Independent proxy advisory firms recommend that shareholders of TIO Networks Corp. vote FOR the arrangement
Published: Mar 28, 2017 8:30 a.m. ET
VANCOUVER, Mar 28, 2017 (Canada NewsWire via COMTEX) -- TIO NETWORKS CORP. (TNC) is pleased to announce that Institutional Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass Lewis"), the leading independent proxy advisory firms that provide voting recommendations to institutional investors, have each recommended that TIO shareholders approve the proposed plan of arrangement with PayPal, Inc. ("PayPal"), and Tahoe Acquisition ULC, a wholly-owned subsidiary of PayPal, whereby PayPal will indirectly acquire all of the issued and outstanding shares of TIO for $3.35 CAD in cash per TIO share (the "Arrangement").
ISS and Glass Lewis have both indicated the Arrangement is in the best interests of TIO shareholders and recommended that shareholders of TIO vote FOR the proposed Arrangement. Specifically, in its March 24, 2017 report, ISS concluded "in light of the cash premium which provides certainty of value, immediate liquidity, and the favourable market reaction, shareholder approval of this resolution is warranted". In its March 27, 2017 recommendation, Glass Lewis recommended that shareholders vote FOR the Arrangement for a number of reasons, including the financial aspects of the transaction and the fact that the Board of Directors of TIO supported the Arrangement.
The special meeting of the shareholders and optionholders of TIO (the "Securityholders") is scheduled to be held at 10:00 a.m. (Vancouver time) on Monday, April 10, 2017 at Fasken Martineau DuMoulin LLP, Suite 2900, 550 Burrard Street, Vancouver, BC, Canada.
The Securityholders are encouraged to review the management information circular of TIO dated March 7, 2017 (the "Circular"), which provides a detailed discussion of the Arrangement. A copy of the Circular and related documents have been mailed to the Securityholders. Copies of the Circular and related documents can be obtained via SEDAR (www.sedar.com), or by contacting Laurel Hill Advisory Group toll-free at 1-877-452-7184 or at 416-304-0211 or by email at email@example.com.
The Board of Directors of TIO have Unanimously Recommended that the Securityholders vote FOR the Arrangement prior to the proxy voting deadline of Thursday, April 6, 2017 at 10:00 a.m. (Vancouver time).