Shareholders Maintain That Proposed Privatization Does Not Reflect Fair Value in Sirius XM Canada

TORONTO, ONTARIO--(Marketwired - Aug. 11, 2016) - In light of the press release issued today by Sirius XM Canada Holdings Inc. ("Sirius XM Canada"), shareholders holding approximately 8.4 million Class A shares of Sirius XM Canada, representing 21% of those held by minority shareholders excluding the CBC (the "Shareholder Group"), reiterate their position that the proposed terms of the privatization of Sirius XM Canada are inadequate and not in the best interest of independent minority shareholders.

The Shareholder Group continues to believe that the valuation approach and assumptions used in the fairness opinions have material flaws that serve to reduce the calculated value of Sirius XM Canada's significant and stable cash flows. Moreover, it maintains that the proposed transaction has occurred within a threatening and economically coercive environment. Among other concerns, it believes that the cash that is currently being generated by the company should accrue to the current shareholders through ongoing dividend payments and not be used to finance the transaction to the benefit of the buyers. Finally, it believes that as an interested party with an ongoing commercial relationship with the buyers, CBC's vote should not be included in the majority of the minority calculation.

The Shareholder Group intends to vote against the current transaction as proposed.

As this proposed transaction has unfolded a number of other shareholders of Sirius XM Canada have reached out to us to express similar concerns and intentions.

ABOUT THE SHAREHOLDER GROUP

The Shareholder Group objecting to the Proposed Transaction and who filed a complaint with the OSC relating to Sirius XM Canada and Sirius XM Holdings, comprise portfolio management firms that have long-established track records of patient and successful value investing, and are committed to promoting good corporate governance and protecting their rights as shareholders and those of their clients, and include: