Business
Bankers Petroleum announces amendments to its proposed bylaws
CALGARY, May 13, 2013 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 13, 2013 /CNW/ - Bankers Petroleum Ltd. (\"Bankers\" or the\n \"Company\") (TSX: BNK, AIM: BNK) today announced that, based on feedback\n it has received from some of its shareholders and certain proxy\n advisory firms, it will amend its corporate bylaws should its\n continuance into Alberta be approved at the upcoming annual and special\n meeting of the shareholders of the Company to be held on May 21, 2013\n (the \"Meeting\").\n\n\nAt the Meeting, shareholders have been asked to consider and, if deemed\n advisable, approve by special resolution the continuance of the Company\n from the corporate laws of British Columbia to the corporate laws of\n Alberta.  In addition to aligning the Company's registration with the\n location of its head office, directors, officers and advisors, the main\n purpose for continuing the Company to Alberta is to position the\n Company to issue, on a tax effective basis, stock based dividends in\n the future.  The provisions of the Business Corporations Act (Alberta) allow corporations to pay more tax effective stock based\n dividends as compared to the provisions of the Business Corporations Act (British Columbia).\n\n\nThe Company's board of directors believes that positioning the Company\n to issue, on a tax effective basis, stock based dividends is in the\n best interests of the Company.  For reasons not directly related to the\n main purpose of the continuance, and as described further below, two\n proxy advisory firms have issued recommendations that shareholders vote\n against the continuance.\n\n\nIn order to complete the continuance to Alberta, the Company prepared\n Alberta style articles and bylaws and included them in the management information circular of the Company mailed to shareholders in connection with the Meeting\n (the \"Circular\").\n\n\nThe bylaws proposed in the Circular in connection with the continuance\n provide that a quorum for the constitution of a meeting of the\n Company's shareholders shall be two persons present in person or\n represented by proxy, entitled to vote thereat.  This is the same\n shareholder quorum level that the Company has had historically.  Defeat\n of the continuance resolution would not improve the quorum level and\n would result in the quorum requirement remaining unchanged.\n\n\nNonetheless, afte...