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MUDDY WATERS INTENDS TO RECONSTITUTE BOARD OF DIRECTORS OF MAYFAIR GOLD CORP.
MUDDY WATERS INTENDS TO RECONSTITUTE BOARD OF DIRECTORS OF MAYFAIR GOLD CORP. Canada Ne...
About this update from Mayfair Gold Corp.
[{"type":"text","content":"\n \n \n \n MUDDY WATERS INTENDS TO RECONSTITUTE BOARD OF DIRECTORS OF MAYFAIR GOLD CORP.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n AUSTIN,\n \n Texas\n \n \n ,\n \n \n March 19, 2024\n \n \n /CNW/ - Muddy Waters Capital LLC (\"\n \n Muddy Waters\n \n \") announced today that it has lost confidence in the board of directors (the \"\n \n Board\n \n \") of Mayfair Gold Corp. (\"\n \n \n Mayfair\n \n \n \" or the \"\n \n Company\n \n \") (TSXV: MFG) (OTCQB: MFGCF). Muddy Waters intends to solicit proxies from securityholders of\n \n Mayfair\n \n for the purpose of reconstituting the Board and, accordingly, is ceasing to rely on the alternative monthly report system in respect of\n \n Mayfair\n \n .\n \n \n \n Carson Block\n \n , Founder and Chief Investment Officer of Muddy Waters, stated \"The conduct of the Board has raised serious concerns that we believe must be addressed promptly. For example, repeated delays on a number of key objectives appear to have been met with uncertainty about how to proceed. This has eroded our confidence in the ability of the Board to set realistic goals, establish key strategic targets and align management with those outcomes. In addition, we have significant concerns regarding the excessive distribution of options, which we have repeatedly raised with the Company. We further understand that over the past few months, the Board has resisted granting a seat on the Board to one of the Company's largest shareholders, raising concerns regarding entrenchment, which is antithetical to our belief that key shareholders of issuers are entitled to board representation absent clear evidence that they will not act in the best interests of the company.\"\n \n \n Muddy Waters has sought to resolve this matter privately and amicably but to no avail. As a result, Muddy Waters intends to consider, at a minimum, replacing Mr.\n \n Harry Pokrandt\n \n and adding one additional director. Muddy Waters may also seek additional changes to the Board in order to enhance shareholder value. Muddy Waters will pursu...