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Growmax Refuses To Call Requisitioned Shareholder Meeting
Growmax Refuses To Call Requisitioned Shareholder Meeting Canada NewsWire VANCOU...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"\n\n\n\nGrowmax Refuses To Call Requisitioned Shareholder Meeting\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 9, 2018\n\n\n\nCONCERNED SHAREHOLDERS TO CONTEST DIRECTOR ELECTIONS AT AGM\n\n\n\nVANCOUVER, Aug. 9, 2018 /CNW/ - Further to the news release issued July 6, 2018 by Kulwant Malhi and BullRun Capital Inc. (the \"Concerned Shareholders\"), the Concerned Shareholders announce that GrowMax Resources Corp. (\"GrowMax\" or the \"Company\") (TSX-V: GRO) has refused to recognise their requisition of a meeting of the shareholders (the \"Requisitioned Meeting\") of GrowMax pursuant to Section 142 of the Business Corporations Act (Alberta) (the \"ABCA\") to elect new directors to the board of GrowMax (the \"Board\"), in order to protect and preserve shareholder interests (the \"Requisition\").\n\nEntrenched Board Rejects Requisition\n\nPursuant to Section 142(4) of the Business Corporations Act (Alberta), the Company had twenty-one (21) days to call the Requisitioned Meeting. Instead of responding to shareholder concerns and calling the Requisitioned Meeting, GrowMax refused to recognize the Requisition and purported to invalidate it by claiming the Concerned Shareholders had failed to  provide evidence that they were beneficial holders of GrowMax shares. Under Alberta corporate and securities law, beneficial shareholders are entitled to requisition a meeting of shareholders, and no evidentiary requirement exists and, even if such a requirement did exist, the Company's own list of beneficial shareholders shows that Kulwant Malhi, alone, is the beneficial owner of more than 5% of the issued and outstanding common shares of GrowMax. The Board, employing dubious legal analysis, exhibited their clear intent to entrench and refuse to consider shareholder concerns.\n\nAdvance Notice Policy\n\nOn July 30, 2018, the Company announced the adoption of an Advance Notice By-Law.  The Concerned Shareholders view the adoption of this by-law, after having received a valid requisition with sufficient informat...