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Tiverton Petroleum
Sector: Oil and Gas
Challenge: A shareholder owning 19.9% of Tiverton’s
outstanding shares requisitioned a special meeting to replace
the company’s board. Tiverton subsequently announced a
transition to merge with Arsenal Energy by way of Plan of Arrangement.
The major shareholder filed a dissident circular seeking to
replace the board as well as vote down the Plan of Arrangement.
Solution: Kingsdale Shareholder Services immediately
began to contact the company’s retail shareholders who
held the remaining 80.1% of the shares outstanding. Kingsdale’s
took action to promote support for the acquisition by Aresnal
and rejection of the dissident’s motion to remove the
board.
Result: With Kingsdale’s leadership and
solicitation efforts, over 45% of the outstanding shares supported
the merger and rejected the removal of Tiverton’s board.
At the shareholder meeting, the vote to consider the Plan of
Arrangement was adjourned for 10 days. At the reconvened meeting,
the merger was approved by 86% of the votes cast. |
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