TORONTO, Sept. 14, 2018 /CNW/ - Enercare Inc. ("Enercare" or the "Company") (TSX:ECI) announces that Glass, Lewis & Co., LLC ("Glass Lewis"), a leading independent proxy advisory firm, recommends that the Company's shareholders vote FOR a special resolution approving the acquisition by Brookfield Infrastructure and its institutional partners ("Brookfield") of all the issued and outstanding common shares of Enercare for C$29.00 per share (the "Transaction") at its Special Meeting of shareholders to be held on September 24, 2018.
In reaching its recommendation, Glass Lewis noted that Enercare's Board of Directors "has taken appropriate steps to solicit alternative offers prior to entering into the proposed transaction agreement" and that "the proposed transaction is reasonable and in the best interests of shareholders."
Glass Lewis' recommendation follows last week's report from Institutional Shareholder Services Inc. (ISS), which also recommended that shareholders vote in favour of the Transaction.
Enercare's Board of Directors unanimously determined that the Transaction is in the best interests of Enercare and fair to shareholders and has unanimously recommended that shareholders vote FOR the special resolution approving the Transaction.
Enercare Shareholders: be sure to vote your proxy or voting instruction form before the voting deadline of September 20, 2018 at 9:00 a.m. (Toronto time). For more information and assistance in voting, please contact:
Enercare will hold its Special Meeting at the TMX Broadcast Centre, The Exchange Tower, 130 King Street West, Toronto, Ontario. The meeting will begin at 9:00 a.m. (Toronto time) on Monday, September 24, 2018.
Copies of the Notice of Special Meeting, the Management Information Circular of the Company dated August 22, 2018, and related documents have been filed under Enercare's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Those wishing to listen to the teleconference may access the live webcast as follows:
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About Enercare Inc.
Enercare is headquartered in Markham, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 5,100 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.