Business
Major Drilling Annual General Meeting
Major Drilling Annual General Meeting.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nMONCTON, NB, Aug. 21 /CNW/ - Major Drilling Group International Inc.\n(TSX:MDI) (the "Corporation") confirms that its Annual and Special Meeting of\nShareholders (the "Meeting") will be held on September 11, 2007, at 11:00 a.m.\nat The Ontario Club, Austin Gallery, 1 King Street West, 12th Floor, Toronto,\nOntario.\n\n\nFurther to the distribution to shareholders of its Management Proxy\nCircular (the "Circular") in relation to the Meeting, the Corporation has been\ninvolved in discussions with, and has received certain suggestions from\nInstitutional Shareholder Services Canada ("ISS"), a leading proxy advisory\nfirm, regarding its stock option plan (the "Plan") and the resolution\ncontained in the Circular approving certain amendments thereto. As a result of\nthese discussions:\n\n\n- the Corporation has confirmed that it will limit non-employee\n directors, as a group, to stock options representing no more than\n 1.5 percent of the outstanding Major Drilling common shares at any\n given time;\n- the Corporation has also confirmed that it will seek shareholder\n approval to further amend its stock option plan, at its next annual\n meeting (2008):\n - to require shareholder approval for any future amendment which\n would permit equity based awards granted under the stock option\n plan to be transferable or assignable other than for normal estate\n settlement purposes;\n - and/or to amend the limits on non-employee participation in the\n stock option plan.\n\n\nOn this basis ISS has confirmed that it is recommending that shareholders\nvote for the proposed resolution approving amendments to the Plan. ISS is also\nrecommending that shareholders vote for the other resolutions set forth in the\nCircular, including for the ratification and confirmation of the Corporation's\nrecently adopted shareholder rights plan.\n\n\nBased in Moncton, New Brunswick, Major Drilling Group International Inc.\nis one of the world's largest metals and minerals contract drilling service\ncompanies. To support its customers' mining operations and mineral exploration\nactivities, Major Drilling maintains operations in Canada, the United States,\nMexico, South and Central America, Australia, Indonesia, Africa and Mongolia.\n\n\n","length":2397,"tagName":"div"}]