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Pelham Investment Partners LP Addresses Nickel 28 Capital Corp.'s Rejection of its Good Faith Settlement Offer
Pelham Investment Partners LP Addresses Nickel 28 Capital Corp.'s Rejection of its Good Faith Set...
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"\n \n \n \n Pelham Investment Partners LP Addresses Nickel 28 Capital Corp.'s Rejection of its Good Faith Settlement Offer\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 \n NEW YORK\n \n \n ,\n \n \n May 10, 2023\n \n \n /CNW/ - Pelham Investment Partners LP (\"\n \n Pelham LP\n \n \", \"\n \n we\n \n \", \"\n \n our\n \n \" and similar pronouns) provides an update on its latest attempt at engaging with management of Nickel 28 Capital Corp. (formerly Conic Metals Corp.) (TSXV:  NKL) (\"\n \n Nickel 28\n \n \" or the \"\n \n Company\n \n \").\n \n \n In the hopes of having constructive engagement with the Company and avoiding a costly and unnecessary proxy contest in the face of clear shareholder dissatisfaction, Pelham LP extended a reasonable settlement offer to the board of directors of the Company (\"\n \n Management\n \n \" or the \"\n \n Board\n \n \"), which was summarily rejected by Management. As the single largest shareholder of the Company, Pelham LP is disappointed that the directors have again opted for entrenchment over discussion.\n \n \n \n Management and the Board's Unwillingness to Adopt Necessary Changes\n \n \n \n In its\n \n May 3, 2023\n \n press release, the Company claimed a \"commitment to shareholder engagement\" and faulted Pelham LP for having \"not engaged with the Board\".  These statements are misleading. Contrary to these assertions, Pelham LP has now made two constructive proposals to the Company, each of which represented an invitation to engage, and neither of which has elicited any response other than an outright rejection.  True engagement necessarily requires a willingness to consider changes and the Board's actions make it clear that it has no such willingness.\n \n \n Instead of engaging in the hard business of compromise, the Company unilaterally announced, in its\n \n May 3, 2023\n \n press release, a decision not to seek the renewal of its existing equity-based compensation plan.  This decision should be viewed cynically since, as Pelham LP has previously noted, in...