ELD & EGU positive merger recom.8 Feb 2012 08:13
Vancouver, British Columbia and Whitehorse, Yukon - February 8, 2012: Institutional Shareholder Services ("ISS") and Glass Lewis & Co., LLC ("GL") have recommended that shareholders vote FOR the merger of Eldorado Gold Corporation ("Eldorado") (TSX: ELD, NYSE: EGO, ASX: EAU) and European Goldfields Limited ("European Goldfields") (AIM: EGU / TSX: EGU) to be considered at their respective special meetings on February 21, 2012.
ISS and GL are leading independent international corporate governance analysis and proxy voting firms. Their recommendations assist shareholders in making decisions regarding proxy voting.
ISS and GL made their recommendations that shareholders vote FOR the merger based on their findings that the transaction is financially fair to shareholders of both companies, the strategic rationale is reasonable, market reaction has been favourable and there are no significant governance concerns.
Eldorado's Chief Executive Officer, Paul N. Wright, said "We are pleased that both ISS and GL support our view that shareholders should support the merger. We maintain our commitment to strengthening performance and providing superior returns for shareholders, which this transaction will help us accomplish."
European Goldfields' President and Executive Chairman, Martyn Konig, said, "The positive recommendations of ISS and GL strengthen our belief that the consideration shareholders will receive is fair, and that it is in their best interests to vote FOR the merger with Eldorado."