Blakes Proxy Contest Study - Preparing For The 2013 Season

Introduction

If the 2012 season is any indication, we can expect to see a stronger level of shareholder activism in 2013. While companies listed on the TSX Venture Exchange (TSXV) remain the primary targets, there has been a steady rise in the number of listed companies on the Toronto Stock Exchange (TSX) (including large-cap companies) entangled in costly and prolonged proxy fights. On the dissident front, we are seeing well-capitalized dissidents from Canada and abroad making their way into Canadian corporate boardrooms. The Canadian regulatory regime provides a number of tools available for activist shareholders thereby requiring public companies in Canada to make advance preparations for any dissident activity.