In making their recommendation, ISS commented: 'There appears to be sound strategic rationale for the transaction with the cash portion of the consideration providing certain and immediate value, as well as an opportunity to participate in the potential upside of an entity with expertise and a large growth pipeline in Latin American mining jurisdictions on one hand, and an entity comprising a portfolio of producing mines in more developed jurisdictions on the other...There should be ample opportunity for cost synergies, knowledge sharing, and pooling of talent at each of [Pan American] and [Agnico Eagle], and [Yamana] shareholders will have some added optionality to select between the prospective growth pipelines and cash flow profiles of each entity through the share-based portion of the transaction consideration.
Glass Lewis commented: 'Yamana investors are poised to receive, among other things, significant exposure to what we consider to be two highly credible operators with more tailored regional bona fides, compatible assets and a more credible ability to fully realize the potential of Yamana's blended portfolio. We further consider the associated terms appear to reflect a reasonable value for Yamana investors, and would further note post announcement trading trends and fixed exchange ratios have further increased that value roughly 16.4% on a per share basis.' A fulsome explanation of the underlying matters considered in making their recommendations is contained in the respective reports
Special Meeting of Shareholders
Yamana would like to remind shareholders of the upcoming special meeting of shareholders (the 'Yamana Meeting') scheduled to take place on
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A special meeting of the shareholders of Pan American to consider the arrangement is scheduled to be held concurrently on
Shareholder Questions and Voting Assistance
If you have questions about Yamana Meeting matters, the voting instructions or require assistance completing your proxy form, please contact the Company's strategic advisor and proxy solicitation agent,
About Yamana
Contact:
Investor
T: 416-815-0220
T: 1-888-809-0925
Email: investor@yamana.com
T: +44 7974 201 715223
T: +44 203 727 1000
This news release contains or incorporates by reference 'forward-looking statements' and 'forward-looking information' under applicable Canadian securities legislation and within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information includes, but is not limited to information with respect to the Yamana Meeting and the Pan American meeting. Forward-looking statements are characterized by words such as 'plan', 'expect', 'budget', 'target', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include transaction risks, risks relating to the completion of the Proposed Transaction, including receipt of all necessary regulatory, court and securityholder approvals in connection with the Proposed Transaction, as well as those risk factors discussed or referred to herein, in the management information circular issued by Yamana in respect of the Yamana Meeting and in the Company's Annual Information Form filed with the securities regulatory authorities in all provinces of
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