Business
Fortune adopts 2009 Shareholder Rights Plan
Issued Capital: 64,890,857 LONDON, ON, June 11 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortun...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nIssued Capital: 64,890,857\n\n\nLONDON, ON, June 11 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune\nMinerals" or the "Company") announces that it has implemented a new\nShareholder Rights Plan (the "2009 Plan") as approved by shareholders of the\nCompany at the annual and special meeting of shareholders held on May 20,\n2009. As previously announced, the 2009 Plan has been implemented to replace a\nsimilar plan adopted by the directors of Fortune Minerals in November 2008,\nwhich lapsed on May 3, 2009. The full text of the 2009 Plan will be available\nfor review under the Company's SEDAR profile at www.sedar.com.\n\n\nLike its predecessor and similar plans adopted by a number of other\npublic companies, the 2009 Plan has been implemented to ensure, to the extent\npossible, that all shareholders of the Company are treated equally and fairly\nin connection with any take-over bid for the Company. The 2009 Plan\ndiscourages discriminatory, coercive or unfair take-overs of the Company and\ngives the Company's board of directors (the "Board") time if, in the\ncircumstances, the Board determines it is appropriate to take such time, to\npursue alternatives to maximize shareholder value in the event an unsolicited\ntake-over bid is made for all or a portion of the outstanding common shares of\nthe Company (the "Common Shares").\n\n\nIn connection with the implementation of the 2009 Plan, the Board has\nauthorized the issuance of one right (a "Right") in respect of each Common\nShare outstanding at the close of business on June 10, 2009 (the "Record\nTime"). In addition, the Board has authorized the issuance of one Right in\nrespect of each additional Common Share issued after the Record Time. The\nRights trade with and are represented by Common Share certificates, including\ncertificates issued prior to the Record Time. Until such time as the Rights\nseparate from the Common Shares and become exercisable, Rights certificates\nwill not be distributed to shareholders.\n\n\nIf a person, or a group acting in concert, acquires (other than pursuant\nto an exemption available under the 2009 Plan or pursuant to a transaction in\nrespect of which the Board has waived the operation of the 2009 Plan in\naccordance with the terms thereof) Beneficial Ownership (as defi...