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Nickel 28 Rejects Pelham’s Latest Zero Premium Take-Over Attempt
Pelham’s purported “settlement offer” would leave Nickel 28 without vital expertise or a credible plan to drive shareholder value Nickel 28’s Board and manageme
About this update from Nickel 28 Capital Corp
[{"type":"text","content":" Pelham’s purported “settlement offer” would leave Nickel 28 without vital expertise or a credible plan to drive shareholder value Nickel 28’s Board and management team has positioned the Company to become a leading cash generating battery metals investment vehicle TORONTO / May 09, 2023 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) announced that it will continue to stand up for the rights of all Nickel 28 shareholders in the face of Pelham Investment Partners LP’s (“Pelham”) repeated public and private attempts to gain control of the Company. Pelham’s latest attempt to take control of Nickel 28 without paying all shareholders an appropriate premium for their shares, took the shape of a purported “with prejudice” settlement offer dated May 7, 2023 (the “Settlement Offer”). The Settlement Offer demanded, among other things, the resignations of three of Nickel 28’s directors, the appointment of Pelham’s Managing Member, Edward (Ned) Collery, and two other Pelham nominees, the return or the cancellation of previously granted share-based compensation, and the reimbursement of an uncapped amount of Pelham’s “expenses”. Despite owning approximately 14% of Nickel 28’s shares, Pelham is seeking to appoint two-thirds of the board of directors of the Company (the “Board”). This follows on the heels of Pelham’s plan to replace the entire Board less than one week ago. The Board unequivocally rejects Pelham’s Settlement Offer and is sharing these details publicly to ensure that all shareholders have transparency into Pelham’s self-serving agenda. The Board believes that it would be highly irresponsible and potentially value destructive to hand control of Nickel 28 to Pelham, an unknown hedge fund, with little discernable track record or experience, a history of failed activism and no credible articulated plan. The management of Nickel 28’s Ramu joint venture interest and royalty portfolio requires significant experience in mining, operations, commodity trading and sales, geology and mergers and acquisitions, as well as experience managing local relationships. Nothing in Pelham’s disclosures suggests that it or its nominees can replace the expert stewardship of Nickel’s Board and management team. The Settlement Offer is the latest in a series of attempts by Pelham to create a false narrative...