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GrowMax's Postponement of Meeting a Further Sign of Entrenchment, Concerned Shareholders Address Management's Letter
GrowMax's Postponement of Meeting a Further Sign of Entrenchment, Concerned Shareholders A...
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[{"type":"text","content":"\n\n\n\nGrowMax's Postponement of Meeting a Further Sign of Entrenchment, Concerned Shareholders Address Management's Letter\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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 27, 2018\n\n\n\nVANCOUVER, Sept. 27, 2018 /CNW/ - Concerned shareholders, Kulwant Malhi and BullRun Capital Inc. (the \"Concerned Shareholders\") of GrowMax Resources Corp. (the \"Corporation\" or \"GrowMax\") (GRO: TSX.V) today commented on the unlawful postponement of the annual and special meeting (the \"Meeting\") of GrowMax shareholders (\"Shareholders\") by GrowMax management (\"Management\") and the incumbent board (the \"Board\"). The Meeting was originally scheduled for September 25, 2018 and has now been postponed to October 4, 2018.\nIn a further illustration of management entrenchment, a mere twelve hours before the Meeting was to be held, Management issued a press release announcing the postponement of the Meeting to October 4, 2018 citing the Concerned Shareholders' purported 'non-compliance' with GrowMax's proposed Advance Notice By-law (the \"By-Law\") (a by-law that has yet to be approved by shareholders). The Meeting was unilaterally postponed by Management and the Board, without the Meeting being called to order, or a Shareholder vote on whether to postpone the Meeting.\nThis latest delay tactic by Management is a clear sign that they do not have Shareholder support or enough votes to push through their self-serving resolutions. The postponement is nothing more than an oppressive tactic adopted by Management to prevent shareholders from electing the director nominees proposed by the Concerned Shareholders.\nManagement's Postponement of the Meeting is Unlawful\nThe Concerned Shareholders note that Management's decision to postpone the meeting is a clear violation of Alberta corporate law. Under the Business Corporations Act (Alberta), directors must call an annual meeting no later than 15 months after the date of the last meeting. Any extension to this deadline must be granted by the court. \nAs the Meeting is now scheduled for October 4, 2018...