|By Marketwired .||
|August 20, 2014 07:32 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/20/14 -- Tuckamore Capital Management Inc. (TSX: TX)(TSX: TX.DB.B) ("Tuckamore" or the "Company") is pleased to announce that, as part of the Company's ongoing governance review, the board of directors of the Company has terminated the Company's existing Shareholder Rights Plan Agreement dated July 25, 2014 and has adopted a shareholder rights plan (the "Rights Plan"), effective August 20, 2014. The objective of the Rights Plan is to ensure, to the extent possible, that all shareholders of the Company are treated equally and fairly in connection with any initiative to acquire control of the Company. The Company believes that the Rights Plan preserves the fair treatment of shareholders, conforms to current best Canadian corporate governance practices and is responsive to the guidelines recommended by proxy advisory firms.
The rights plan is not intended to and will not prevent a take-over of the Corporation. The purpose of the rights plan is to encourage a potential bidder to make a "Permitted Bid", having terms and conditions designed to meet the objectives of the rights plan, or to negotiate the terms of an offer with the board of directors of the Corporation. A Permitted Bid is a take-over bid that is made to all holders of voting shares of the Corporation (other than the bidder), by way of a take-over bid circular prepared in compliance with applicable securities laws, that remains open for acceptance by shareholders of the Corporation for 60 days and that satisfies certain other conditions.
The Rights Plan must be confirmed by shareholders at the Company's annual meeting scheduled for September 16, 2014. The Toronto Stock Exchange has deferred its consideration of the adoption of the Rights Plan until such time as it has been ratified by shareholders of the Company.
The Company is not aware of any specific take-over bid for the Company that has been made or is contemplated.
A complete copy of the Rights Plan is available upon request. Shareholders wishing to receive a copy of the Rights Plan should make their request by telephone at (416) 775-3796, by email at [email protected] or by mail to Tuckamore Capital Management Inc., 469 King Street West, 4th Floor, Toronto, ON M5V 1K4, Attention: Keith Halbert. A copy of the Rights Plan is also filed on SEDAR at www.sedar.com
About Tuckamore Capital Management.
Tuckamore has investments in 7 businesses representing a diverse cross-section of the Canadian economy.
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