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WGI Heavy Minerals Announces that Leading Proxy Advisory Firm Recommends Shareholders Vote to Support Current Board
Board Welcomes Dissident's Support for Its Value-Enhancing Actions COEUR D'ALENE, Idaho, June 17 ...
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[{"type":"text","content":"\n\n\n\nBoard Welcomes Dissident's Support for Its Value-Enhancing Actions\n\n\nCOEUR D'ALENE, Idaho, June 17 /CNW/ - WGI Heavy Minerals, Incorporated\n(TSX: WG) today announced that Glass Lewis & Co., a leading independent proxy\nadvisory firm, has recommended that shareholders vote their WHITE proxy to\nelect the Company nominees to the Board of Directors and reject the nominees\nproposed by dissident shareholder Passport Capital LLC ("Passport" or the\n"Dissident") at the Company's Annual General Meeting on June 25, 2008.\n\n\nIn making its recommendation, Glass Lewis & Co. said: "we do not believe\nthe installation of the Dissident nominees is necessary at this time. While\nthe Company's stock price has underperformed peers and relevant indices in the\npast, we note that the Company's stock price has shown improvement over the\npast year. Combined with steady improvement in the Company's operational\nperformance since fiscal 2005 and ongoing efforts to enhance performance (such\nas the recent sale of assets), we see no reason to believe that the election\nof the Dissident nominees would provide more meaningful returns to\nshareholders than management's current strategy."\n\n\nGlass Lewis noted that "we believe that incumbent management, with access\nto more and better information regarding the company, should be given the\nbenefit of the doubt regarding its strategic business decisions."\n\n\nIn response to Passport's stated concerns about Chairman and former CEO\nCovell Brown's pay, Glass Lewis & Co said: "we do not find Brown's overall pay\nto be significantly outside the range of compensation for CEOs at\nsimilarly-sized firms. Additionally, we note that the Company's compensation\ncommittee is now composed entirely of independent directors. As such, we\nbelieve these compensation issues do not warrant significant shareholder\nalarm."\n\n\nWGI's current Board of Directors welcomed the recommendation from Glass\nLewis & Co as a knowledgeable and independent third party.\n\n\nDissident Supports Board's Value-Enhancing Actions\n\n\nThe Board also welcomed the expression of public support from dissident\nshareholder Passport Capital LLC for the Company's announcement that:\n\n\n- WGI has signed an agreement for the sale of WGI's chronically\n underperforming as...