(via TheNewswire)
FollowingInstitutionalShareholderServicespositiverecommendations,GlassLewisisthesecond independent, third-party proxy advisory firm to recommend Sernova’s shareholders vote FOR all management’s director nominees using ONLY management’s WHITE proxy.
GlassLewisdoesnotbelieveSernova’sdissidentshareholdershavecompiledsufficientlycompellingcase to warrant investor support and refers to their arguments as “incomplete”.
Shareholders who have questions or need assistance with voting their shares should contact Sernova Corp.’sstrategicadvisorandproxysolicitationagentLaurelHillAdvisoryGroupbytelephoneat1-877- 452-7184 or by email atassistance@laurelhill.com.
Glass Lewis also recommended that shareholders vote FOR the appointment of
Glass Lewis is a leading independent, third-party proxy advisory firm which provides proxy voting recommendations to pension funds, investment managers, mutual funds, and other institutional shareholders.
Reasons for Glass Lewis’ Support of Sernova’s Management Nominees
Glass Lewis’ recommendation that shareholders vote FOR all of Sernova’s management nominees using only management’s WHITE proxy, is based on a number of factors. Glass Lewis’ report states:
“In this case… we do not believe the Dissidents have compiled a sufficiently compelling case to warrant investor support at this time. Our view in this regard hinges on three principal factors: (i) the Dissidents overall case against incumbent management and the board is fairly broad and arguably incomplete, with core analyses (e.g. share price performance) lacking context and certain strategic commentary failing to offer much depth relative to the board's much more copious rebuttal; (ii) the need to pursue the Dissidents' promulgated alternatives for the Company (i.e. positioning
We also consider the board has, with due reference to
Under these conditions, we do not see that the Dissidents have provided
Glass Lewis Recommends Support of Sernova’s Proposed Securities Authorized for Issuance Under its Equity Compensation Plans
Glass Lewis recommended that shareholders vote FOR the resolution to amend the Corporation’s stock option plan and DSU Plan, as the proxy advisory firm believes the terms of the plan are in line with the majority of similar equity-based plans of TSX issuers. Glass Lewis’ view is that the plan will serve to strengthen the alignment of company and shareholder interests. The Corporation believes that encouraging its executive officers, senior management and employees to become shareholders is the best way of aligning their interests with those of its long-term shareholders. As a result, executive officers management and employees are provided with the opportunity to participate in the appreciation of the Corporation’s share price, through Sernova’s equity compensation incentive plan.
Vote FOR your Management Nominees using ONLY Management’s WHITE Proxy
It is up to you to protect the value of your investment in
Sernova’s management nominees,
YOUR VOTE HAS NEVER BEEN MORE IMPORTANT. VOTE YOUR SHARES FORSERNOVA’S MANAGEMENT NOMINEES AS SOON AS POSSIBLE, REGARDLESS OF THE NUMBER OF SHARES YOU OWN
Shareholders are encouraged to read Sernova’s management information circular and vote your shares as soon as possible. The deadline for voting your shares is at
Sernova’s board of directors recommends that shareholders vote FOR all of the management director nominees and meeting resolutions using only the WHITE proxy.
Shareholder Questions
Shareholders who have any questions or require assistance with voting may contact Sernova’s proxy solicitation agent and shareholder communications advisor:
Laurel Hill Advisory Group
Toll Free: 1-877-452-7184 (for shareholders in NorthAmerica)
International: +1 416-304-0211 (for shareholders outside
ABOUT
FOR FURTHER INFORMATION, PLEASE CONTACT:
Corporate Investors Media
christopher.barnes@sernova.com Tel: 519-902-7923
www.sernova.com
FORWARD-LOOKING INFORMATION
This release contains statements that, to the extent they are not recitations of historical facts, may constitute “forward-looking statements” that involve various risks, uncertainties, and assumptions, including, without limitation, statements regarding the prospects, plans, and objectives of the company. Wherever possible, but not always, words such as "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential for" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur are used to identify forward-looking statements. These statements reflect management’s beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova’s actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company’s ability to secure additional financing and licensing arrangements on reasonable terms, or at all; ability to conduct all required preclinical and clinical studies for the company’s Cell Pouch System and or related technologies, including the timing and results of those trials; ability to obtain all necessary regulatory approvals, or on a timely basis; ability to in-license additional complementary technologies; ability to execute its business strategy and successfully compete in the market; and the inherent risks associated with the development of biotechnology combination products generally. Many of the factors are beyond our control, including those caused by, related to, or impacted by the novel coronavirus pandemic. Investors should consult the company’s quarterly and annual filings available on www.sedar.com for additional information on risks and uncertainties relating to the forward-looking statements.
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