisory Firm ISS Recommends FansUnite Shareholders Vote FOR Sale Transaction Resolution and All Other Resolutions at Upcoming Special Meeting
Independent Proxy Advisory Firm ISS Recommends FansUnite Shareholders Vote FOR Sale Transaction Resolution and All Other Resolutions at Upcoming Special Meeting.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - August 7, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) ‎‎(\"FansUnite\" or the \"Company\") is ‎pleased to announce that leading independent proxy firm, Institutional Shareholder Services Inc. (\"ISS\"), has recommended that FansUnite shareholders (\"Shareholders\") vote FOR resolutions approving the previously announced transaction of all of the issued and outstanding shares of FansUnite US Inc. (\"FansUS\") to ‎Hero Group Corp. (the \"Transaction\"), as well as the reduction in capital of the common shares of the ‎Company (the \"Common Shares\") to facilitate the distribution of a portion of the net proceeds received ‎by the Company from the Transaction as a return of capital (the \"Distribution\") and the voluntary delisting of the Common ‎Shares from the Toronto Stock Exchange (\"TSX\") (collectively, the \"Meeting Matters\"). ‎The special meeting (the \"Meeting\") of shareholders to approve the Meeting Matters, including the ‎Transaction, is scheduled for Tuesday, August 13, 2024.‎ISS RECOMMENDATIONIn making its recommendation, ISS considered, among other factors, the extensive strategic review process outlined in the Company's information circular dated July 5, 2024 (the \"Circular\"), the formal valuation fairness opinion provided by independent financial advisor BDO (Canada) LLP, and the Distribution (C$0.065 to C$0.075). As stated in the ISS report, \"the board conducted a reasonable market check which provided some degree of price discovery. The valuation appears credible and the offer values FansUS attractively based on several of the valuation methodologies employed.\"FANSUNITE BOARD RECOMMENDATIONThe board of directors of FansUnite unanimously recommends that shareholders vote FOR all proposed Meeting Matters.Full details of all proposed resolutions and voting instructions are set out in the Circular and related proxy materials in respect to the Meeting.Please visit the Meeting page on FansUnite's website for complete details and links to all relevant documents ahead of the Meeting at https://fansunite.com/investors/, copies of which are also available under FansUnite's profile on SEDAR+ at www.sedarplus.com.‎VOTE TODAYShareholders are encouraged to read the Circular and vote well in ad...