- Leading proxy advisors Institutional Shareholders Services and Glass Lewis recommend shareholders vote FOR the Arrangement between Seven Aces and Trive Capital Management LLC
- Shareholders are reminded to vote by no later than July 31, 2020 at 9:00 a.m. (Toronto time)
TORONTO, ON / ACCESSWIRE / July 23, 2020 / Seven Aces Limited (the "Company" or "Seven Aces") (TSXV:ACES)(OTC PINK: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.
HOW TO VOTE
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 [email protected].
About Seven Aces Limited
Seven Aces Limited is a gaming company, with a vision of building a diversified portfolio of world class gaming operations. The Company looks to enhance shareholder value by growing organically and through acquisitions. Currently, the Company is the largest route operator of skill-based gaming machines in the State of Georgia, United States of America.
More information about the Company is available on Seven Aces' website (www.sevenaces.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.
For further information about Seven Aces, please contact:
Chief Financial Officer
Tel. (647) 228-8668
Tel. (416) 477-3411
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements or "forward-looking information" within the meaning of applicable Canadian securities laws ("forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
All forward-looking statements reflect the Company's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those predicted in these forward-looking statements. All of the Company's forward-looking statements are qualified by the assumptions that are stated or inherent in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Seven Aces Limited