Business
Concerned Shareholders Announce Nomination of Directors to Board of Sherritt International Corporation
HALIFAX , April 3, 2014 /CNW/ - Concerned Shareholders, led by Clarke Inc. (" Cl...
About this update from Clarke Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\nHALIFAX, April 3, 2014 /CNW/ - Concerned Shareholders, led by Clarke Inc. (\"Clarke\") (TSX: CKI; CKI.DB.A), today submitted a notice of intention to Sherritt International Corporation (\"Sherritt\") to nominate three new directors (the \"Shareholder Nominees\") for election to the Board of Directors at Sherritt's Annual and Special Meeting to be held on May 6, 2014 (the \"Meeting\").\n\nThe Shareholder Nominees are: Ashwath Mehra, a 28-year metals business veteran and former Senior Partner at Glencore International AG and CEO of MRI Trading AG; David Wood, Chief Financial Officer of the Municipal Group of Companies, and; George Armoyan, President and CEO of Clarke Inc., one of Sherritt's largest shareholders. Full biographies of the Shareholder Nominees are below.\n\nAs set out in the notice and the enclosed materials submitted to Sherritt (collectively, the \"Notice\"), which were submitted today pursuant to the Advance Notice By-Law adopted by Sherritt on January 10, 2014, the Concerned Shareholders are seeking to elect the Shareholder Nominees to ensure the Board of Directors of Sherritt acts on behalf of all shareholders and increases its focus on creating shareholder value and its ability to deliver that value.  \n\nThe Concerned Shareholders had earlier advised Sherritt that they intended to submit nominees in compliance with the Company's Advance Notice By-Law. However, Sherritt chose to issue its Management Information Circular several days earlier than the deadline for nominations under the By-Law, allowing it to avoid informing shareholders about the nominees of the Concerned Shareholders. Instead, Sherritt has misinformed shareholders about the nominees and even attacked individuals who are not nominees. \n\nThe Concerned Shareholders' nominees will strengthen Sherritt's Board by bringing decades of international metals experience as well as expertise in mine site and infrastructure development and financing. They will also be better representatives of Sherritt's shareholders since their interests will be more aligned with other shareholders. The current Board and management own only approximately 0.25% of Sherritt's common shares.  The Concerned Shareholders control approximately 5.3% of the shares and their nominees expect to invest personally and significantly in Sherritt after their...