Press release
Proxy Advisory Firms ISS and Glass Lewis Recommend that Alcanna Inc. Shareholders vote "FOR" the Proposed Plan of Arrangement with Sundial Growers Inc.
Alcanna Shareholders who have questions about the Arrangement or need assistance with voting their shares should contact Laurel Hill Advisory Group by
About this update from Sndl Inc.
[{"type":"text","content":"Alcanna Shareholders who have questions about the Arrangement or need assistance with voting their shares should contact Laurel Hill Advisory Group by telephone at 1-877-452-7184 or by e-mail at [email protected] to Vote by Proxy is 10:00 AM (Mountain Time) on December 10, 2021 EDMONTON, Alberta, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Alcanna Inc. (\"Alcanna\" or the \"Company\" or “CLIQ”) (TSX: CLIQ) is pleased to announce that leading proxy advisory firms, Institutional Shareholder Services Inc. (\"ISS\") and Glass Lewis & Co., LLC (\"Glass Lewis\") have each recommended that Alcanna shareholders (the \"Alcanna Shareholders\") vote \"FOR\" the special resolution (the \"Arrangement Resolution\") to approve the proposed plan of arrangement (the \"Arrangement\") with Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\"). Under the terms of the arrangement agreement between Alcanna and Sundial dated October 7, 2021 (the \"Arrangement Agreement\"), Sundial will acquire all of the issued and outstanding common shares in the capital of Alcanna (each, an \"Alcanna Share\"). Alcanna Shareholders will receive 10.69 common shares in the capital of Sundial (each, a \"Sundial Share\") for each Alcanna Share held (the \"Consideration\"). The terms of the Arrangement and the Arrangement Agreement are further described in Alcanna's management information circular and proxy statement dated November 9, 2021 (the \"Circular\") and related meeting and proxy materials (together with the Circular, the \"Meeting Materials\"), which were filed with the Canadian securities regulatory authorities on November 15, 2021. The Meeting Materials are also available on SEDAR under Alcanna's profile at www.sedar.com and on Alcanna's website at https://www.alcanna.com/ALCANNA-Special-Meeting-Materials. PROXY ADVISORY FIRM RECOMMENDATIONS In making its recommendation \"FOR\" the Arrangement, ISS noted that: The transaction makes strategic sense as the combined entity is expected to benefit from the stable cash flow profile of CLIQ's retail liquor business while also providing for potential synergies and operational improvements to SNDL's cannabis franchise retail business through CLIQ's cannabis retail expertise with Nova. Shareholders will receive merger consideration in a highly liquid company, with greater than 50 times average daily trading volume than...