Sun Entertainment Holding Corporation completes Going Private Transaction

suntsh10 We recently assisted Sun Entertainment Holding Corporation (“Sun Entertainment”) with the structuring and completion of its going private transaction, whereby a small group of majority shareholders became the sole shareholders of Sun Entertainment and the company was voluntarily delisted from the TSX Venture Exchange.  Sun Entertainment’s going private transaction was completed pursuant to new Articles which were approved by the disinterested shareholders of Sun Entertainment and provided for the redemption of the outstanding common shares held by the minority shareholders of Sun Entertainment at a premium to market price. … ... View full post

OSC Reviews Compliance with Related Party Transaction Disclosure Requirements

On January 29, 2015, the Ontario Securities Commission (the “OSC”) released OSC Staff Notice 51–723, which is a report on its review of related party transaction disclosure filed by 100 randomly selected, Ontario-based issuers. Nearly half of the issuers reviewed received comments from the OSC requesting changes to their management discussion and analysis (“MD&A”) filings. The OSC noted that, while many issuers rely extensively on related party transactions to advance their business on a cost-effective basis by leveraging existing relationships, such transactions have the potential to be unfair to shareholders due to inherent conflicts of interest.… ... View full post

REALnorth Opportunities Fund completes $10.6 million Initial Public Offering (IPO)

REALnorthWe recently assisted REALnorth Opportunities Fund (“REALnorth”) in completing its initial public offering (IPO) (the “Offering”) comprised 10,623 trust units at $1,000 per trust unit for gross proceeds of $10,623,000.  The Offering was completed on a best efforts basis by a syndicate of agents co-led by Dundee Securities Ltd. and Scotia Capital Inc. and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Burgeonvest Bick Securities Ltd., Raymond James Ltd. and Integral Wealth Securities Limited.… ... View full post

Proxy Advisor Glass Lewis Publishes Canadian Proxy Voting Policy for 2015

Proxy advisory firm Glass Lewis & Co. (Glass Lewis) recently released its Canadian proxy voting policy for the 2015 proxy season. Glass Lewis’ policies are influential in that many institutional investors will follow their advice and vote for or against an issuer’s shareholder resolutions based on Glass Lewis’ policies. Glass Lewis evaluates their guidelines on an ongoing basis and formally updates them annually. The 2015 guidelines are in a document which can be accessed here ... View full post

Defending your Company from Activist Shareholders

CW Event - March 10, 2015 We invite you to attend a roundtable discussion led by Stewart L. Muglich of Clark Wilson LLP and David Salmon of Laurel Hill Advisory Group. Our speakers will provide you with valuable information on how to defend your company from activist shareholders. Stewart L. Muglich and David Salmon have been involved in numerous contested meetings over the years and have assisted many companies in defending themselves from activist investors. Key topics include: Recent Trends Defensive measures Avoiding a proxy battle When: Tuesday, March 10, 2015 7:30 a.m.… ... View full post