Business
Genesis Answers Smoothwater's Myths and Misguided Notions, Challenges Smoothwater to Make a Properly Disclosed Bid for Genesis
Shareholders Still Have Time to Vote the WHITE Proxy CALGARY , Aug. 13, 2013 /C...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nShareholders Still Have Time to Vote the WHITE Proxy \n\n\nCALGARY, Aug. 13, 2013 /CNW/ - The Special Committee of Genesis Land\n Development Corp. (TSX: GDC) (the \"Corporation\" or \"Genesis\") responded\n to a release from Smoothwater Capital Corporation (\"Smoothwater\") today\n by exposing several myths and misguided notions circulated by the\n dissident shareholders over the past weeks.\n\n\nMyth #1\n\n\nSmoothwater has asserted that the dissident camp leads the proxy contest\n by \"a wide margin\", and that \"an overwhelming number of shareholders\"\n want the incumbent directors replaced.  \n\n\nFACT:  \n\n\nSmoothwater has not yet deposited a single dissident proxy to Genesis'\n transfer agent.\n\n\nSmoothwater has no way to know how many votes the Management nominees\n have received.  In fact based on our calculations, the proxy vote total\n is likely very close, perhaps within few percentage points - and\n neither side knows who is ahead.\n\n\nSmoothwater's support comes largely from its own holdings, and those of\n Mark Mitchell - the brother of Smoothwater Chairman Garfield Mitchell. \n Conversely, the Management nominees have received support from a\n plurality of Genesis shareholders.\n\n\nMyth #2\n\n\nSmoothwater calls the delay of the annual meeting an attempt by the\n Board to \"buy time\".\n\n\nFACT:  \n\n\nThe delay of the meeting was necessary to allow us to seek direction\n from the Court of Queen's Bench of Alberta.  Genesis has sought a court\n order against Smoothwater Capital, Liberty Street Capital, Garfield\n Mitchell, Mark Mitchell and Edwin Nordholm for alleged violations of\n the Alberta Securities Act.\n\n\nThe Special Committee believes that all shareholders should play by the\n same rules - even large shareholders like Smoothwater.\n\n\nMyth #3\n\n\nSmoothwater says \"the Board did not Compromise\".\n\n\nFACT:  \n\n\nThis is patently ridiculous and totally false.  Three of the eight\n nominees on the Management proxy are dissident nominees, and a fourth,\n Iain Stewart, is an independent nominee recommended by a member of the\n dissident group.  They were offered (and granted) proportional\n representation on the Board.\n\n\nThe fact of the matter is, Smoothwater wants control, and nothing less.\n\n\nMyth #4\n\n\nSmoothwater claims that Stephen ...