Business
Virgin Metals Announces Adjournment of Shareholder Meeting Scheduled for June 30, 2009
TSX Symbol: VGM TORONTO, June 29 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals" or the "Compa...
About this update from Minera Alamos Inc.
[{"type":"text","content":"\n\n\n\nTSX\n\n\nSymbol: VGM\n\n\nTORONTO, June 29 /CNW Telbec/ - Virgin Metals Inc. ("Virgin Metals" or\nthe "Company") announces that the Company has adjourned the annual and special\nmeeting of shareholders of the Company (the "Shareholder Meeting") scheduled\nfor June 30, 2009. The adjourned Shareholder Meeting has now been scheduled\nfor July 23, 2009 at the same time and place as set out in the Shareholder\nMeeting materials previously delivered to shareholders. The record date will\nremain May 26, 2009, so all shareholders who have already sent in proxies do\nnot need to resubmit proxies as the proxies previously sent in will be\nrecognized for the adjourned meeting to be held on July 23, 2009.\n\n\nThe Company has determined that an adjournment of the Shareholder Meeting\nis necessary to protect the interests of the minority shareholders of the\nCompany. Late in the day on Thursday, June 25, 2009, one day prior to the last\nday that proxies could be submitted for use at the Shareholder Meeting, the\nCompany's transfer agent received blank proxies from approximately 10\nshareholders (the "Dissident Shareholders") representing approximately 27.8\nmillion shares of the Company, which represent approximately 27% of the issued\nand outstanding shares of the Company. It was later confirmed on Friday, June\n26, 2009, that these shareholders intend to propose an alternative slate of\ndirectors at the Shareholder Meeting.\n\n\nPrior to receipt of these blank proxies, the Company had received proxies\nrepresenting approximately 22.3 million shares of the Company, with 99.9% of\nthose proxies having been voted "FOR" the management proposed slate of\ndirectors. As with most annual meetings where there are not matters out of the\nordinary course of business on the agenda, it is unusual to have a significant\nshareholder vote turnout as many shareholders tend to dispose of their proxies\nupon receipt. In fact, the Company has received direct feedback from certain\nshareholders that this has in fact occurred with the respect to the\nShareholder Meeting. As a result, the Company has determined that it is in the\nbest interests of the minority shareholders of the Company that they have\nadditional time to consider and vote their proxy. In that regard, the Company\nwill deliver new proxies...