Fortune adopts Shareholder Rights Plan

About this update from Fortune Minerals Limited

[{"type":"text","content":"\n\n\n\nIssued Capital: 55,550,107\n\n\nLONDON, ON, Nov. 4 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune\nMinerals" or the "Company") announces that it has adopted a Shareholder Rights\nPlan (the "Plan"), similar to existing shareholder rights plans adopted by\nother Canadian public companies.\n\n\nThe objectives of the Plan are to ensure, to the extent possible, that\nall shareholders of the Company are treated equally and fairly in connection\nwith any take-over bid for the Company. The Plan discourages discriminatory,\ncoercive or unfair take-overs of the Company and gives the Company's board of\ndirectors time if, in the circumstances, the board determines it is\nappropriate to take such time, to pursue alternatives to maximize shareholder\nvalue in the event an unsolicited take-over bid is made for all or a portion\nof the outstanding common shares of the Company (the "Common Shares").\n\n\nIn order to implement the adoption of the Plan, the Board authorized the\nissuance of one right (a "Right") in respect of each Common Share outstanding\nat the close of business on November 3, 2008 (the "Record Time"). In addition,\nthe Board authorized the issuance of one Right in respect of each additional\nCommon Share issued after the Record Time. The Rights trade with and are\nrepresented by Common Share certificates, including certificates issued prior\nto the Record Time. Until such time as the Rights separate from the Common\nShares and become exercisable, Rights certificates will not be distributed to\nshareholders.\n\n\nIf a person, or a group acting in concert, acquires (other than pursuant\nto an exemption available under the Plan) Beneficial Ownership (as defined in\nthe Plan) of 20% or more of the Common Shares, Rights (other than those held\nby such acquiring person which will become void) will separate from the Common\nShares and permit the holder thereof to purchase Common Shares at a 50%\ndiscount to their market price. A person, or a group acting in concert, who is\nthe Beneficial Owner (as defined in the Plan) of 20% or more of the\noutstanding Common Shares as of the Record Time is exempt from the dilutive\neffects of the Plan provided such person (or persons) does not increase its\nBeneficial Ownership by more than 1% (other than in accordance with th...

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