Date: Wednesday, October 30, 2013
Time: 12:30pm - 2:00pm
Venue: The Canadian Chamber of Commerce in Hong Kong
Suite 1301 Kinwick Centre, 32 Hollywood Road, ,,,,,,,, Central, Hong Kong
Price: Free of charge, registration required.
About the Event: In Canada, 2012 and 2013 have seen unprecedented levels of shareholder activism. At the same time, regulatory changes are being proposed which would transform the playing field and may strengthen the hands of directors in dealing with proxy fights and hostile takeover bids.
In response to increased shareholder activism, McMillan developed advance notice provisions, which have been adopted by more than 560 public companies.
With respect to proposed regulatory changes, in response to increased shareholder activism and the need (and demand by many public companies) for more transparency, the Canadian securities regulators proposed amendments to the so-called "early warning system". The proposals would, among other things lower the threshold for public disclosure of ownership of voting or equity securities of public companies from 10% to 5%. In addition, Canadian securities regulators have proposed two different approaches to the regulation of rights plans which would put more power into the hands of shareholders and directors. As a result, it is now very likely that a dramatically different approach to the regulation of rights plans will be implemented in Canada.
Paul Davis will discuss the recent proposed changes to the early warning system and the regulation of defensive tactics and the impact such changes are likely to have on the Canadian capital markets. He will also discuss shareholder activism in Canada, with a focus on recent trends, jurisprudence and tactics.
About the Speaker:
Paul D. Davis
Co-Chair of China Practice Group (Ontario)
Paul Davis is a partner of the Canadian law firm of McMillan LLP. He is also the Co-Chair (Ontario) of McMillan’s China Practice Group. McMillan LLP is one of Canada’s leading business law firms with more than 330 lawyers in six offices located in Vancouver, Calgary, Toronto, Ottawa, Montreal and Hong Kong.
Mr. Davis has a practice focused on mergers and acquisitions, proxy fights, corporate governance and corporate finance. His extensive M&A and corporate finance experience includes leading roles in the purchase and/or sale of numerous businesses (both public and private) and capital raising for public and private companies across a wide range of financial services, technology, natural resource and manufacturing businesses. He has also advised dissident shareholders as well as boards of directors in connection with proxy fights, including eleven over the past thirty months. Paul is highly experienced in dealing with boards of directors, management teams and regulatory bodies. In addition, he has served as a director of ten public companies, including being Chair or a member of the audit, corporate governance and special committees. Paul is also a sessional professor at Queen's University Faculty of Law where he teaches a course titled "Contested Transactions". He has spoken extensively on, and been quoted in newspapers regarding, shareholder activism and Canadian securities law issues.
As Co-Chair, Ontario of the firm’s China Practice Group, Paul leads and coordinates the firm's China Practice Group activities for McMillan in Ontario, Canada.