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a whole. Accordingly, if not all the foregoing resolutions are approved the Board
will not put into effect any of the foregoing resolutions.
The Board of the PCMA approved this Information Circular and recommends that the
members vote in favour of both the
Acquisition Resolution and the Articles of Amendment Resolution. The Board believes that
based on its review and analysis that the Merger is in the best interests of the Association
and its members. In reaching its decision, the Board considered a number of factors. In
view of the variety of factors considered, the Board did not find it practicable to, and did
not, quantify or otherwise assign relative weights to the specific factors considered in
reaching their determinations. The factors considered by the Board in this regard included
efficiencies and one voice for a unified Private Capital Markets Association.
Attached are the following financial statements:
1. PCMA Financial Statements for the period ended June 30; and
2. NEMA Cash Position as at December 13, 2017.
The contents of this Information Circular have been approved by the board of directors of
DATED: December 14, 2017