it;s my party & and cry when i want to
Lake Shore has ISS, Glass backing for Tahoe's deal
2016-03-17 17:55 ET - News Release
Mr. Tony Makuch reports
ISS, GLASS LEWIS RECOMMEND LAKE SHORE GOLD SHAREHOLDERS VOTE FOR BUSINESS COMBINATION WITH TAHOE RESOURCES
ISS Proxy Advisory Services and Glass, Lewis & Co., two leading independent proxy advisory firms, have recommended that Lake Shore Gold Corp.'s shareholders vote for the plan of arrangement through which Tahoe Resources Inc. will acquire all of the issued and outstanding common shares of the company. In their assessment of the Transaction, both ISS and Glass Lewis identified the reasonable strategic rationale for the business combination, implied premium and expected enhancement to trading liquidity and overall capital markets profile of the combined company as factors supporting a FOR recommendation.
Under the terms of the Arrangement, all of the Lake Shore Gold issued and outstanding common shares will be exchanged on the basis of 0.1467 of a Tahoe common share per Lake Shore Gold common share. Upon completion of the Transaction, existing shareholders of Tahoe and Lake Shore Gold will own approximately 74% and 26% of the pro forma company, respectively, on a fully-diluted in-the-money basis.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "The positive recommendation from both ISS and Glass Lewis is a strong endorsement of our proposed combination with Tahoe and supports our view that this transaction is the right move for our company and our shareholders. Going forward, shareholders of the combined company will be owners of a low-cost, free cash flow generating precious metals producer with considerable financial strength, an attractive dividend and a more diversified asset base. It is a company that will offer considerable value today, as well as leverage to further value creation going forward from both organic growth and new business opportunities."
Special Meeting of Shareholders
The transaction is subject to shareholder approval and will be voted on at a Special Meeting of Shareholders to be held on March 31, 2016 at 10:00 am EST at the Sheraton Centre Toronto Hotel, City Hall Room, 2nd Floor, 123 Queen Street West, Toronto, Ontario, M5H 2M9. Subject to receiving shareholder approval, as well as other required approvals, the transaction is expected to close on or about April 1, 2016. In advance of the Special Meeting of Shareholders, a Notice of Meeting and Management Information Circular was mailed to shareholders on March 9, 2016.
Shareholder Inquiries
Shareholders having questions about the information contained in the Notice of Meeting and Management Information Circular, or that may require assistance in voting their shares, should contact Lake Shore Gold's proxy solicitation agent, D.F. King, at the contact information set forth below.
D.F. King
Toll free in North America: 1-800-398-2142
Collect outside of North America: 1-201-806-7301