Business
Tuckamore Capital Shareholders Oppose the Proposed Management Buy-Out
If the MBO is defeated, Access Holdings intends to propose a new slate of directors that ...
About this update from Flint Corp
[{"type":"text","content":"\n\n\n\nIf the MBO is defeated, Access Holdings intends to propose a new slate\n of directors that will put forward a clear plan to create value while\n maintaining Tuckamore as a public company\n\n\nAccess Holdings urges clients of Newport Private Wealth to direct their\n shares to be voted against the MBO\n\n\nwww.VoteNOtuckamoreMBO.com\n\n\n\nTORONTO, June 24, 2014 /CNW/ - Access Holdings Management Company LLC\n (\"Access Holdings\" or \"we\"), with the support of other shareholders\n (including institutional shareholders, former 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 (collectively, the \"Concerned Shareholders\") and who together with\n Access Holdings own, control, manage or direct more than 5% of the\n outstanding common shares of Tuckamore Capital Management Inc. (the\n \"Company\" or \"Tuckamore\") (TSX: TX), urges fellow shareholders to\n protect their interests by voting no to the proposed MBO at a Special Meeting of Shareholders to be held on July 15, 2014 (the\n \"Meeting\").  For additional details regarding the solicitation and the\n Concerned Shareholders, please see our information circular dated June\n 24, 2014 (\"Circular\") which has been filed today and is available at\n www.VoteNOtuckamoreMBO.com.\n\n\nIt is unacceptable that management of the Company, after years of\n destroying shareholder value, are now proposing to take for themselves\n the significant remaining value by opportunistically taking the Company\n private at a low-ball price of $0.75 per share through a management-led\n buyout (the \"MBO\") sponsored by Birch Hill Equity Partners.\n\n\nAs detailed below, the proposed MBO:\n\n\n\nMaterially undervalues the Company\n\n\nIs a result of a seriously flawed process that is abusive to\n non-management shareholders\n\n\nRewards failed management at the expense of shareholders\n\n\nWould result in substantially less value to shareholders than Access\n Holdings' plan to revitalize the Company\n\n\n\nIf the MBO is defeated, we intend to requisition a shareholder meeting,\n propose a new slate of directors, and execute a clear plan to maximize\n shareholder value. Details of our proposed slate of independent\n directors and value maximization plan are provided below. In...