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Goodwood Inc. & Mason Capital Management
Challenge: Certain shareholders of ATS Automation
had lost their patience with consistent underperformance, shrinking
revenues, and a downward-spiraling share price. Investment fund
companies, Goodwood Inc. and Mason Capital Management, who collectively
owned 20.5% of outstanding shares, decided, after some months
of engagement, that a change in the board was required.
Solution: The dissident shareholders hired
Kingsdale Shareholder Services to solicit proxies in favour
of a new group of directors. Kingsdale immediately identified
the shareholder base, contacted major shareholders, and helped
facilitate a favourable recommendation from the influential
RiskMetrics (ISS) proxy advisory company.
Kingsdale’s detailed understanding of the issues and strong relationships with institutional managers allowed us to make a strong case for the dissident shareholders and persuade important players to support the deal.
Result:
The dissident board received 63% support. This was the most
decisive win by a dissident group in Canadian history.
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