Business
Pala Requisitions Shareholder Meeting of Sherritt International Corporation, Nominates Two Highly Qualified Directors
Pala Believes CEO Leon Binedell and Former Lead Independent Director Shelley Brown Must be Held A...
About this update from Midnight Sun Mining Corp.
[{"type":"text","content":"Pala Requisitions Shareholder Meeting of Sherritt International Corporation, Nominates Two Highly Qualified Directors\n\n\n\n\n Pala Believes CEO Leon Binedell and Former Lead Independent Director Shelley Brown Must be Held Accountable and Replaced\n \n\n\n\n Binedell and Brown have Presided over Years of Persistent Underperformance and Destruction of Shareholder Value\n \n\n\n\n Board’s Reactive and Piecemeal Governance Window-Dressing Does Nothing to Address Sherritt’s Core Management and Leadership Failure or its Deteriorating Operational Performance\n \n\n\n\n Sherritt is Plagued by Governance and Operational Failures and Urgent Action is Required to Preserve and Maximize Shareholder Value\n \n\n\n TORONTO, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Pala Assets Holdings Limited (“\n \n Pala\n \n ”), a private investment firm holding approximately 6.4% of the issued and outstanding common shares of Sherritt International Corporation (“\n \n Sherritt\n \n ” or, the “\n \n Company\n \n ”) (TSX: S), today announced that it has requisitioned a special meeting of Sherritt shareholders (the “\n \n Special Meeting\n \n ”) and nominated two highly qualified individuals, Mr. James Scarlett and Mr. Brett Richards, for Sherritt’s board of directors (the “\n \n Board\n \n ”). Pala also released an open letter to the Board outlining its concerns and proposal for management leadership change. In addition to its equity ownership, Pala holds a meaningful interest in Sherritt’s senior secured notes, reflecting its longstanding commitment to supporting Sherritt’s capital structure.\n \n\n In its letter, Pala reiterated its concerns about the Company’s governance and operational failures and the urgent need for Board and management change – not cosmetic board reshuffles. Appointing a new Chair of the Board, without removing Mr. Leon Binedell from the Board or replacing him as President and CEO, will do nothing to fix Sherritt’s persistent underperformance.\n \n\n With the right leadership at management, Pala believes Sherritt can be turned around. A reconstituted Board will help lead the selection of a new and transformational CEO with meaningful operational mining expertise and credibility.\n \n\n Pala’s attempts to engag...