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opportunities, said Kloet. "Europe, including the U.K., repre- sents almost $13 trillion of funds under management, with deep ties to Asian and other markets," he said. "Our abil- ity to attract those investors to Canada, to market Canadian issuers in Europe, and to facilitate access to capital for Canadian companies will be enhanced significantly — a key component of our business plan." Toronto serving as headquarters of the global market aspect of the joint company is being touted as a big plus for Canada. Gavin Dirom, president of the Association for Mineral Exploration British Columbia, says it's appropriate for Canada to lead the world. "We will be leading [London], not the other way round," he says. Overall, Dirom says members are seeing the merger as hav- ing a net benefit for the industry. "This has happened on other exchanges," Dirom says. "We haven't heard a lot of negative outcomes as long as day-to-day business is occurring in the same way." John Manley, CEO of the Canadian Council of Chief Executives, addressed the merger and its effects on Canadian industries in a March 9 speech at the select committee the Ontario legisla- ture established to discuss the merger. Manley said one of the key questions before the committee is whether or not the merger would affect the availabil- ity of capital for Canadian-listed com- panies, including those in the mining industry. "Some supporters of this merger have suggested that it will benefit Canadian companies by increasing liquidity and by elevating the international profile of Canadian-listed firms, making it easier for them to raise capital," he said. "Some critics of the deal have claimed the reverse — that over time capital and listings will be drawn to London. My own belief is that capital and business activity will be attracted to Ontario and to Canada if, and only if, we continue to be known as a place where investors' interests are well served and where public policy creates an environment that rewards risk and entrepreneurial activity." Mining sector lawyer Crae Garrett, a partner in Calgary's Macleod Dixon LLP office, says mining lawyers are divided in their opinion of the merg- er. It's a view echoed by the Mining Association of Canada, which is not commenting on the situation as there is no member consensus on the issue, says communications director Marcela Diaz. The industry is also viewing the move with trepidation, adds Al Hudec, a senior securities practitioner at Farris Vaughan Wills & Murphy LLP. Garrett says some colleagues in Eastern Canada believe there will be an increased cost to transactions, loss of work to London, England firms, In a Proxy fight for control of the Board... ...how do our clients measure success? 7wins 0losses The same way we do 2010 and counting North America's only independent, cross border Proxy Solicitation firm Reunited lost shareholders with over $50 million in assets to date Canada's most experienced & proven team Proxy Services Mergers & Acquisitions Corporate Governance Shareholder Asset Recovery Odd Lot Program Untitled-1 1 INHOUSE JUNE 2011 • 5/5/11 2:10:00 PM 35