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Mosqut Announces ISS Recomednation That Shareholders Vote For Mosquito's Nominees on the GOLD PROXY
Mosqut Announces ISS Recomednation That Shareholders Vote For Mosquito's Nominees on the GOLD PROXY.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"MOSQUITO ANNOUNCES ISS RECOMMENDATION THAT SHAREHOLDERS VOTE FOR MOSQUITO’S NOMINEES ON THE GOLD PROXY VANCOUVER, October 1, 2012 – Mosquito Consolidated Gold Mines Ltd. (“Mosquito” or the “Company”) (TSX-V: MSQ) announced today that Institutional Shareholder Services Inc. (“ISS”) has recommended that its clients vote FOR Mosquito’s nominees on the GOLD proxy. ISS is a leading independent international corporate governance analysis and proxy voting firm. ISS makes its recommendation after hearing from both sides of a proxy contest and carefully considering what is in the best interests of shareholders. Its recommendations assist shareholders in making voting choices regarding proxy voting decisions. In recommending that shareholders vote FOR Mosquito’s nominees on the GOLD proxy, ISS explained the reasoning behind its decision and highlighted serious concerns with the dissident approach and slate of director nominees*: Regarding the dissidents’ plan and qualifications of its director nominees “Further, given that the dissidents are seeking full control of the board, the dissident plan is nevertheless light in details and most of the points in the plan are being or have already been addressed by management. It is also noted that the dissident nominees overall appear to be less experienced than management nominees.” Regarding dissidents’ non-supportable allegations “Instead of putting most weight in addressing which side is more capable of advancing the CUMO project, which should be the real focal point at the current development stage of the company, it is noted that most of the dissident critiques are focused on financial control issues and CEO's business malpractices which were mainly coming from the arguments they made in the last proxy contest whereby four independent directors of the board had conducted a special committee investigation to address allegations of one of the dissident nominees and concluded that most of the dissident allegations were non-supportable.” Regarding t...