Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Concerned Shareholders of Tuckamore
TORONTO, June 27, 2014 /CNW/ - Access Holdings Management Company LLC ("Access Holdings" or "we") urges clients of Newport Private Wealth Inc. ("Newport") which own common shares of Tuckamore Capital Management Inc. (the "Company" or "Tuckamore") (TSX: TX) to instruct their Newport financial advisor to vote NO to the Tuckamore MBO at a Special Meeting of Shareholders to be held on July 15th, 2014.
Five Questions You Should Ask Your Financial Advisor at Newport Private Wealth
Newport has control or direction (but not beneficial ownership) over 31.4% or 25,202,855 Tuckamore Shares. This includes 3,361,893 Tuckamore Shares owned by Company directors and officers. Two of Tuckamore's directors, Chairman Douglas Brown and Mark Kinney, are also Partners in Newport. Newport agreed to recommend in favour of the proposed management-led buyout (MBO) of Tuckamore sponsored by Birch Hill Equity Partners. Other shareholders, including several large institutional shareholders, have independently and publicly announced they will not support the MBO because it does not offer fair value.
Here are five questions every Tuckamore shareholder who is also a Newport client should ask their financial advisor regarding the proposed Tuckamore MBO.
Access Holdings urges every Newport client to contact his or her Newport representative prior to July 4, 2014 and instruct them to vote your shares against the Tuckamore MBO. If you don't, Newport will vote your shares in favour of the deal and the management insiders will harvest your value while you get taken out for just $0.75 per share.
Since Access Holdings does not have the contact details for Newport clients and cannot ensure they receive adequate details to make an informed decision, those who receive this message are strongly encouraged to reach out to other Newport clients to ensure they are aware of their right to have their shares directed to vote NO to the MBO.
Access Holdings has recently mailed proxy materials, We thank you for your support to date and your expressed intent to Vote NO to the Tuckamore MBO. If you have not received our package which includes a YELLOW proxy and would like to vote we urge you to contact your broker and request the 12-digit control number from your YELLOW voting instruction form and revisit www.votenotuckamorembo.com to cast your vote. If you have any questions or would like assistance voting against the MBO, please contact CST Phoenix Advisors toll-free by dialing 1-800-294-3174 or by email at firstname.lastname@example.org
Vote NO to the Tuckamore MBO
The proposed MBO materially undervalues the Company and is a result of a seriously flawed process that is abusive to non-management shareholders. It rewards failed management at the expense of Tuckamore's shareholders and, if allowed to go through, would result in substantially less value to shareholders than Access Holdings' plans to revitalize the Company (as detailed on www.voteNOTuckamoreMBO.com). If the MBO is defeated, we intend to requisition a shareholder meeting, propose a new slate of directors, and execute a clear plan to maximize shareholder value.
Access Holdings, with the support of other shareholders (including institutional shareholders, former directors and former CEOs of Tuckamore businesses and shareholders holding shares through Newport Private Wealth) who have entered into voting and support agreements, collectively own, control, manage or direct more than 5% of the outstanding common shares of Tuckamore, oppose the MBO. For further details, please see our information circular dated June 24, 2014 which is available at www.VoteNotuckamoreMBO.com and on Tuckamore's company profile on SEDAR at www.sedar.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate", "believe", "expect", "estimate", "plan", "should", "will" and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of Access Holdings and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Access Holdings does not assume any obligation to update any forward-looking statements contained in this press release.
©2012 PR Newswire. All Rights Reserved.