QHR Shareholders are encouraged to vote in
favour of the Arrangement and are reminded to vote prior to the
proxy voting deadline on Monday, October 3,
2016 at 3:00 p.m.
(Toronto time).
TORONTO, Sept. 29, 2016 /CNW/ - (TSXV: QHR) QHR
Corporation ("QHR" or the "Company") is pleased to
announce that Institutional Shareholder Services Inc.
("ISS") and Glass, Lewis & Co. ("Glass Lewis"),
leading independent proxy advisory firms, have recommended that
shareholders of QHR ("QHR Shareholders") vote in favour of
the proposed arrangement (the "Arrangement") to be voted
upon at the special meeting of QHR Shareholders (the "Special
Meeting") on October 5, 2016. The
Special Meeting will be held at the offices of McCarthy Tétrault
LLP at Suite 5300, 66 Wellington Street West, Toronto, Ontario.
Along with the recommendation that QHR Shareholders vote
FOR the Arrangement, ISS states that the proposed
Arrangement is warranted "in light of the significant implied
premium, the favorable market reaction, and the reasonable
strategic rationale." Glass Lewis further advised that
"we believe that the merger consideration, on balance,
provides a fairly attractive exit premium and exit valuation to the
Company's shareholders. We also note that the merger consideration
represents an all-time high for the Company's shares, which have
been trading publicly for more than 16 years. Based on these
factors and absent a superior competing offer, we believe that the
arrangement agreement warrants shareholder support at this
time."
The Arrangement
As previously announced on August 22, 2016, QHR has entered
into an arrangement agreement (the "Arrangement
Agreement") with Loblaw Companies Limited ("Loblaw")
which will result in Loblaw acquiring all of the issued and
outstanding common shares of the Company ("QHR
Shares"). Under the proposed Arrangement, QHR Shareholders
will receive $3.10 in cash for each
QHR Share.
Benefits of the Arrangement include:
- Significant Premium to QHR Shareholders. The
consideration to be received by the QHR Shareholders pursuant to
the Arrangement represents a premium of approximately 29% over the
20-day volume weighted average trading price of QHR Shares on the
TSX-V and a premium of approximately 22% over the closing price of
QHR Shares on the TSX-V as of August 19,
2016.
- Financial Aspects. The consideration to be received by
QHR Shareholders is to be paid in cash, which provides immediate
liquidity to QHR Shareholders, and the obligations of Loblaw under
the Arrangement Agreement are not subject to any financing or
regulatory conditions.
QHR Shareholders are encouraged to read the QHR management
information circular dated September 6,
2016 in detail. Electronic copies can be found on SEDAR at
www.sedar.com or on QHR's website at
www.qhrtechnologies.com/investors/specialmeeting/
The Board of Directors of QHR unanimously recommends a vote
FOR the Arrangement.
Your Vote is Important. Please Vote
Today.
How to Vote
The deadline to vote by proxy is Monday, October 3, 2016 at 3:00 p.m.
QHR Shareholders are encouraged to vote online or by
telephone.
Registered QHR Shareholders may attend and vote at the
Special Meeting or vote by proxy using one of the following
methods:
INTERNET: www.investorvote.com
TELEPHONE: 1-866-732-VOTE (8683) toll free.
FACSIMILE: 1-866-249-7775
Beneficial QHR Shareholders (QHR Shareholders who hold
their QHR Shares through a bank or other intermediary) will have
different voting instructions. In most cases, beneficial QHR
Shareholders will receive a voting instruction form as part of the
meeting materials. Beneficial QHR Shareholders are encouraged to
vote via the internet or using the telephone by carefully following
the instructions listed on the voting instruction form provided to
them.
Shareholder Questions
QHR Shareholders who have questions regarding the Arrangement or
require assistance with voting may contact the Company's Proxy
Solicitation Agent below:
Laurel Hill Advisory Group
Toll Free:
1-877-452-7184
International: +1 416-304-0211 outside Canada and the US
By Email: assistance@laurelhill.com
On behalf of the Board of Directors
Mike Checkley
President and CEO
About QHR Corporation
QHR is a Canadian Healthcare Technology Company, bringing
innovation to the healthcare system for Providers and their
Patients. As a leader in the industry, QHR operates on the
fundamental belief that technology will change the way we all
interact with healthcare. QHR's suite of technologies
includes two products, Medeo Virtual Care and AccuroEMR, the
largest single electronic medical record platform in the country.
The synergy between these products uniquely positions
QHR to lead the way by empowering providers and connecting patients
to improve patient care and enhance the efficiencies of healthcare
organizations.
QHR is a publicly traded Canadian company (TSXV: QHR) with
offices in Toronto, Vancouver and Kelowna.
Legal Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" about
the proposed Arrangement within the meaning of applicable
Canada securities legislation.
These forwarding-looking statements in this news release are
related to, but are not limited to, matters with respect to the
timing, completion, perceived benefits and results of the
Arrangement. Forward-looking statements typically contain
statements with words such as "expect", "anticipate", "believe",
"foresee", "could", "estimate", "goal", "intend", "plan", "seek",
"strive", "will", "may" and "should"' and similar expressions.
There can be no assurance that the Arrangement will occur or that
the anticipated benefits will be realized. The Arrangement is
subject to shareholder and court approvals and the fulfillment of
certain conditions, and there can be no assurance that any such
approvals will be obtained and/or any such conditions will be met.
The Arrangement could be modified, restricted or terminated.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect QHR's expectations only
as of the date of this news release. QHR disclaims any obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
SOURCE QHR Corporation