ISS and Glass Lewis support Excellon's Otis Gold buy
Two independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis and Co have each recommended that shareholders in TSX-listed Excellon Resources approve the proposed acquisition of Otis Gold.
ISS and Glass Lewis said that the transaction made sense for Excellon shareholders as the combined entity would have a more diversified portfolio of assets, consisting of Excellon’s high-grade Platosa silver mine and Otis’ Kilgore gold development project.
“In addition to having more diversification across metals types, geographies, project type, and project stage, the combined entity is expected to be well financed with $10-million in cash and available funds to deploy,” said ISS and Glass Lewis.
For Otis shareholders, the arrangement made “strategic sense given the significant implied premium and the going concern risk facing the company. Moreover, current company shareholders will be able to continue to participate in the potential upside developments and future growth opportunities of the combined business by receiving Excellon shares.”
ISS and Glass Lewis also recommended that shareholders of Excellon vote for a special resolution approving the consolidation of all the issued and outstanding Excellon shares at an exchange ratio of one post-consolidation Excellon share for each five-to-ten pre-consolidation Excellon shares.
The special meeting of Excellon shareholders will be held April 17 in Toronto.
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