Business
Red Oak Exposes Dynacor Board's False and Entirely Misleading Theory About Red Oak Seeking Control - Red Oak Offers Settlement with NO Red Oak Affiliated Nominees if Dynacor Adopts Governance Improvements - Dynacor's Board Fails
NEW YORK , June 17, 2015 /CNW/ -- Via Their Desperation to Retain Control with Negligibl...
About this update from Dynacor Group Inc
[{"type":"text","content":"\n\nNEW YORK, June 17, 2015 /CNW/ --Via Their Desperation to Retain Control with Negligible Ownership or Alignment with Shareholders, Entrenched Directors Show True Colors by Rejecting Adoption of Improvements\n\nRed Oak supports Dynacor's mill and mining businesses and is not seeking any change in these strategies, nor in management.  If, as an investor, you feel the same way and share our concerns regarding the Board's excessive tenure, negligible share ownership, and entrenched practices of Directors with fiduciary duties to serve shareholders' best interests but appear misaligned (instead preferring to maintain a \"consultant club\" of net sellers of stock), help us send the message that The Company is Too Valuable to Not Have a Shareholder Friendly Board and VOTE THE BLUE PROXY CARD.\n\nDear fellow Shareholders,\n\nAs you may know, Red Oak is a large shareholder of Dynacor Gold Mines Inc. (TSX: DNG) (OTC: DNGDF) and owns nearly five-fold more stock than all of Dynacor's Directors combined.  For obvious reasons as reconfirmed below, we have challenged Dynacor's Board to improve upon its ongoing unacceptable governance and nominating practices, conflicts of interests via affiliated insiders and consultants, and lack of alignment with shareholders via minimal share ownership, zero term-based minimum ownership requirements, and continued actions to reload stock grants to themselves even as ISS and others continue to indicate that these are poor recommendations to shareholders (odd that Dynacor omitted this part in their lengthy and misleading June 11 press release, no?).  Our concerns have meaningfully increased via this process, and the Board's misalignment has been made more visible via their actions and willingness to tolerate corporate waste.  You may have read Dynacor's long-winded press release issued on June 11th filled with inaccuracies, contradictions, and focused on a Dynacor-invented theory that Red Oak is seeking control of the Company via its nomination of two Directors to an eight person Board.  Because these allegations are entirely false, as a means to fully expose a misaligned Board's false and misleading disclosures to all shareholders, Red Oak has offered a settlement which entirely challenged Dynacor's Board-concocted claims about Red Oak (or anyone) seeking control.  Specifical...