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Two Leading Independent Advisory Services Recommend Allen-Vanguard Shareholders Vote to Approve Arrangement with Tailwind Financial
Company appoints Georgeson as proxy solicitor OTTAWA, March 5 /CNW Telbec/ - Allen-Vanguard Corpo...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\nCompany appoints Georgeson as proxy solicitor\n\n\nOTTAWA, March 5 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada reported today that both\nRiskMetrics and Glass Lewis, each a leading independent voting advisory\nservice, are recommending that shareholders of Allen-Vanguard vote in favor of\nthe plan of arrangement pursuant to which Allen-Vanguard would be acquired by\nTailwind Financial Inc. ("Tailwind").\n\n\nIn concluding that the transaction warrants shareholder support, ISS\nnoted(x): "As far as VRS shareholders are concerned, their benefit lies in the\nfuture, assuming that the company is able to generate sufficient cash to repay\nits loans which may boost the share price. The transaction is beneficial to\nthe shareholders despite the large dilution."\n\n\nIn recommending that shareholders vote "For" the proposed transaction,\nGlass Lewis observed that(x): "Since Tailwind is a blank check company, the\nmerger can be viewed as a capital raising event for the Company. The merger\nand concurrent rights offering will enable the Company to pay down debt and\npossibly engage in future strategic acquisitions. While the merger will likely\nresult in dilution to the Company's shareholders, the consideration represents\na substantial premium to the Company's unaffected share price."\n\n\nAndrew McKay, President of Tailwind said that, "We are pleased that ISS\nand Glass Lewis have confirmed our view, and the conclusion of the\nAllen-Vanguard board, that our proposal warrants shareholder support."\n\n\nAllen-Vanguard's special meeting of shareholders is scheduled to be held\non March 16, 2009 at 2:00 p.m. (Eastern time) at the Hilton Garden Inn, Ottawa\nAirport, Ottawa, Ontario. Shareholders are encouraged to vote and are urged to\ncomplete, sign and date the proxy form and return it as soon as possible. To\nensure that they are counted, proxies should be submitted prior to 2:00 pm\n(Eastern time) on March 12, 2009 using one of the methods described on the\nform of proxy.\n\n\nQuestions on the Transaction or Proxy Process\n\n\nThe Company has posted answers in response to frequently asked questions\non their website at http://media.integratir.com/T.VRS/ppt/AV%20QA.pdf .\n\n\nShareholders who have a...