Fortune proposes amendments to 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, May 13 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"\nor the "Company") announces that it is proposing certain amendments to the\nshareholder rights plan (the "2009 Plan"), to be placed before its\nshareholders for approval at the annual and special meeting of shareholders\n(the "Meeting") to be held on May 20, 2009. As described in the management\ninformation circular mailed to shareholders in connection with the Meeting,\nthe 2009 Plan is being proposed to replace a similar plan adopted by the\ndirectors of Fortune in November 2008, which lapsed on May 3, 2009.\n\n\nThe objectives of the 2009 Plan are to ensure, to the extent possible,\nthat all shareholders of the Company are treated equally and fairly in\nconnection with any take-over bid for the Company. The 2009 Plan would\ndiscourage discriminatory, coercive or unfair take-overs of the Company and\nwould give the Company's board of directors time if, in the circumstances, the\nboard determines it is appropriate to take such time, to pursue alternatives\nto maximize shareholder value in the event an unsolicited take-over bid is\nmade for all or a portion of the outstanding common shares of the Company.\n\n\nFortune is proposing the amendments in response to comments received from\nRiskMetrics Group ("RiskMetrics"), a leading independent proxy voting advisory\nand corporate governance services firm, and in order to ensure that the 2009\nPlan conforms to RiskMetrics' current guidelines for shareholder rights plans.\nFortune understands that in light of the proposed amendments RiskMetrics will\nbe recommending to its clients who hold shares of Fortune that they vote in\nfavour of the 2009 Plan.\n\n\nThe only material change to the 2009 Plan resulting from the comments\nreceived from RiskMetrics is that the definition of the term "Exempt\nAcquisition" (i.e. acquisitions of voting shares or convertible securities\nthat are deemed not to trigger the ability of shareholders to exercise rights\nunder the 2009 Plan) has been amended such that it includes, among other\nthings, acquisitions of voting shares and/or convertible securities: (a) under\na prospectus of the Company provided that the acquiring person does not\nthereby become the beneficial owner of a greate...

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