Business
Avalon Announces Its Annual and Special Meeting of Shareholders to Be Held on February 25, 2021
Toronto, Ontario--(Newsfile Corp. - January 26, 2021) - Avalon Advanced Materials Inc. (...
About this update from Avalon Advanced Materials Inc.
[{"type":"text","content":"Avalon Announces Its Annual and Special Meeting of Shareholders to Be Held on February 25, 2021Toronto, Ontario--(Newsfile Corp. - January 26, 2021) - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) (\"Avalon\" or the \"Company\") is pleased to announce that its Annual and Special Meeting of Shareholders (\"the Meeting\") will be held Thursday, February 25, 2021 at 10:00 am EST. As a result of the governmental prohibition against group gatherings to help reduce the spread of COVID-19, the Meeting will be held via a Zoom teleconference, and entry will be limited to registered shareholders and/or their duly appointed proxyholders.However, Avalon will also hold a shareholder update presentation at 2:00 pm EST on the same day as the Meeting, which will be open to all shareholders and other interested parties. Avalon's President and CEO, Don Bubar, will provide a corporate update and respond to questions from participants.Access to the presentation will be available here: https://us02web.zoom.us/j/81352580061.In addition to the election of directors and appointment of auditors, Avalon is seeking approval from its shareholders to update its By-Law No. 1 to remove the non-gender-neutral language contained therein; to approve the Company's Deferred Share Unit Plan and Restricted Share Unit Plan; and to approve a share capital amendment designed to reduce the number of the Company's very small registered shareholdings, as described below. The Company has approximately 257 registered shareholders who hold fewer than 500 common shares, representing approximately 0.007% of its issued and outstanding common shares and representing an aggregate market value of approximately $4,000. The Company spends a significant amount of money each year printing and mailing materials to these small shareholders, and servicing their accounts through the Company's registrar and transfer agent. Many of these shareholders had invested in a predecessor company to Avalon over 30 years ago, and the Company believes that most of them will welcome the opportunity to realize the value of their common shares without being required to pay a brokerage or lost certificate fee, which makes disposing of their shares cost prohibitive.If approved by shareholders at the Meeting, the share capital amendment will be accomplished by amending the Company's articles to r...