An anonymous director reports

TUCKAMORE ACKNOWLEDGES RECEIPT OF FINANCING PROPOSAL

Tuckamore Capital Management Inc. has acknowledged that it has received a proposal to provide equity financing from Access Holdings Management Company LLC. The company is in the process of reviewing the proposal with its legal and financial advisers.

On Friday, July 25, 2014, Tuckamore announced that, among other things, it had entered into a subscription agreement with Orange Capital Master I Ltd. in respect of a $12.5-million private placement. Tuckamore would like to clarify the most recent incorrect statements press released by Access:

• Contrary to Access's statements, Orange Capital will pay no less than 75 cents per share for shares sold to it under the placement agreement.
• Orange Capital has agreed to assist Tuckamore in amending, extending or refinancing the company's 8-per-cent secured debentures outstanding due March, 2016. The company disclosed the potential for a refinancing fee, believing that transparency with its shareholders is consistent with best practices of corporate governance. Contrary to Access's suggestion, there is no connection between the private placement and the payment of any earned refinancing fee, nor is there any contractual obligation by the company to complete a refinancing with Orange Capital. Any prospective fee earned by Orange Capital in connection therewith will depend entirely on the future value provided by Orange Capital and is contingent on a successful debt refinancing, as determined by the independent members of the company's reconstituted board of directors.
• Finally, contrary to Access's allegations, only Birch Hill will receive reimbursement for expenses in connection with the previously terminated arrangement, no member of management will receive a reimbursement for expenses.

Tuckamore will continue to consult with and update shareholders in due course.

We seek Safe Harbor.