Business
ISS Recommendation: Shareholders Should Vote NO To The Tuckamore MBO
TORONTO , July 2, 2014 /CNW/ - Access Holdings Management Company LLC ("Access Holdings"...
About this update from Flint Corp
[{"type":"text","content":"\n\n\nTORONTO, July 2, 2014 /CNW/ - Access Holdings Management Company LLC\n (\"Access Holdings\" or \"we\") announced today that Institutional\n Shareholder Services (\"ISS\") has recommended that its clients vote\n AGAINST the management-led buyout (MBO) of Tuckamore Capital Management\n Inc. (the \"Company\" or \"Tuckamore\") (TSX: TX) at a Special Meeting of\n Shareholders to be held on July 15th, 2014.\n\n\nISS is a leading independent international corporate governance analysis\n and proxy voting firm, serving approximately 1700 institutional\n investor clients. ISS' recommendations are intended to assist\n institutional shareholders in making choices regarding proxy voting\n decisions.\n\n\nIn recommending that its clients vote AGAINST the proposed MBO\n arrangement, ISS has added its powerful and independent voice to the\n growing list of Tuckamore shareholders who have lined up to vote no to\n the MBO. This list includes:\n\n\n\nCanso Investment Counsel Ltd., which owns or controls 14.6% of the\n common shares of Tuckamore which has publicly announced it will vote NO\n against the MBO;\n\n\n\n\nJC Clark Ltd., a leading independent investment firm based in Toronto,\n which has publicly  announced it  currently owns or controls\n approximately 8.1% of the outstanding common shares of Tuckamore, a\n majority of which were held as of the record date and will be voted NO\n against the MBO;\n\n\n\n\nAccess Holdings, with the support of other concerned shareholders who\n together with Access Holdings own, control, manage or direct more than\n 5% of the outstanding common shares of Tuckamore Capital Management\n Inc.\n\n\n\n\nInstitutional shareholders, former Tuckamore directors, former CEOs of\n Tuckamore businesses, and shareholders holding shares through Newport\n Private Wealth, who have entered into voting and support agreements\n with Access and who collectively comprise the \"Concerned Shareholders\"\n and\n\n\n\n\nNumerous other institutional and retail investors, as well as clients of\n Newport Private Wealth, who have advised Access they have voted proxies\n or indicated an intention to vote proxies NO against the proposed MBO.\n\n\n\nVote NO to the Tuckamore MBO\n\n\nThe proposed MBO materially undervalues the Company and is a result of a\n seriously flawed process that is abusive to non-management\n share...