Business
Major Drilling announces adoption of advance notice By-Law
/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISS...
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nMONCTON, NB, June 11, 2013 /CNW/ - Major Drilling Group International\n Inc. (\"Major Drilling\" or the \"Corporation\") (TSX: MDI) is pleased to announce that its board of directors (the \"Board\") has adopted amendments to the Corporation's By-Laws, introducing an\n advance notice requirement in connection with shareholders intending to\n nominate directors in certain circumstances (the \"By-Law Amendments\").\n\n\nIn particular, the By-Law Amendments set forth a procedure requiring\n advance notice to the Corporation by any shareholder who intends to\n nominate any person for election as director of the Corporation other\n than by or at the direction or request of one or more shareholders\n pursuant to (i) a proposal made in accordance with the provisions of\n the Canada Business Corporations Act (the \"Act\") or (ii) a requisition of the shareholders made in accordance with the\n provisions of the Act. Among other things, the By-Law Amendments set a\n deadline by which such shareholders must notify the Corporation in\n writing of an intention to nominate directors prior to any meeting of\n shareholders at which directors are to be elected and set forth the\n information that the shareholder must include in the notice for it to\n be valid.\n\n\nIn order to provide a clear and transparent process for all shareholders\n to follow if they intend to nominate directors, the By-Law Amendments\n provide a reasonable time frame for shareholders to notify the\n Corporation of their intention to nominate directors and require\n shareholders to disclose information concerning the proposed nominees\n that is mandated by applicable securities laws. The By-Law Amendments\n will allow the Board to evaluate the proposed nominees' qualifications\n and suitability as directors and respond as appropriate in the best\n interests of the Corporation as part of an orderly and efficient\n meeting process.\n\n\nIn the case of an annual meeting of shareholders, notice to the\n Corporation must be made not less than 30 nor more than 65 days prior\n to the date of the annual meeting of shareholders; provided, however,\n that in the event that the annual meeting of shareholders is to be held\n on a date that is less t...