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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Seven Aces Ltd    ACES   CA81782W1032

SEVEN ACES LTD

(ACES)
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Seven Aces : PROXY ADVISORS ISS AND GLASS LEWIS RECOMMEND SHAREHOLDERS VOTE FOR SEVEN ACES GOING-PRIVATE TRANSACTION

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07/24/2020 | 10:11am EDT

Seven Aces Limited (the 'Company' or 'Seven Aces') (TSXV: ACES, OTC: ACEXF) is pleased to announce that the leading independent proxy advisors, Institutional Shareholder Services ('ISS') and Glass, Lewis & Co. ('Glass Lewis'), have recommended that Seven Aces shareholders ('Shareholders') vote FOR a special resolution to effect the previously announced arrangement (the 'Arrangement') between Seven Aces and an affiliate of Trive Capital Management LLC ('Trive') at the upcoming Special Meeting of Shareholders to be held on August 5, 2020.

In reaching its recommendation, Glass Lewis noted that: 'the board [of Seven Aces] ran a reasonably competitive pre-signing market check before executing the Arrangement Agreement with Trive Capital,' further highlighting that the 'merger consideration represents an attractive exit value for shareholders considering the findings from [Glass Lewis'] historical trading and precedent transactions analyses'. Separately, ISS commented that under the Arrangement, 'shareholders will cash out of their investment at a significant premium' concluding that 'the consideration that shareholders are entitled to receive is payable entirely in cash and provides shareholders with certainty of value and immediate liquidity'. As independent proxy advisory firms, ISS and Glass Lewis provide voting recommendations to some of the world's largest institutional investors.

Shareholders are reminded that the deadline to vote by proxy is fast approaching. Shareholders must submit their proxy votes by no later than 9:00 a.m. (Toronto time) on July 31, 2020. The board of directors of Seven Aces (with Mr. Manu Sekhri abstaining) unanimously recommends that shareholders vote in favour of the Arrangement. Votes by proxy can be submitted electronically, by mail, or by phone, as further described in the management information circular dated June 29, 2020, to ensure your vote is received in a timely manner. If you have any questions or if you require assistance with voting, please contact the Company's proxy solicitation agent, Kingsdale Advisors, by telephone at 1-877-659-1825 (toll-free) or 1-416-867- 2272 (collect) or by email at contactus@kingsdaleadvisors.com.

About Trive Capital

Trive Capital is a Dallas, Texas based private equity firm managing approximately US$2 billion in aggregate capital commitments. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. Trive seeks to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

Contact:

Tel: (416) 477-3411

Email: stephanie@sevenaces.com

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials (USD)
Sales 2019 79,3 M - -
Net income 2019 0,52 M - -
Net Debt 2019 83,8 M - -
P/E ratio 2019 172x
Yield 2019 -
Capitalization 162 M 162 M -
EV / Sales 2018 1,64x
EV / Sales 2019 1,98x
Nbr of Employees 3
Free-Float 65,9%
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Mean consensus -
Number of Analysts
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Last Close Price 2,76 
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Managers
NameTitle
Manu K. Sekhri President, Chief Executive Officer & Director
Chad Patrick Williams Chairman
Ryan Bouskill Chief Financial Officer
Sheila Ogilvie-Harris Independent Director
Peter James Shippen Independent Director
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