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WGI Heavy Minerals Announces that Second Proxy Advisory Firm Recommends Supporting Current Board
COEUR D'ALENE, ID, June 19 /CNW/ - WGI Heavy Minerals, Incorporated (TSX: WG) today announced tha...
About this update from Nickel Creek Platinum Corp.
[{"type":"text","content":"\n\n\n\nCOEUR D'ALENE, ID, June 19 /CNW/ - WGI Heavy Minerals, Incorporated (TSX:\nWG) today announced that RiskMetrics Group (formerly Institutional\nShareholders Services or ISS), a leading proxy advisory firm, has recommended\nthat WGI shareholders vote for the Company's nominees to the Board of\nDirectors, using the WHITE proxy, prior to the Company's June 25, 2008, Annual\nGeneral Meeting.\n\n\nRiskMetrics advises shareholders not to vote for the nominees of\ndissident shareholder Passport Capital LLC ("Passport" or "the Dissident").\n\n\nWGI recommends that shareholders use only the WHITE proxy to vote and to\ndiscard the Yellow proxy they have received from the Dissident. With limited\ntime available, shareholders are advised to vote within the next 24 hours to\nensure their proxy can be counted in time for the Annual General Meeting.\n\n\nThe RiskMetrics report notes the issues raised by Passport and concludes:\n"However, we believe most, if not all, issues of operating problems, return to\nshareholders and corporate governance either have been, or are currently\nbeing, addressed by the incumbent board. Therefore no radical change is\nwarranted."\n\n\nReferring to the Company's historical performance and the recent sale of\nTransworld Garnet India (Pvt.) Limited (TGI), the report adds: "the major\nproblems were caused by the former board and management, not the incumbent\none, which has made significant positive strides of late. We understand the\ncomplexity of solving the troubled investment in India makes it a longer than\nnormally expected process. But the final solution, after a series of legal\ninitiatives to clean the title of TGI and a competitive bidding process\nthereafter, turns out to be in the best interest of shareholders....we neither\nbelieve the Dissident is proposing a substantial new strategy for the company,\nespecially after the successful TGI sale, nor are convinced the dissident\nnominees will have better skill sets to move the company forward."\n\n\nRiskMetrics is the second major independent proxy advisory firm to\nrecommend voting for the Company nominees. On June 17, the Company announced\nthat Glass Lewis & Co. had recommended that shareholders vote to support the\ncurrent Board.\n\n\nCompany Investor Presentation Available\n\n\nWGI has prepared a pre...