Shareholder Group Announces That Leading Advisory Firm Institutional Shareholder Services Inc. Recommends Voting Against Proposed Sirius XM Canada Holdings Inc. Privatization
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/23/16 -- Shareholders holding approximately 8.4 million Class A shares of Sirius XM Canada Holdings Inc. ("Sirius XM Canada"), representing 21% of those held by minority shareholders excluding the CBC (the "Shareholder Group"), are pleased to announce that Institutional Shareholders Services Inc. ("ISS), a leading firm providing comprehensive and independent research and advice to the world''s largest and most sophisticated investors regarding economic proposals, corporate governance and shareholder rights, recommends voting AGAINST the proposed transaction to privatize Sirius XM Canada ("Proposed Transaction").
The ISS report, dated August 15, 2016, criticizes the weak process followed by Sirius XM Canada''s board of directors, as well as the valuation performed by the financial advisors which used overly negative assumptions and exaggeratedly high discount rates. The ISS report concludes that "A vote AGAINST this transaction is therefore warranted, as the consideration appears to undervalue the company given its strong historic revenue growth as well as management''s own projection of likely continued revenue growth."
"We are very pleased that the ISS report reaffirms our view that the process failed to maximize value for shareholders and that the valuation and fairness opinions in the management information circular are flawed" said Gabriel Bouchard-Phillips, Partner at Van Berkom and Associates.
On July 14, 2016, the Shareholder Group filed a complaint with the Ontario Securities Commission concerning the use of coercive tactics by Sirius XM Holdings Inc. and requested that the CBC be excluded from the majority of minority shareholders vote on August 30 due to its continuing business relationship with Sirius XM Canada. The Shareholder Group reiterates their position that the proposed terms of the privatization are inadequate and not in the best interest of independent minority shareholders.
THE SHAREHOLDER GROUP INTENDS TO VOTE AGAINST THE CURRENT TRANSACTION AS PROPOSED.
ABOUT THE SHAREHOLDER GROUP
The Shareholder Group objecting to the Proposed Transaction and who filed a complaint with the OSC relating to Sirius XM Canada and Sirius XM Holdings, comprise portfolio management firms that have long-established track records of patient and successful value investing, and are committed to promoting good corporate governance and protecting their rights as shareholders and those of their clients, and include:
Contacts:
Andrea Horan
Portfolio Manager
Agilith Capital Inc.
416-637-4635
Gabriel Bouchard Phillips
Partner
Van Berkom and Associates
514-985-5149
Keith Graham
President
Rondeau Capital Inc.
416-487-4444
Stephen Takacsy
Chief Investment Officer
Lester Asset Management
514-849-5566
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Datum: 23.08.2016 - 05:30 Uhr
Sprache: Deutsch
News-ID 1454008
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Concerned Shareholders of Sirius XM Canada (Nachricht senden)
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